entrepreneurship iafnr agribusiness module. what is entrepreneurship? according to merriam webster,...

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.