Explain the benefits and liabilities of owning an agricultural business.

Explanation should include an assessment of

• the benefits
  • personal satisfaction
  • creativity
  • financial freedom
  • job security
• the liabilities
  • operating expenses
  • debt
  • various risks
  • unforeseen conditions
• how to mitigate risk
  • insurance
  • diversification
  • liquidity.

Process/Skill Questions:

• What are the benefits of owning an agricultural business?
• What are the disadvantages of owning a business?
• Why should one research the market carefully before buying or opening an agricultural business?
• What strengths, weaknesses, opportunities, and threats (SWOT) come with owning an agricultural business?