Agricultural Entrepreneurship And Marketing Flashcards
It refers to the economic activity of a person who starts, manages, and assumes the risk of a business enterprise.
Entrepreneurship
The person who undertakes entrepreneurial activities .
Entrepreneur
It refers to that economic system in which the means of production ( land and tangible goods)are owned privately.
Capitalism
It refers to the ownership of properties by a private individual for use in his own business.
Private Enterprise
Refers to the owners right to own, use, or dispose of his property as he sees fit.
Freedom of choice
The direct opposite of capitalism where the means of production are owned by the society as a whole.
Communism
Midway between capitalism and communism is socialism where the state owns only the essential industries like water and power and transportation.
Socialism
Rewards for being entrepreneur
Make money
Be your own boss
Express creativity
Feeling of satisfaction
Risk and trials
1.The risk of failure
2. Unpredictable business conditions
3. Long hours of hard work
4. Unwanted responsibilities
Qualities of an entrepreneur
- Opportunity seeking
- Persistence
- Commitment to work
- Demand for efficiency and quality
- Goal Setting
- Information seeking
- Persuasion and Networking
- Self confidence
It is the introduction of a new method , custom, device etc.
Innovation
the discovery or devising of new products and processes.
Invention
the process by which the ideas and principles generated from the stage of invention are embodied in concrete products and techniques.
Development
