Livestock Entrepreneurship

ESSENTIAL CRITERIA FOR DEVELOPMENT OF ENTREPRENEURSHIP IN LIVESTOCK SECTOR

Entrepreneurship theory has been evolving over the last 20 years and is ever growing. It is defined as a verifiable and logically coherent formulation of relationships, or underlying principles that either explain entrepreneurship, predict entrepreneurial activity or provide normative guidance (prescribing the right action in particular circumstance). Entreprenuership is interdisciplinary and contains various approaches that would increase one’s understanding of it. One way to examine these theories is with a 'schools of thought’ approach that divides entrepreneurship into specific activities. These activities may be within a 'macro view or a micro view', but all address the conceptual nature of entrepreneurship.

• Creativity: Creativity and innovation are often used to mean the same thing, but each has a unique connotation. Creativity is the ability to bring something new into existence. Ideas usually evolve through a creative process whereby imaginative people bring them into existence, nurture them, and develop them successfully. The creative process for an idea contains five stages – germination, preparation, incubation, illumination, and verification.
• Germination: The manner in which an idea is germinated is a mystery. Most ideas can be traced to an individual’s interest in or curiosity about a specific problem or area of study.
• Preparation: After germination, creative people start on a conscious search for answers. It may be a problem to solve - such as the determination of people like Bharat Ratna C. Subramaniam and Dr. M.S. Swaminathan to make India self sufficient in food and to help the Indian farmers resulted in Green Revolution. If it is an idea for a new product or service, then market research is the business equivalent.
• Incubation: Incubation is a stage of mulling it over while the subconscious intellect assumes control of the creative process and may take time depending upon the problem, individual, etc. This is a crucial aspect of creativity because when we consciously focus on a problem, we behave rationally to attempt to find systematic resolutions.
• Illumination: It is the fourth stage which occurs when the idea resurfaces as a realistic creation. It may be triggered by an opportune incident, as in the case of Alexander Flemming's discovery of Penicillin. This stage is critical for entrepreneurs because ideas, by themselves, have little meaning unless and otherwise they are converted into reality. It is the recognition of idea as being feasible solution.
• Verification: It is a stage of development that refines knowledge into application. This is often tedious and requires perseverance by an individual committed to finding a way to harvest the practical results of his or her creation. An idea may be good and useful, but if it lacks applicability, it could not be executed.
• Innovation : Entrepreneurs innovate and is the specific instrument of entrepreneurship which differentiates them from others. It is the act that endows resources with a new capacity to create wealth and in fact creates a resource. Successful entrepreneurs, whoever they may be or whatever their aim may be, try to create value and to make a contribution. Still successful Entrepreneurs aim high and not content simply to improve on what already exists, or to modify it. They try to create new and different values and it is the most important function of an entrepreneur, according to Joseph Schumpter and is the core attribute of an entrepreneur. For an innovator, the market is never too saturated. The entire world progress based on innovation only.