SAS 1-3 Flashcards
The process of creating a new enterprise and bearing any risk, with the view of making profit
Entrepreneurship
The person who creates a new enterprise and embraces every challenge for its development and operation
Entrepreneur
Characteristics of Entrepreneurship
-Economic Activity
-Creativity and Innovation
-Profit
-Risk Bearing
as it involves designing, launching and running a new business enterprises in order to earn the profit, by ensuring best possible use of resources.
Economic Activity
It involves discovering new ideas and implementing it in business.
Creativity and Innovation
The activity of entrepreneurship is undertaken with the sole objective of making the profit. It
is also the reward of the efforts made and risk taken by the entrepreneur.
Profit
“Willingness to assume the risk” is the essence of entrepreneurship without which
he/she cannot succeed. It occurs due to the creation and implementation of new ideas
Risk Bearing
Skills required in Entrepreneurship
-Technical Skills
-Business Management Skills
-Personal Skills
The 4 main elements of entrepreneurship
-Innovation
-Organization
-Risk Taking
-Vision
is an organization of one or more people providing goods or services for the benefit of customers and the community.
Business (Bolander 2011)
Three statements that broadly define a business?
-Mission
-Vision
-Values
describes the reason the company exists.
describes the reason the company exists.
Mission
describes the future the company wants to pursue. Long-term
Vision
states what the business believes in. how it conducts business and how it treats employees, customers and the community.
Values
refers to agriculture-related activities that put farmers, processors, distributors, and consumers within a system that produces, processes, transports, markets, and distributes agricultural products.
Agribusiness
defined as a group of people who perform interdependent tasks to work toward accomplishing a common mission or specific objective
Team
refers to the various activities which bind a team together by bringing the team members closer to achieve the set targets
Team Management
Success Factors for Teams
-Nature of the leadership
-Collaborative nature of the team
-Team members are empowered
A system of wages and raises based on achievement in different skill blocks as determined by the individual practice’s need
Skills-Based Compensation
Written protocols regarding patient care, customer service, and team professionalism
Total Quality management
An Individual or a group with an interest in a particular business; the individual or group has something at risk
Stakeholder
