VAE 511: Livestock Entrepreneurship (1+0)

INTRODUCTION

Once entrepreneurship is decided upon, there are three main routes an entrepreneur may follow.

• Starting a new livstock business
  • The entrepreneur can begin from scratch on all his own ideas, as there are no existing problems or concerns from a previous owner. He has the freedom to start the business in his own way. However, the risk is higher and he has to devote time, effort, and money—especially for start-up expenses such as equipment, building, etc.
• Purchasing an existing livestock business
  • Advantages of purchasing an existing business include smaller start-up costs and building on the existing goodwill or loyalty of established customers. This option is good if the entrepreneur does not have a great deal of business experience. Disadvantages might include inheriting existing problems such as poor location, stiff competition, fluctuating market, equipment problems, and poor reputation.
• Taking over a family livestock business
  • In this situation, an entrepreneur has the support and training available from the family members, creating trust and togetherness that bonds the business as one entity. Maintaining separate family and business relationships is the biggest obstacle to overcome, making it difficult to get away from the business. Personality conflicts, different interests, changed values, and burn-out are a few reasons that family-owned businesses don’t survive to the second generation. A person who grows up in the family business may be ready to spread his or her wings and explore new career aspirations.