Creating a new enterprise can be one of the most exciting management challenges. Numerous Agropreneurs have built successful Agro-industries and Companies by discovering and meeting unmet needs. There are many motives for starting a new Agribusiness. Some Agropreneur learn from successful family role models. A few stumble onto an entrepreneurial careers path by inventing a new product/services and building a business around it. However, the common qualities of success bound Agropreneur include the following;
Business Planning: This is a good starting point. Agropreneur need a business plan for start-ups or existing agribusiness written by self and/or with the help of professionals. Business plan keeps you on track of agribusiness terrain and helps you source for funds, investors or partners. With this document, you are able to make informed and precise decision on your own which will have far-reaching effects your agribusiness performance. Goals set by successful agropreneurs are SMART, i.e. Specific, Measurable, Accurate, Realistic, and Time-bound.
Business Structure and Legal Protection: This aspect requires that agropreneurs get their businesses registered with necessary agencies and bodies so as to confer necessary protection and/or patent on businesses and products or services. It is also expedient for business to get unique brand and logo for proper identification and protection. Some legal protections may be extended to business inventions as well as intellectual property (IP). These inventions are peculiar to different agribusinesses, conferring on them economic advantages. The invention may be contained in the products, processing, packaging, brand, etc.
Opportunity Recognition Skills: To become successful, agropreneur needs to be prepared for, recognize and take advantage of opportunities. Preparation may be having good business structure/plan, learning new business skills, getting necessary personal and business documents etc. Such opportunities may be, absence of particular products in a certain location, grant and loan opportunities, duty free import of certain equipment, favourable Government policies, opportunity to improve on particular products/services to suit consumer preference, networking opportunity, etc.
Willingness to Take Risk: An agropreneur takes calculated risk when trying to start a new venture. In some cases, agropreneurs may risk a substantial portion of their own capital as well as funds contributed by family, friends, and other investors.
Self Confidence and High Need for Achievement: Self confidence enables agropreneurs to improvise and find novel solutions to agribusiness problems that might discourage people who are more self-critical. People with a high need for achievement have a strong desire to solve problems on their own.
Innovation, Creativity and Initiative: This is the ability to come out with ideas that are new and be able to bring about radical changes in products, services, supplies, management or manufacturing. It involves the ability to begin a plan or task, enterprise or determination.
Distinctive Competition and Business drive: An agropreneur should know the market trends, economy state and have desire to compete effectively in both local and international market. A drive is most commonly a factor that contributes to the growth of a particular enterprise. It can be people, knowledge or conditions, such as market forces, Government support, that can initiate and support the activities for which the agribusiness was designed.
Human Relations, Networking and Communication Ability: An agropreneur must maintain good relations with his customers/employees/business associates and effectively communicates his message, products or services to the customers/employees. An agropreneur must admit the fact that Consumers is king, if he wants to succeed. Most agribusinesses closed down in short period of time because they failed to identify what the customers want; they didn’t follow up their customers. The secret to getting good and substantial referrals is dependent upon your communication and relationship with your customers. Networking is key in agribusiness, there is need to connect with like-minded individuals or groups to share ideas, skills, experiences and opportunities. We get networked by attending Conferences and Seminar or even, Agri-trade show. Online platforms also provide great networking opportunity.
Good Knowledge of Agribusiness: An agropreneur that has a good knowledge of the business he’s engaged in has better chance of succeeding. Agropreneur should subject himself to continuous learning and training.
Ability to offer Quality Products and Services: This is one of the most important determinants of success in agribusiness. Agropreneurs that are offering good products and services remain in business unlike those offering bad products and services. Your bespoke products and services will go a long in increasing your customer base.
Financial Management and Record Keeping Skill: This is another crucial element of success in agribusiness. Simple record keeping is important to business continuity.
ICT Skills: It is a well known fact that we are in the information age. Any agropreneur that wants to excel and compete effectively in the global market must be able to wield some important ICT tools that are critical to development of the agribusiness. The importance of ICT in Agribusiness cannot be overemphasized. Manipulation of simple and basic computer Softwares and Applications will give such agropreneur an advantage over others. Social media site is a good place way to start developing your ICT skill.
Now, some agricultural products and equipment can be ordered on-line. Agropreneur can followed up Market trends and get any information about products, services, equipment, Agricultural trade fair, competitors, etc anytime, anywhere as a result of internet access.
Agricultural production has evolved into a complex business requiring the accumulation and integration of knowledge and information from many diverse sources. Modern day machineries and equipments are automated and computerized and these will require skilled and exposed agropreneur to manage them all.
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