2.  Common thread is that all of them must be able to handle risk to succeed.  Traits: › Serious about work › Like problem solving › Persistent and follow through when they encounter obstacles.

3. › Responsible › Dependable › Risk-takers › Self motivated › Good communicators › Like working alone › Work long hours › Get along with others › Get bored quickly › Frustrated by item by item instructions › Like lists and go step by step

4.  Active Entrepreneur  Quiet Entrepreneur  Follower Entrepreneur

5.  Try just about anything  Major risk takers  When they fail they bounce right back and try again.

6.  Carefully prepare before starting  Like more information before taking a big risk.

7.  Comfortable following the lead of others.  Enjoy some risk and seeing the results of their efforts.

8.  Account for a large amount of the risk.  Productive resources: any item of value that is used to produce goods. › Money, oil, trucks, paper, pens, tables › Equipment, buildings, employees, soil, etc.  The resource is making a product or good, or performing a service.  someone, somewhere is willing and able to pay for the use of the resorce.

9.  Four kinds of productive resources › Natural resources › Labor resources › Capital resources › Management resources

10.  Anything provided by nature. › Soil › Water › Living organisms › Minerals

11.  People whose skills, talents, interests, and intelligence are used for productive purposes.

12.  Are human-made inputs that are used to make goods. › Machines, pencils, buildings, equipment, tools › Money

13.  Human resources whose talents, skills, interests, and intelligence are used to provide leadership and make decisions in the business.  May receive a share of the profits of the business.  Can be listed under labor or human resources in large businesses.

14.  Is a resource.  Used to make a good.  Time has value.  Wasting time is wasting resources.

15.  Determine on hand resources and needed resources.  Obtaining resources at reasonable cost.  Limitations are usually related to capital.

16.  Loans  Silent partner  Stock  Rent or lease  Defer payments  Sell of assets › Activity: define these terms page 34-35 add to your chapter 2 notes. Will be on quiz.

17.  Doing business over the Internet.  Goods bought and sold.  Used to expand business  Used in agribusiness to sell production inputs, as well as crops and livestock. › Examples: satellite auctions, ebay, etc.

18.  Set up a domain name: URL where your web site will be found. › www.NetworkSolutions.com www.NetworkSolutions.com › $70.00 two years, annually thereafter Create a web page Web host: a service that makes a wed site available to the public. Fees may apply!

19.  Advertise your web site: › Newspapers › Magazines › Billboards › TV Easy for customers to purchase items. Security and Prompt shipment

20.  In groups of two  Create a E-Commerce agribusiness  What will be your e-commerce business? Step 1: Identify a new domain name: search www.NetworkSolutions.com 10 pointswww.NetworkSolutions.com Step 2: Create a web page: must be attractive, simple, description of business, list of products sold and prices, owners name and contact information.30 points Step 4: identify your potential web host. 10 points  Print your web page and attach a copy to your e-commerce business report 5 points (may use web page templates available on the internet) www.wix.comwww.wix.com  How will you obtain customers?  Report must be typed 10 points