VAE 511: Livestock Entrepreneurship (1+0)

ENTREPRENEUR

• In Economics, output is considered to be created by the amalgamation of factors of production such as Land, Labour, Capital and Organisation. For their contribution in the production process, each factor is rewarded . Land is paid in terms of rent and labour is rewarded with wage while capital is paid in terms of interest. Organisation/Entrepreneur, combines all these factors judiciously and also assumes risk and faces uncertainty in the production process and for this activity they are paid in terms of profit.

• An entrepreneur is a person who has possession of an enterprise or venture and accepts significant accountability for the inherent risks and the outcome. The word “Entrepreneur” is derived from the French verb entrepredre. It means 'to undertake'. The term is used to refer to anyone who undertakes the organization and management of an enterprise involving independence and risk as well as the opportunity for profit. According to J.B.Say, “An entrepreneur is the economic agent who unites all means of production such as land, labour and the capital, thus produces a product". According to Peter F. Drucker, Entrepreneur searches for change, responds to it and exploits opportunities. Innovation is the specific tool of an entrepreneur . Thus, entrepreneur, in English, is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome. Entrepreneurs identify the market opportunity and exploit it by organizing their resources efficiently to accomplish an outcome which changes existing interactions within a given sector. According to Joseph Schumepeter, “An entrepreneur in an advanced economy, is an individual who introduces something new in the economy a method of production not yet tested by experience in the branch of manufacture concerned, a product with which consumers are not yet familiar, a new source of raw material or of new markets and the like”.
• The functions of entrepreneurship according to Schumepeter are
  • Introduction of new product (Designer Egg, Crossbred cows, Hybrid fowls, etc.)
  • Introduction of methods of production (Slated floor rearing of Goat, Integration in poultry farming, etc.)
  • Developing new markets (Urban areas) and finding fresh source of raw materials (animal waste recycling), and
  • Making changes.
• To conclude, an entrepreneur is the person who bears risk, does something innovative, unites various factors of production, exploits the perceived opportunities in order to evoke demand, create wealth and employment.