Need vs Want
What is a need
Needs are things that you must have to live a safe and healthy life.
Simplest structure: one owner makes all decisions and controls the business.
Sole Proprietorship
Improved plant and animal genetics, new processing, new products
Research and Development
How does recordkeeping contribute to business success?
Good recordkeeping helps business managers to have quick access to information needed to make decisions about the business.
Nehl Feeds
Sole
What is a want
Wants are something you would like to have or something that you enjoy
Simple structure; two or more owners have complete control of the business.
Partnership
Agronomic consultant, animal feed, and fertilizer
Pre-Production
Marketing
Sales, Services, and Support
Agtegra
Cooperative
Shelter
Need
More complex than a partnership offering more protection of personal assets.
Limited liability company (LLC)
Farm or ranch
Production
Anyone who uses food, fiber, and fuel products
Consumer
Lemmon Livestock
LLC
Video Games
Want
Multiple member-owners share in management and receive dividends based on patronage.
Cooperative
Slaughterhouse or feed mill, Railroad, seaport, and trucks
Supply Chain
Where would an Apple Orchard fall under?
Production
Land O Lakes
Corporation
Water
Need
Most complex business structure, including shareholders and outside investors in management and leadership
Corporation
Consumable goods
End Product
If Walmart sold apple juice, what stage would this fall under?
Consumers
Pink Chute
Partnership