Veterinary Entrepreneurship

• Entrepreneur


  No constant definition, can be defined from a functional approach based on what an entrepreneur does or an indicative approach based on their characteristics and attributes
• Definitions of an Entrepreneur

  • 'to do something' or 'to undertake the risk of new ventures'
  • The middleman who buys at a lower price and sells higher
  • Has the ability to foresee potential through changes in the economy and to take advantage of the opportunities created
  • Have certain competencies and can influence society by forming enterprises and influenced by society to recognize needs and fulfil them through skilful management of resources
  • A sociologically distinct individual who is a creative and resourceful innovator as well as an agent of change
  • Willing to bear the cost of uncertainty for profit
  • An active individual whose action is always speculative
  • An alert individual who responds to existing opportunities but has not been organized as a business
• Entrepreneurship


  • Plays a crucial role in triggering economic development defined as the exercising of new combinations of productive factors which may result in: the introduction of a new product/new method of production, the opening of a new market, the finding of a new source of the inputs supply, the establishment of a new organization
• Entrepreneurship


  Mainly consists of decision-making activities particularly pertaining to production
• Distinction between entrepreneurship and management

  Entrepreneurship involves greater responsibility, and the entrepreneur performed a more crucial role than the manager motivated by the desire to make profits and acquire wealth
• Individual characteristics of an entrepreneur

  • The need for achievement
  • The internal locus of control
  • A risk-taking propensity
• The need for achievement

  A personal attribute associated with the expectation of doing something better than others and/or the individual's earlier accomplishment
• Entrepreneurs generally have higher needs for achievement
• Internal locus of control

  'Locus of control' is a belief or disbelief that one can control or influence the environment in which one is found. Individuals with internal locus of control believe that they can make things happen as they are able to control and influence the environment around them as compared to individuals with external locus of control
• Risk taking propensity


  Individuals with higher propensities for risk-taking are believed to be more likely to be involved in entrepreneurial activities. Risk-taking propensity serves as one of the attributes which influences entrepreneurial success and performance
• Entrepreneur


  A pioneer towards the success of business activity, they are the people who can seek and grab opportunities apart from marketing new products or improved the existing products and market them
• Entrepreneurship


  A dynamic process to create wealth by an individual/s who are taking risk in terms of capital (money), time and career commitment. It is a process of creating something new by taking into consideration the time, effort, financial risk, psychology and social, to received the reward in terms of money (profit), self satisfaction and freedom
• Functional Approach to Defining an Entrepreneur


  An entrepreneur is someone who identifies a need or opportunity in the market and takes action to create a new business venture to fill that need or exploit that opportunity. They are often characterized by their willingness to take risks, their ability to innovate and think creatively, and their capacity for hard work and perseverance.
• Indicative Approach to Defining an Entrepreneur

  An entrepreneur can also be defined by a set of characteristics and attributes that are commonly associated with successful entrepreneurs. These may include: a strong desire for independence and autonomy, a willingness to take calculated risks, a growth mindset and a belief in their ability to learn and adapt, a strong work ethic and a high level of motivation, the ability to think creatively and solve problems, a talent for networking and building relationships, and a deep understanding of the market and the needs of customers.
• Entrepreneur as 'an alert individual who responds to existing opportunities but has not been organized as a business'


  Someone who is quick to identify and take advantage of opportunities, even if they haven't yet formed a formal business entity
• Entrepreneur as 'an active individual whose action is always speculative'


  Someone who is always looking for new opportunities and taking action to capitalize on them, even if there is some level of uncertainty involved
• Entrepreneur as 'willing to bear the cost of uncertainty for profit'


  Someone who is willing to take on financial risk and uncertainty in order to make a profit
• Entrepreneur as 'a sociologically distinct individual who is a creative and resourceful innovator as well as an agent of change'


  Someone who is unique in their ability to create and innovate new products, services, or processes that bring about positive change in society
• Entrepreneur as 'has certain competencies and can influence society by forming enterprises and influenced by society to recognize needs and fulfil them through skilful management of resources'


  A person with specific skills and abilities who can create and manage a business to meet societal needs and influence society through their entrepreneurial efforts
• Entrepreneur as 'has the ability to foresee potential through changes in the economy and to take advantage of the opportunities created'


  Someone who can identify and capitalize on business opportunities created by changes in the economy or market conditions
• Entrepreneur as 'the middleman who buys at a lower price and sells higher'


  A person or business that purchases goods or services at a lower price and sells them at a higher price to make a profit
• Entrepreneur as 'to do something' or 'to undertake the risk of new ventures'


  Someone who takes action and assumes the financial risk of starting a new business venture
• Business Model Canvas


  A tool that describes the rationale of how an organization creates, delivers and captures value
• Business idea ≠ Business model
• Business Model Canvas


  • 9 building blocks
• Value Proposition


  The reason why customers turn to one company over another
• Customer Segments


  The different groups of people or organizations an enterprise aims to reach and serve
• Types of Customer Segments

  • Mass market
  • Niche market
  • Segmented
• Channels


  How a company communicates with and reaches its customer segments to deliver a value proposition
• Customer Relationships


  The types of relationships each customer segment expects the company to establish and maintain with them
• Customer relationships can range from highly personal to automated
• Channels serve as key touch points that determine the customer's satisfaction
• Channel phases include awareness, evaluation, purchase, delivery, and after sale
• Channel types include sales force, web sales, company-owned stores, partner-owned stores, and wholesalers
• Humans are feeling creatures that think, not thinking creatures that feel
• Value proposition is typically a bundle of benefits that a company offers customers
• Types of Value Propositions

  • Quantitative (e.g. speed, pricing, new features)
  • Qualitative (e.g. performance, customization, brand identity)
  • Game changing (e.g. product newness, create new industry, human-centred innovation)
• Game changers are disruptive, sometimes "crazy" ideas that can be wildly lucrative if they work
• A game changer is a person or thing that radically changes an industry or a company
• The key is identifying the customer's most critical pain and finding ways to help relieve that pain