Post on 06-Apr-2018
8/3/2019 Entrepreneurship INTRO
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SAE
Entrepreneurship
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SAE
What is an Entrepreneur?
• An Entrepreneur (ahn’tra pra nur)is a person who organizes andmanages a business undertaking,assuming the risk for the sake of profit. Any person (any age) whostarts and operates a business is anentrepreneur.
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SAE
Entrepreneurship
• Agricultural students have been
entrepreneurs since the beginningof agricultural education.
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SAE
Entrepreneurship
• The Smith-Hughes Act of 1917(which provided federal fundingfor agricultural programs) requiredall students to have anentrepreneurship program – butthey weren’t called entrepreneursback then.
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SAE
Early Entrepreneurship
• These early entrepreneurshipprograms were called differentnames: – Farming Program
– Productive or ProductionEnterprises
– Ownership
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SAE
Early Entrepreneurship
• The early SAE Entrepreneurship
program primarily involved: – Raising Livestock
– Growing Crops
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SAE
Entrepreneurship Today
• Today, agricultural students areinvolved in many different types of entrepreneurial activities.
• Entrepreneurship in agriculture can
still be raising livestock andgrowing crops, but it can be much,much more than that.
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SAE
Agricultural Entrepreneurship
• Entrepreneurship: The student plans,
implements, operates and assumes financial
risks in a farming activity or agriculturalbusiness. In entrepreneurship programs, the
student owns the materials and other
required inputs and keeps financial recordsto determine return to investments.
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SAE
Agri-Entrepreneurs Example
• Lawn Maintenance Service
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SAE
Agri-Entrepreneurs Example
• Raise and Sell Fishing Bait
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SAE
Agri-Entrepreneurs Example
• Custom Crop Harvesting
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SAE
Agri-Entrepreneurs Example
• Pet Sitting Service
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SAE
Agri-Entrepreneurs Example
• Fishing Guide
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SAE
Agri-Entrepreneurs Example
• Tractor and Farm Equipment Detailing
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SAE
Agri-Entrepreneurs Example
• Operating a Roadside Marketing Selling
Produce
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SAE
Agri-Entrepreneurs Example
• Making and Selling Christmas Wreathes
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SAE
Agri-Entrepreneurs Example
• Operating a Small Engine Repair Service
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SAE
Three Aspects of Entrepreneurship
• 1. The identification/recognition of market
opportunity and the generation of a business
idea (product or service) to address theopportunity
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SAE
Three Aspects of Entrepreneurship
• 2. The marshalling and commitment of
resources in the face of risk to pursue the
opportunity
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SAE
Three Aspects of Entrepreneurship
• 3. The creation of an operating business
organization to implement the opportunity-
motivated business idea
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SAE
Successful Entrepreneurs
• According to the Small Business
Administration, successful
entrepreneurs have five characteristics: – Drive, which is defined as the most important
attribute. Entrepreneurs can expect long hours,
high stress and endless problems, as theylaunch a new business.
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SAE
Successful Entrepreneurs
• According to the Small Business
Administration, successful
entrepreneurs have five characteristics: – Thinking Ability, or the characteristic that
encompasses creativity, critical thinking,
analytical abilities and originality.
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SAE
Successful Entrepreneurs
• According to the Small BusinessAdministration, successful
entrepreneurs have five characteristics: – Aptitude for Human Relations. This
characteristic recognizes the importance of theability to motivate employees, sell customers,
negotiate with suppliers and convince lenders.Personality plays a big part in success in thisarea..
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SAE
Successful Entrepreneurs
• According to the Small Business
Administration, successful
entrepreneurs have five characteristics: – Communication Skills, or the ability to make
yourself understood.
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SAE
Successful Entrepreneurs
• According to the Small BusinessAdministration, successful
entrepreneurs have five characteristics: – Technical Ability speaks to the need of the
entrepreneur to know their product and theirmarket. They must consider the long- and
short-term implications of their decisions, theirstrengths and weaknesses, and theircompetition. In short, they need strategicmanagement skills.
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SAE
Entrepreneurship
• Some advantages
– You are your own boss – Enjoy the profits from you efforts
– Sense of pride in your business
– Flexibility in your work schedule
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SAE
Entrepreneurship
• Some disadvantages – Will need to put in long hours
– Need money to start
– Have to keep up with government rules and
regulations
– May have to mark hard decisions (hiring, firing,etc.)
– May lose money
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SAE
FFA and Entrepreneurship
• During the past decade the Kauffman
Foundation has supported a new FFA
initiative to support entrepreneurshipactivities
– Awards program (and money)
– Video “You’re the Boss” – Materials
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SAE
FFA Agri-Entrepreneurship Program
• Each state recognizes the agricultural
student who has the best entrepreneurship
program.• There is cash award of $100 at the state
level.
• All entries at the state level go on fornational competition.
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SAE
FFA Agri-Entrepreneurship Program
• At the national level, 10 outstanding
entrepreneurship students are recognized.
• There is cash award of $1000 for eachnational winner
• The FFA chapters of the national award
winners each receive $500.