Understanding Entrepreneurship: Functions, Risks, and Rewards
Agro Tourism
What is Agro Tourism?
Agro tourism is the concept of bringing urban residents to rural areas for leisure travel and spending. It is a commercial enterprise at a working farm, ranch, or agricultural plant conducted for the enjoyment of visitors, generating supplemental income for the owner. Activities include picking fruits, tending bees, milking cows, and other educational pursuits. In short, agro tourism provides tourists a chance to reconnect with the land and offers a ‘hands-on experience’
Read MoreCompetitive Advantage & Ethics in the Information Age
Chapter 3: Competitive Advantage
Porter’s Five Forces Model
This model outlines five competitive forces that shape the fate of a firm:
- Traditional Competitors: Existing rivals in the industry.
- New Market Entrants: New companies entering the market.
- Substitute Products and Services: Alternative offerings that can replace existing products.
- Customers: The bargaining power of buyers.
- Suppliers: The bargaining power of suppliers.
IS Strategies for Dealing with Competitive Forces
The basic strategy is to align
Read MoreEssential Accounting Terms and Definitions
Accounting
The recording, measurement, and interpretation of financial information.
Accounting Cycle
The four-step procedure of an accounting system:
- Examining source documents
- Recording transactions in an accounting journal
- Posting recorded transactions
- Preparing financial statements
Accounting Equation
Assets equal liabilities plus owners’ equity.
Accounts Payable
The amount a company owes to suppliers for goods and services purchased with credit.
Accounts Receivable
Money owed a company by its clients or
Read MoreExploring Key Marketing Concepts and Strategies
Green Marketing
Green marketing promotes environmentally friendly products or services with a positive impact on the planet. It integrates sustainability into product design, packaging, messaging, and promotion. Some strategies include:
- Creating eco-friendly products
- Using eco-friendly product packaging made from recycled materials
- Reducing greenhouse gas emissions
- Adopting sustainable business practices
- Communicating environmental benefits
- Investing in renewable energy or carbon offsets
Direct Selling
Direct
Read MoreBusiness Management Concepts
Business Structures
Types of Businesses
Sole Traders: Owned and operated by one person, who is responsible for all aspects of the business. They are cheap to set up but have unlimited liability.
Partnership: A business structure involving 2 to 20 people who run a business together. Risks are shared, but potential disputes between partners can arise.
Private Limited Companies: A business with 2-50 shareholders, whose stocks cannot be bought or exchanged on the stock market. They are a separate legal
Read MoreUnderstanding Human Resource Management: A Comprehensive Guide
Understanding Human Resource Management
Leadership
Leadership involves inspiring and motivating the workforce to achieve optimal performance. There are three primary leadership styles:
Autocratic Leadership
Managers maintain control and expect orders to be followed. This style enables quick decisions but can demotivate employees due to their lack of involvement.
Democratic Leadership
Employees participate in decision-making, leading to better decisions and increased motivation. However, implementing unpopular
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