AGRI 11 LESSON 1 REVIEWER

Common areas of specialization: earliest Manufacturing

1.1 ENTREPRENEURSHIP: WHAT DOES IT entrepreneurs in human civilization.
MEANS? Is the production of products for use or sale, using
1. hunting 1. Hunter labour and machines, tools, and chemical or
Contrary views on entrepreneurship 2. gathering of food 2. Gatherers
Lloyds Shefsky, in his book entitled, biological processing or formulation.
3. fishing 3. Fishermen
entrepreneurs are made not born, defined 4. cooking 4. cooker
entrepreneur by dissecting the word 1.4 ROLE OF FARMERS AS ENTREPRENEURS
5. tool making 5. Tool Maker The characteristics listed here are found most
entrepreneur into three parts as follows; 6. Shelter building 6. Shelter Builder
entre means to enter pre means before; and often in successful entrepreneurs.
7. Clothes making 7. Clothes Maker 1. Independent
neur means nerve center
1.3 CHARACTERISTICS THAT 2. Self-confident.
Karl vesper describes an entrepreneur DIFFERENTIATES FROM INDUSTRIAL OR 3. Energetic.
in broader perspective by postulating that is MANUFACTURING ENTERPRISES 4. Organized.
now a concern of various professions, for 5. Vision
instance, to an economist, an entrepreneur is Industry is classified into different sectors; 6. Persistent.
one who brings resources, labor, materials, and 1. Primary 7. Optimism.
other assets into combinations that make their 2. Secondary 8. Committed.
value greater than before, and introduces 3. Tertiary and 9. Problem solvers.
changes, innovation, and new order, 4. Quaternary 10. Self- nurturing.
Professor Robert Nelson of the 11. Risk takers.
The employment structure of a country shows 12. Action Oriented
university of Illinois defines entrepreneur as a how the labour force is divided into the different
person who is able to look at the environment, 13. A Sense of Urgency.
sectors. 14. Flexibility.
marshal resources, and implement action to = Primary industry - classified as those which
maximize those opportunities. Persons in work 15. Innovator.
produce the raw materials for industry.
situation in large, medium, and small business Ex. Mining, quarrying, farming, fishing and
enterprises, as well those in cooperatives and forestry, all of which produce raw materials that
government. can be processed in to a finished product.
Joseph Schumpeter describes = Secondary industries - those that take the raw
entrepreneurship as doing things that are materials produced by the primary sector and
generally done in the ordinary course of process them into manufactured goods and
business routine. It is essentially a phenomenon products.
that comes under wider aspect of leadership. Ex. Heavy manufacturing, light manufacturing,
Dr. N.A. Orcullo, Jr., entrepreneur is food processing, oil refining and energy
someone who perceives an opportunity and production, cars and steel.
creates an organization to pursue it. = Tertiary sector is also called the service sector
1.2 FARMING AS A BUSINESS and involves the selling of services and skills.
Some authorities exclude “farming” or They can also involve selling goods and
the production” of food and fiber from definition products from primary and secondary industries.
of agribusiness. Production agriculturalists must Ex. Health service, transportation, education,
be financial and business managers, or they will entertainment, tourism, finance, sales and retail.
fail. Production agriculture is indeed a business. = Quaternary sector consists of those industries
The first known trading between humans took providing information services, such as
place in New Guinea around 17,000 BCE, computing, ICT (information and communication
where locals would exchange obsidian (a technologies), consultancy (offering advice to
volcanic glass prized for its use in hunting tools) businesses) and R&D (research, particularly in
for other needed goods – like tools, skins, and scientific fields).