VAE 511: Livestock Entrepreneurship (1+0)

SELECTION OF PRODUCT OR SERVICE

Entrepreneur should identify the product which he wishes to manufacture/produce. While deciding about the product, following points should be considered.

• Potential demand for the product or service
• Estimated volume of demand for the product
• Assess potential of existing competitor and estimate about probable competitors
• Study the scope for the future demand
• Infrastructural facilities- power, transport etc.
• Current status of technology and scientific development in the field
• Availability of resources such as raw material and required labour
• Government policies, rules and regualtions, controls
• Environmental impact
• Returns from the product
• Information regarding particular line of product
• Locational advantage of the product
• Whether the product belongs to an ancillary unit and serves as major component for the parent industry. It provides a ready demand, hence selection of this type of product entails easy marketability
• Availability of skilled and unskilled labour and their wages
• Characteristic of the proposed product to be produced.
• Consumer's response to the product/service and their preferences.