Agribusiness Management Definition The making of business decisions that tend to maximize net income consistent with the operators objectives. What decisions need to be made? - What do produce?
- How much to produce?
- What kinds and amounts of resources to use?
- What technology to use?
- When to buy and sell?
- How to finance?
Who makes the decisions? - Farm Operator
- Spouse
- Landlords
- Farm managers
- Farm Advisors
- Government
- Financers
- Planning
- Organizing
- Directing (leading)
- Staffing
- Controlling
Decision Making Steps - 1. Define the problem
- 2. List Alternatives
- 3. Analyze alternatives
- 4. Select best alternatives
- 5. Act on decision
- 6. Evaluate
Good Managers vs. Bad Managers - Takes Pride
- Neat
- Plans ahead
- good record keeping
- has the expertise
- Careless
- Unorganized
- shoots from the hip
- no records
- outdated methods
Four Basic Business Structures - Sole Proprietorship
- Partnership
- Corporation
- Cooperative
Sole Proprietorship Partnership - Owned by two or more people
- Owners are responsible for their share of liabilities
- Written agreements usually specify percent of ownership, responsibilities, and decision making process.
Corporation - Owned by stockholders
- Business is treated as a single entity
- Stockholders not personally responsible for liabilities of the business
- Returns profits in form of “dividends” to stockholders
Cooperative - Owned by the users of the business
- Elected board of directors
- Profits are returned in the form of “patronage refunds” to users of the coop
Business Mission Statement - Mission - a concise statement (25 words or less) of the goals and objectives of the business.
- Acceptable - “ To produce high quality tilapia filets at a profit for retail food stores within a 60-mile radius of our production facility.”
- Unacceptable =
- “ To make a profit growing fish”
- “ To sell fish to area food stores”
- “ To sell everything we grow”
SHS Ag Department Mission Statement - 1) To provide the cognitive, psychomotor, and effective skills necessary for a student of agriculture to succedd in an agriculture occupation, and
- 2) To provide the agriculture student with a basis of agriculture skills and knowledge on which that student can build during his/her further education.
- 1) To improve the quality of life for the Seneca community, the state and the nation, and
- 2) To contribute to the goals and objectives of SHS by being an integral component of the school system, and:
- 3) to develop agricultural competencies needed by individuals engaged in or preparing to be engaged in agricultural occupations and:
Program goals, cont. - 4) To develop leadership, communication and interpersonal skills to enable an individual to obtain employment and to be successful in that employment and
- 5) to develop an awareness and literacy of the agriculture industry in all members of the community
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