EntrepreneurshipIAFNR Agribusiness Module
What is Entrepreneurship?
According to Merriam Webster, an Entrepreneur is
one who organizes, manages, and assumes the risks of a business or enterprise
What does that mean to you?
Do you know an Entrepreneur? Let’s Think!
What do Entrepreneurs do?
• Owner or Creator of the company
• Primary decision maker
• Sets prices
• Controls inventory
• Problem Solver
• Manages employees (if any)
Sounds like a great job right?!
“With great power comes great
responsibility”-Voltaire
How old do you have to be to become an Entrepreneur?
Did you ever run a lemonade stand?
Charge to mow lawns or rake leaves?
You were an early Entrepreneur!
Characteristics of Entrepreneurs
Do you see any of these qualities in yourself?
Characteristics of Entrepreneurs
• Independent• Self-Reliant, remains in control of the business
• Self-Confident• Belief in themselves and the success of the business
• Energetic• Healthy people that work hard to improve their business
• Organized• Own unique system of organization
• Visionary• Keep an eye on the entire business and where its going
Characteristics of Entrepreneurs
• Persistent• Keeps moving forward, does not let problems get in the way
• Optimistic• Always thinking on the positive side
• Committed• Do what is necessary to get things done
• Problem Solver• Takes on challenges, attempt to use all time, talents, and ideas
• Self-Nuturing• Do not worry about others or seek approval from others
Characteristics of Entrepreneurs
• Risk Taker• Willing to give things up to achieve goals
• Not gambling
• Action-Oriented• Turns ideas into action and plans
• Sense of Urgency• Restless unless they are working
• Flexible• Willing to make changes to get the job done
• Emotionally Stable• Does not give in to times of high or low
Agricultural Entrepreneurs
Let’s relate what we know about Entrepreneurship to Agriculture!
Agricultural Entrepreneurs
• Popular Agribusiness Entrepreneurs• Lawn Services• Greenhouses or
Nurseries• Machine Repair Shops• Agricultural Supply
Shops• Florists
Are all Entrepreneurs successful?
• Challenges• Responsibility• Long Work Hours• Financial Risks
• Key to Success• A Quality Business
Plan• Like your assignment
More than 50% of retail businesses fail during the first four years of
business
Why is Entrepreneurship important?
Let’s Discuss as a class!
How does Entrepreneurship impact our Economy?
Investment
When Entrepreneurs invest in their businesses they are investing in our Economy and creating more cash flow from consumers to producers.
Create Jobs
Entrepreneurs not only create a job for themselves, but when their business grows they are able to make job opportunities that did not previously exist.
Diversity in Goods and Services
Entrepreneurs provide more options for consumers to purchase their goods and services. This also creates healthy competition between businesses.
References
Entrepreneur. (n.d.). Retrieved October 15, 2014, from http://www.merriam-webster.com/dictionary/entrepreneur
Newman, M.E., & Wills, W. J. (1994). Agribusiness Management and Entrepreneurship. Danville, IL: Interstate Publishers, Inc.
Ricketts, C., & Ricketts, K. (2009). Agribusiness Fundamentals & Applications. New York: Delmar Cengage Learning.
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