1. Describe the characteristics of a small business and an entrepreneur.

• Define a small business.
• Recognize the importance of small business to the U.S. economy.
• List the character traits needed to be an entrepreneur in a small agribusiness.
• Describe the advantages and risks involved in operating an agribusiness and how to manage them.

2. Identify the strategic planning components of a successful business.

• Understand why and how a small business must develop a competitive advantage.
• Describe the ten steps in the strategic planning process.
• Identify the parts of a meaningful mission statement and their purpose.
• Understand how to identify a company's SWOT.
• Distinguish between goals and objectives and be able to develop them.

3. Compare the forms of business ownership and lines of communication.

• Describe the advantages and disadvantages of different types of business ownership.
• Understand business organizational charts and lines of reporting and expansion.

4. Describe the procedure for acquiring an agribusiness.

• Compare the advantages and disadvantages of starting a new business or buying an existing business.
• Discuss the steps involved in buying a business.
• Describe the methods used in determining the value of a business

5. Identify the key components for marketing a successful agribusiness.

• Define marketing
• Describe the components of a marketing plan and explain the benefits of preparing one.
• Describe the factors involved on which an agribusiness can develop a competitive edge.
• Discuss the role of market research and outline the market research process.
• Explain the various marketing strategies available to business owners.
• Discuss "the four "P's" of marketing and their role in building a successful marketing strategy

6. Outline the major components of a business plan.

• Describe the purpose and elements of a business plan.
• Understand the keys to making an effective business plan presentation.
• Explain the "five Cs of Credit" and why they are important to potential leaders and investors reading business plans.

7. Describe the process and sources of funding an agribusiness.

• Explain the differences between the three types of capital agribusiness's require.
• Describe the difference between equity capital and debt capital and the advantages and disadvantages of each.
• Describe the sources of equity and debt capital and the advantages and disadvantages of each.

8. Discuss location and layout for a prosperous agribusiness.

• Understand the importance of location and site selection to business success.
• Describe the location criteria for retail and service businesses.
• Evaluate the advantages and disadvantages of building, buying, and leasing a building.
• Explain the principles of effective layouts for retailers and service businesses.

9. Discuss the ethical standards, social responsibilities, and governmental regulations that affect managing a successful agribusiness.

• Define business ethics describe how agribusiness's can establish and maintain high ethical standards.
• Define social responsibility and discuss the various stakeholders to whom agribusiness's are responsible.
• Identify some of the government regulations affecting agribusiness.
• Explain the basic types of bankruptcy.
• Distinguish the difference between patents, trademarks, and copyrights and describe the protection that they offer business owners.

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