{"id":4008,"date":"2014-02-26T15:47:19","date_gmt":"2014-02-26T15:47:19","guid":{"rendered":"http:\/\/spontaneousdevelopment.com\/sdnuggets\/?p=4008"},"modified":"2014-02-26T15:47:19","modified_gmt":"2014-02-26T15:47:19","slug":"once-you-start-your-farm-business-you-must-think-act-like-an-entrepreneur-to-succeed","status":"publish","type":"post","link":"http:\/\/tayosolagbade.com\/sdnuggets\/once-you-start-your-farm-business-you-must-think-act-like-an-entrepreneur-to-succeed\/","title":{"rendered":"Once You Start Your Farm Business, You Must Think & Act Like An Entrepreneur To Succeed!"},"content":{"rendered":"

\"I wanted to be an editor or a journalist, I wasn't really interested\u00a0in being an entrepreneur, but I soon found I had to become an entrepreneur\u00a0in order to keep my magazine going<\/em>\" - Richard Branson.<\/p><\/blockquote>\n

In this article\u00a0I explain why anyone<\/strong> starting a farm business needs to realize\u00a0that s\/he must<\/strong> become an entrepreneur in order to succeed.\u00a0For many people this will require changes in spending habits,\u00a0use of personal time, friendships kept - and most importantly\u00a0thinking habits<\/strong>!<\/span><\/p>\n

My decision to write this article came as a result of observations I made in my\u00a0interactions with various individuals and groups\u00a0farm business owners<\/a>.<\/h3>\n

Most rarely\u00a0realized they needed to adopt a different mind set, from that\u00a0with which they lived their \"normal\" routine lives prior\u00a0to starting their farm businesses.<\/p>\n

Many people fail to understand that once\u00a0you start any<\/strong> business venture, you need to adopt what is called\u00a0an \"entrepreneurial mind set\".<\/p>\n

Doing so will increase your\u00a0chances of successfully building that business to achieve sustainable\u00a0long term profitability.<\/strong><\/p>\n

So what exactly is the entrepreneurial\u00a0mind set I refer to ? <\/strong><\/h3>\n

Maybe I should start with my personal\u00a0definition of who an entrepreneur is.<\/em><\/p>\n

\"A strong-willed, independent\u00a0minded person who - despite starting with little or nothing - ultimately achieves social\u00a0recognition, and financial success, for providing a new - or better - product\/service or
\nway of doing things, that makes a positive difference in people's\u00a0lives.\"<\/p><\/blockquote>\n

To paraphrase Fran Tarkenton, a true entrepreneur will often have started with \"little more than an idea\", as a small business person.<\/p>\n

That's why it is often said that they\u00a0create something new out of nothing. In other words, real entrepreneurs take risks that threaten\u00a0their very survival, but overcome all odds via persistence, to\u00a0do what most consider impossible.<\/strong><\/p>\n

I will now outline specific behavioural traits and thinking habits,\u00a0that characterize most successful entrepreneurs.<\/p>\n

To
\nincrease your chances of succeeding in your farm business, you will need to develop (and adopt) the traits, (and habits) described below: <\/em><\/p>\n

1. Become A Self-Development\/Best Practice Continuous\u00a0Improvement<\/a> Student - Always Wanting to Do Better <\/strong><\/h3>\n

True entrepreneurs never<\/strong> stop\u00a0trying to get better. That's why they tend to \"drive\"\u00a0those that work for(or with) them to do more and get better day\u00a0in, day out.<\/p>\n

In your farm business you will\u00a0- for instance - want to measure last month's performance and use\u00a0that to set targets for the new month - which you will then challenge\u00a0yourself and\/or your team to work hard to achieve.<\/p>\n

To get more, you will equip\u00a0yourself by seeking out those you believe know more or who are doing\u00a0better, and learning from them. You will also buy books and acquire\u00a0any other resources\/tools that you are convinced will help you improve.<\/p>\n

2. Explore Ways To Spend\u00a0Less MONEY - & Time & Effort - To Make MORE Money(PLUS Rarely
\nAccept That Anything Is \"Impossible\")<\/strong><\/h3>\n

It might take time, or a change(s)\u00a0in your adopted strategy before you can achieve your objective of\u00a0doing more<\/strong> with less<\/strong>. But quite often, if you apply yourself intelligently\u00a0and persist, you will<\/strong> achieve the goals you aim for.<\/p>\n

For example, in your farm business,\u00a0an important ingredient or input could suddenly become too expensive\u00a0for you to use in your daily production without profit margin losses.<\/p>\n

Your efforts to adapt by experimenting with potential substitutes\u00a0could make your workers, associates\/partners and fellow farmers\u00a0call you \"unrealistic\".<\/p>\n

If you work at it however, you\u00a0just might achieve a breakthrough that would help not just you<\/strong>,
\nbut the entire industry.<\/p>\n

Remember that when everybody\u00a0does the same thing in the same way, they are often likely to end\u00a0up with the same results - repeatedly.<\/strong><\/em><\/p>\n

<\/a>In this\u00a0regard, I mention for instance the glaring failure of farm business\u00a0owners out here to explore Daphnia culturing and earthworm\u00a0farming as cheaper, natural and high protein alternative food sources <\/strong>for intensive production of fingerlings and adult catfish.<\/p>\n

(I share my experiences in this area in a report I will be writing soon:\u00a0See title preview here<\/a>).<\/p>\n

3. Learn From Your Mistakes\u00a0& Avoid Repeating Them<\/strong><\/h3>\n

Quite often, a person's ability\u00a0to succeed in life depends on how well s\/he uses the lessons learnt\u00a0from past mistakes to guide future actions. In your farm business,\u00a0paying careful attention to forecasting and proactive farm planning\u00a0by leveraging the knowledge acquired from your past experiences,\u00a0is likely to make your business run more smoothly.<\/p>\n

So many risks and uncertainties\u00a0plague the business environment out here. Your ability to speculate\u00a0more accurately plus<\/strong> anticipate plan to avert potential problems\u00a0will help keep you in business, when many others are going under.<\/p>\n

For instance, you might want\u00a0to stay alert to sudden government policy changes (e.g. petrol price\u00a0reviews - which have never<\/strong> been downward!), market prices for your\u00a0farm inputs\/outputs, continuing availability of reliable outlets\u00a0for your finished products and so on.<\/p>\n

Doing so will ensure you stay\u00a0in a position to quickly take decisions to mitigate what could be\u00a0potentially negative impact of such unexpected developments.<\/p>\n

4. ALWAYS Analyse Your\u00a0Successes & Failures In Order To Become Better Able To Succeed<\/strong><\/h3>\n

When things go right, many people\u00a0simply rejoice in the moment and fail to take time to investigate<\/strong> why they got it right<\/strong><\/em>. That's why when\u00a0things go wrong, <\/strong>they often do not know where to look, what to look\u00a0for and<\/strong> most importantly what to do<\/strong>!<\/p>\n

In your farm business, a sound\u00a0understanding of what works <\/strong> and what does not (and when<\/strong> they work\u00a0or do not work) will be crucial to your long term success.<\/p>\n

By forming the habit of always<\/strong> documenting what you did (or did not<\/strong> do) to get specific results\u00a0you achieve in your farm business, you will gradually build what\u00a0is called a \"Knowledge Base<\/strong>\"(KB).<\/p>\n

In\u00a0future, you will be able to come up with effective problem solving\u00a0remedies using the KB. It will also guide you in ensuring consistent\u00a0output is achieved on your farm for longer periods of time.<\/p>\n

To make the above possible however,\u00a0you must entrench a strong record keeping culture amongst your operatives\u00a0and in your business as a whole. Without this, you ability to analyse\u00a0your successes and failures would be severely hampered.<\/p>\n

5. Stay In Firm Control\u00a0Of Your Business Spending<\/strong><\/h3>\n

You are in business to make\u00a0money profitably <\/strong>(I hope!). To do that, you have to control your\u00a0spending, restricting it as much as possible to activities that\u00a0you consider necessary and inevitable.<\/p>\n

More importantly, doing your\u00a0friends or relatives favors using funds meant for your farm business\u00a0could set you up for a cash flow crunch when you least expect it.<\/p>\n

As much as possible, let the farm business take care of itself -\u00a0making sure also to leave any extras that accrue to serve as a backup\u00a0for \"rainy day(s)\".<\/p>\n

6. Manage Your Friendships\/Use\u00a0Your Personal Time In A Way That Helps Your Farm Business Prosper<\/strong><\/h3>\n

You need to plan to spend quality\u00a0time checking how your farm business is doing in all areas. This\u00a0could be daily or weekly - I would suggest not at intervals longer\u00a0than that. You will need to stay in close touch with happenings\u00a0on the farm so that you can take timely decisions to achieve optimal\u00a0results.<\/p>\n

Friends\/relatives who keep you\u00a0from doing this will rob you of the returns you hope to make from\u00a0the business. You will need to make them understand that there are\u00a0certain periods you have set aside for this purpose.<\/p>\n

Better still (and if you think\u00a0it appropriate), you could ask them to join you when you want to\u00a0do it. That way you still get to do it - and spend time with them.<\/p>\n

Just be sure to maintain the required focus so you don't miss important\u00a0signs or trends.<\/p>\n

What is imperative is that you\u00a0ensure you do NOT<\/strong> neglect to spend quality time reviewing your farm's\u00a0performance and thinking up ways to make it do better<\/a>.<\/p>\n

Final Words: Your Thinking\u00a0Habits Are MOST Important<\/strong><\/h3>\n

The above outlined habits are\u00a0- in my opinion - some of the most essential for a farm business\u00a0owner to adopt.<\/p>\n

You will observe that most of them relate mainly\u00a0to how you think<\/strong>.<\/p>\n

That's really what ultimately makes the difference\u00a0between an entrepreneur, and someone who just runs a business.<\/p>\n

Click\u00a0here<\/a> to read other articles that can help you.<\/p>\n

This is a revised\/updated version of an article that was first published on 1st June 2007,<\/strong><\/span> on this static html page<\/a> of Tayo Solagbade's Cost-Saving Farm Business Ideas website<\/a>.<\/strong> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

\"I wanted to be an editor or a journalist, I wasn't really interested\u00a0in being an entrepreneur, but I soon found I had to become an entrepreneur\u00a0in order to keep my magazine going\" - Richard Branson. In this article\u00a0I explain why anyone starting a farm business needs to realize\u00a0that s\/he must become an entrepreneur in order […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,133,266],"tags":[1019,1020],"class_list":["post-4008","post","type-post","status-publish","format-standard","hentry","category-entrepreneurs","category-farm-biz","category-my-dn-travel-news","tag-starting-your-farm-business","tag-think-act-like-an-entrepreneur-to-succeed"],"aioseo_notices":[],"views":1362,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/posts\/4008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/comments?post=4008"}],"version-history":[{"count":2,"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/posts\/4008\/revisions"}],"predecessor-version":[{"id":4010,"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/posts\/4008\/revisions\/4010"}],"wp:attachment":[{"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/media?parent=4008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/categories?post=4008"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tayosolagbade.com\/sdnuggets\/wp-json\/wp\/v2\/tags?post=4008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}