Written Report In Agricultural Entrepreneurship (ENMA 4043)

Monte, Bevirlyn P. Mangahas, Edisy Anne H. Faller, Melissa Maye M. Pacheco, Joanna Marie E. Godoy, Steephen Jhann M.

I. Introduction: Definition of Entrepreneurship and Agricultural Entrepreneurship

ENTREPRENEURSHIP The capacity and willingness to develop organize and manage a business venture along with any of its risks in order to make profit. It is the act of generating innovative ideas that if properly funded it will generates profit.

AGRICULTURAL ENTREPRENEURSHIP Can be defined as being primarily related to the marketing and production of various agricultural product and agricultural inputs. Examples of areas where agricultural entrepreneurs associated themselves include Dairy, Forestry, Horticulture, Animal Husbandry, Floriculture, and others.

REQUIREMENTS OF ENTREPRENEURSHIP Establishing your own business is not easy. But you can do it if guided by procedures and business principles.

Factors to consider in running and choosing a business:

1. Availability of resources Resources are supply or support which are classified as human or material. Human resources refer to people with skills, talents, intelligence, interests, creativity and salesmanship who can help you in running your business. Material resources refer to money, machines, and other facilities. Natural resources such as silver/copper, gold and lumber also belong to material resources.

2. Market demands It is the demand of customers towards the product.

3. Current business trends An entrepreneur must know the current trends before putting up a business. For example, in beauty service, the demand is in foot spa.

4. Good location The business is good if it is accessible to customers. It should be located near the marketplace, church, school or office in the heart of the city or community.

5. Capital or funds It is the money you will use to start your own business. The amount of capital or fund will determine the size, location and operation of the business.

IMPORTANCE OF ENTREPRENEURSHIP Agricultural entrepreneurship is solution to many economic problems like urbanization, poverty, unemployment and economic development. Agriculture plays a crucial role in the life of an economy. It is the backbone of our economic system. It not only provides food and raw material but also employment opportunities to a very large of proportion of population. The statements indicated below are reasons why agricultural entrepreneurship is important.

Supply of Food Agriculture is important because it is the most central of which is that we all need to eat. It allows us to provide for those needs. If no one worked in the agriculture meadow, humans would not be gifted to eat daily. Source of Livelihood In a developing or less developed countries especially in Asia, a large percent of population is directly engaged in agriculture while in an advanced countries, the ratio is very small. Contribution to National Income The role of agriculture in the national income in the developed countries is negligible. More developed a country, smaller is the contribution of agriculture in the national income and vice-versa.

Source of Raw Materials

Many industries dependent on agriculture, raw material from agriculture is supplied to many industries like Sugar Industries, Cotton Industries, Paper Industries, tobacco industries, Chilies, turmeric etc. Many industries supply the inputs to the agricultural industry such as fertilizers, insecticides, pesticides, implements and machineries like tractors etc. Contribution to Foreign Exchange Resources Many agricultural products like tea, sugar, oilseeds, tobacco, spices, contribute the major share in export. This shows that agriculture products still continue to be significant source of earning exchange. Generate Employment Opportunities The agricultural sector is significant as it provides greater employment opportunities in the construction of irrigation projects, drainage system and other such activities. With the fast growing population and high incidence of unemployment and disguised unemployment in backward countries, it is only agriculture sector which provides more employment chances to the labor force. In this way, significance of agriculture emerges more and more. Overall Economic Development In the course of economic development, agriculture employs majority of people. This means raising the level of the national income and standard of living of the common man. The rapid" rate of growth in agriculture sector gives progressive outlook and further motivation for development. As a result, it helps to create proper atmosphere for general economic development of the economy. Thus, economic development depends on the rate at which agriculture grows.

BENEFITS OF ENTREPRENEURSHIP Benefits of entrepreneurship or simply advantages of working for yourself. Personal Satisfaction To some persons, the chief reward for you is a personal satisfaction. Personal Satisfaction means doing what you want with your life. As an entrepreneur, you will be able to spend each workday in a job you enjoy. It simply you enjoy what you're doing at the same time you earning profit. You may have personal satisfaction from aiding the community in which you live. Entrepreneurs supply goods and services and create jobs for residents. They also buy goods and services from other local enterprises, borrow money from local banks, and pay taxes.

Independence Another benefit of entrepreneurship. Independence is freedom from the control of other. As an entrepreneur, you will decide how you will use your knowledge, skills, and abilities. Compared to those who work for others, entrepreneurs have more freedom of action. They are in charge and can make decision without first getting the approval of someone else. Profit One of the major rewards expected when starting a new business is profit. profit is the amount of sales income left after expenses have been paid. profits go to the owner of a business. Being self employed, you would receive all profits.Very often, increased time and effort put into the enterprise result in increased income. This is not often the case when you work for someone else. Job security Many enterprises are created by persons who are seeking job security not available elsewhere. job security is the assurance of continuing employment and income. Entrepreneur cannot be laid off, fired, or transferred to another city, nor can they be force to retire a certain age because of company policy. Status Self employed people often enjoy personal benefits, such as status. Status is a person's social rank or position. Entrepreneurs receive attention and recognition through customer contact and public exposure. As a result, they may enjoy status above that of many blue-collar and white-collar workers. Closely related to socials status is pride in ownership. Most people enjoy, at least a while, seeing their names on buildings, stationery and business cards, and in advertisements.

What is Agricultural Entrepreneurship? Lets first break it into two so that we would better understand it. Agricultural comes from the word Agriculture. What comes to your mind when you hear the word Agriculture? And what comes to your mind when you hear Entrepreneurship? So what is exactly meant by Agricultural Entrepreneurship? Agricultural Entrepreneurship centers on the sum of focus on the identification and pursuit of opportunities as the core of entrepreneurial activities that emphasizes creativity, alertness, proactiveness and networking in changing the way things are and creating something new.

Features of Agricultural Entrepreneurship 1. Focus on the identification describes the opportunities of what is existing, what is available and what is possible. 2. Pursuit of opportunities desiring and seeking for opportunities 3. Entrepreneurial Activities: *Creativity (Being Creative) to implement and to innovate *Alertness (Being Alert) to be active and quick in responding to situations and problems *Proactiveness (Being Proactive) to act in anticipation of future problems, needs or changes to plan in advance *Networking creating connections building and establishing relationships 4. Goals of Agricultural Entrepreneurship = Reasons why Agricultural Entrepreneurship should be studied: *Change the way things are *Create something new

Focus on the Identification + Pursuit of Opportunities = Entrepreneurial Activities (Creativity + Alertness + Proactiveness + Networking)

Goal of Agricultural Entrepreneurship=Reasons Why Agricultural Entrepreneurship Should Be Studied Change the way things are and Create Something New

Why Study Agricultural Entrepreneurship? Agricultural Entrepreneurship shares many characteristics of generic entrepreneurship, but also has its features due to the specific context of the agricultural sector. These distinct features are also the reasons why we should study Agricultural Entrepreneurship i.e the goals of Agricultural Entrepreneurship. Change the way things are: 1. Produce food, fiber, energy We should not settle or stick to a single way to produce these main components of agriculture. We should always think of ways to improve and make it better. 2. Use and protect our natural resources Natural resources are part of the agricultural entrepreneurs capital and the main materials youll need in making profit out of the agricultural business youll be creating. 3. Nourish our families Families, Communities and the Society are part of the Ecological Model (Fig.1.0) which illustrates the interrelationships of organisms and their 4. Develop our communities environment. These three are the target market of Agricultural businesses. Families are the basic unit and the society is the larger and more complex unit 5. Meet the needs of society of the target market.

SOCIETY

Figure 1.0 Ecological Model

COMMUNITIES FAMILIES

Create something new: 1. 2. 3. 4. 5. Ways to solve problems & create value Industrial materials, products & services Production methods Job & Skills Markets

6. Ways to do business 7. Competition 8. Wealth The bottom line of all these is to become successful and progressive because it is the main goal of us the entrepreneurs. Examples of Career Opportunities 1. 2. 3. 4. 5. 6. 7. 8. Agricultural Technologist Farm Supervisor Agro enterprise Coordinator Agricultural Extension Officer Agricultural Account Officer Farm Owner Academician Researcher

Conclusion To end my report, studying, understanding and practicing the fundamentals of Agricultural Entrepreneurship will help us change things for the better and create new things to make it more successful whether you aspire it to create a new business or non-profit organization, advance science and technology or simply pursue a productive career in an existing business.

References:
http://agriinfo.in/default.aspx?page=topic&superid=10&topicid=185 http://businessofagricultural.wordpress.com/2013/01/16/importance-of-agriculture/ http://www.preservearticles.com/201107169225/what-is-the-importance-of-agriculture-for-our-country.html http://www.businessdictionary.com/definition/entrepreneurship.html http://www.earlytorise.com/defining-entrepreneurship/ http://leefrancesemery.hubpages.com/hub/Requirements-of-Entrepreneurship http://www.authorstream.com/Presentation/girlievilladarez-1022276-requirements-of-entrepreneurship/