Entrepreneurship

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Entrepreneurship
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Entrepreneurship

• Genesis 11
• In the beginning God Created the heaven and the
  earth

• Smith-Hughes 11
• In the beginning there were farming projects

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Since 1917

• We have had SAE programs where students grew
  livestock or crops.
• These activities have been called different
  names
• Farming Program
• Productive or Production Enterprises
• Ownership
• Entrepreneurship

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Current Terminology

• Entrepreneurship The student plans, implements,
  operates and assumes financial risks in a farming
  activity or agricultural business. In
  entrepreneurship programs, the student owns the
  materials and other required inputs and keeps
  financial records to determine return to
  investments.

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Entrepreneurship

• Most of the activities we call entrepreneurship
  in agricultural education really arent
  technically entrepreneurship.
• According to the Center for Entrepreneurial
  Leadership, there are 3 components for a real
  entrepreneurship program.

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Real Entrepreneurship

• A Real entrepreneurship program has 3
  components
• 1. The identification/recognition of market
  opportunity and the generation of a business idea
  (product or service) to address the opportunity

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Real Entrepreneurship

• 2. The marshalling and commitment of resources in
  the face of risk to pursue the opportunity

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Real Entrepreneurship

• 3. The creation of an operating business
  organization to implement the opportunity-motivate
  d business idea

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Entrepreneurship Changes

• During the past decade the Kauffman Foundation
  has supported a new FFA initiative to formalize
  the teaching of entrepreneurship.
• Awards program (and money)
• Video Youre the Boss
• Materials

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New Goals

• Entrepreneurship in Ag Ed in the future should be
  more than just feeding out a couple of lambs or
  having a garden.
• There should be more emphasis on
• Organizing and operating a business
• Business management
• Record keeping practices

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Record Keeping

• The NC SAE record book entrepreneurship pages
  have columns that match the information requested
  on various FFA award forms

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Expenses

• Cash Expenses (Feed) - only enter money spent on
  feed for animal SAE programs

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Expenses

• Non-Cash Expense (Feed) - If a parent or someone
  else provided the feed for an animal SAE, there
  is still a value associated with the feed. The
  value of the feed should be entered in this
  column, even if no money changed hands.

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Expenses

• Cash Expenses - enter amount of money spent on
  all other costs associated with the SAE program
• the exception is for items that were bought that
  should be put on a depreciation schedule
• primarily equipment and breeding animals

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Expenses

• Non-Cash Expense - If a parent or someone else
  provided supplies for the SAE activity, there is
  still a value associated with that contribution.
  The value of the supplies should be entered in
  this column, even if no money changed hands.

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Expenses

• Items purchased for resale - if the student is
  operating a business where s/he buys items and
  then turns around and sells those items, the
  items bought to be resold should be entered in
  this column.

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Income

• Cash Income - Any item sold from which the
  student receives money goes in this column

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Income

• Value of Products Used at Home - If a student
  eats, freezes, cans, or uses the products that
  s/he has raised this counts as income even though
  no money was involved. The item does have value
  and should be entered in this column.

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Income

• Items bartered or transferred to other
  enterprises
• If a student traded a pig to another student for
  a CD player, the value of the pig would go in
  this column
• If a student raised corn, then used the corn to
  feed out some steers, the value of the corn would
  go in this column