Entrepreneurship in Farming Market Creates place in existing Creates new market

market
Entrepreneur
o A person who undertakes the risk of starting a new business venture Risk Factor Less Comparatively high
o The entrepreneur is commonly seen as an innovator, a source of new Ideas, Methods Conventional (Traditional Unconventional
goods, services, and business/or procedures. applied for method)
o To innovate is to introduce something new to the market to manipulate existing doing things
inventions and turn them into a product or process that is of use in the real world
Orientation Profit People (focused in essence,
o The process of setting up a business.
gives more importance to its
o An entrepreneur creates a firm to realize their idea, known as entrepreneurship,
employees, customers, and
which aggregates capital and labor in order to produce goods or services for
the public)
profit
o Entrepreneurship is highly risky but also can be highly rewarding, as it serves Competition Very high (as it already has Low
to generate economic wealth growth, and Innovation existing market)

Invention vs Innovation Can small-scale farmers become entrepreneurs? Yes.

"Invention creates something new, innovation creates something that sells" For small-scale farmers to become entrepreneurs they need all of these
Invention Innovation qualities and more.
o They need to be innovative and forward-looking
o something entirely new o to use a new idea or method o They need to manage their businesses as long-term ventures with a view to
o something that has never been o To Innovate is to introduce
making them sustainable
done before. something new to the o They need to be able to identify opportunities and seize them.
o To invent something is to market, to manipulate
discover a new thing. existing inventions and turn
o A product or process is inventive them into a product or
if it has never been done before - process that is of use in the
whether it is innovative depends real world
on whether users will get a real o In short, it includes both
value out of it inventors and those that
make improvements to
existing things.

Businessman vs Entrepreneur
Businessman Entrepreneur
Definition A businessman is someone An entrepreneur is a person
who sets up a business with who starts an enterprise
an existing idea offering with a new idea or concept
products and services to the undertaking commercial
customers activities.
Market Market Player Market Leader (First to start
Position such a kind of enterprise)