Being as an entrepreneur I started a business in farming, specifically hydroponics..

Below is my business details since you will need it in answering this assignment
1. Farming arose at early stages of the first human civilization. The people of Mesopotamia have started growing crops like wheat, peas and barley 12,000 years ago. Throughout the years, agricultural techniques have developed and new technologies were introduced. Personally, I enjoy farming and believe that without it we could not survive. For these reasons, I am interested in starting agriculture business. The name of the business will be Green Land Farm and it will take place in Dammam, Saudi Arabia. The email address is Info@greenlandfarm.com.
The form of ownership will be sole proprietorship as I will be the only owner of the business. In case of future expansion, I may think of turning the ownership form into partnership. The required capital to start this business will be 660,000 SR, where the land cost is going to be 230,000 SR, building the greenhouses costs 300,000 SR, 30,000 SR for 6 months operating expenses, and the remaining 100,000 SR will be used in case of emergency.
2. Farmers and scientists came up with a method called hydroponics that feed plants with the required nutrients, where the roots of the plants gets the needed nutrients directly from a solution and using soil is no longer required to produce vegetables and leaves. The new system saves 90% of irrigating water, uses much less pesticides and produce higher yield comparing to the traditional techniques. Fresh water is a scarcity in the Kingdom, while hydroponics will help to save the underground water and maintain agriculture and food security in the country.
The geographic market segment will be the main targeted segment. In this segment, products are sold in a specific location, where the demand is high and the products are available. There will be two marketing strategy to sell our products. First is selling products in wholesale market. Second, selling the products to restaurants and individuals through e-commerce by creating a website and a mobile application to offer the products. Demographically, individuals are both men and women between the ages of 20-70 who likes to eat healthy food at home. In addition, offering the products to restaurants is B2B plan so that the targeted customers will become more.
The mission statement is then can be derive from the basic concept of the business. “To produce healthy ingredients of our people daily food, simultaneously preserving the sustainability of the environment.” From the mission statement, short and long-term objectives can be indicated. Short-term objectives are to build a good reputation and run the business profitably. Long-term objectives are leading the agriculture business in the eastern province and reducing the prices so customers can enjoy healthy vegetables as well as saving the natural resources for future generations.
Agriculture industry has been always have a great impact on people lives. The industry was growing in the past and still have the potential to grow in the future. Recently, equipment were widely used to increase the production and reduce the labor costs. More advanced equipment will introduced in the future that may simplify the production process. In the case of small producers like our company, it will not be a big advantage; however, if we grow the business in a shorter time, it will be more beneficial as we can use the new equipment to replace enormous number of labors.
3. Producing different varieties of lettuce is our business main product. The four varieties will be growing at our facility are looseleaf, butterhead, crisphead, and romaine. In average, it take 50 days from seedling to harvest and around 12,000 head of lettuce might be produce during this period.
For running this business, there need to be three direct hire labors and a consultant engineer who visit the project twice a week. Handling 1000 square meter greenhouse is not complicated comparing to other types of businesses; however, there must be good plans and sufficient knowledge prior starting any business.
One of the base our business stands on is the resource management that can effectively control the expenditures. The other base is experience and science that we plan to combine that produce high quality and quantity products. I believe that my background knowledge and passion will highly contribute to the venture.
The company will take advantage of the large-scale market to sell the products easily. On the contrary, well-established firms can dominate the market if we take in consideration economic of scale. The strength of our company are as mentioned previously, resource management, science and experience. Although we will have many strength points, there will be weakness as well. The main issue will be the capital invested will have a negative relationship with size of the business. For example, the equipment that will be used at our farm costing 15,000$ can cover up to 5 times the size of our greenhouse.

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