Seven Principles of Success in Agribusiness

Success is the ultimate goal every agribusinesses aspire to achieve. Yet, successful businesses don’t rest on their laurels. They want to succeed the more because they want business continuity and sustainability. When they fail, they learn from their mistakes and failures and move on because they have passion for what they are doing.

Many aspiring entrepreneurs don’t want to start small and at the same time don’t want to fail then they don’t experience the joys of success.

We can take cues from the words of the following successful personalities and business moguls;

Success seems to be connected to action. Successful people keep moving. They make mistakes, but they don’t quit. ― Conrad Hilton

The secret of business is to know something that nobody else knows. ― Aristotle

In business, three things are necessary: knowledge, temper, and time. ― Owen Fellt

And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. ― Andrew Carnegie

A business has to be involving, it has to be fun, and it has to exercise your creative instincts. ― Richard Branson

Never invest in a business you can’t understand – Warren Buffett

Danny Klinefelter, Member of Granular’s Industry Advisory Board highlighted seven (7) principles of success he has observed over time, which is applicable to successful farms and they are;

  1. The only truly sustainable competitive advantage is the ability to learn and adapt faster than your competition.
  2. Strategic management is the ability to anticipate, adapt to, drive and capitalize on change.
  3. The best organizations spend as much time analysing with the need to stop doing as they do evaluating new opportunities.
  4. The most successful businesses are learning organizations. This means that everyone in the business needs to recognize that someone, somewhere, has a better idea or way of doing things, and they need to be compelled to find it, learn it, adapt it, and continually improve it.
  5. Success requires continuous management improvement at a rate set by the leading edge of your competition and not by your current comfort zone.
  6. The main difference between top 10% and the rest of the top 25% is their timing, in terms of when to enter, expand, cut back or exit; whether it’s an investment, a marketing decision or a business activity.
  7. The future will always belong to those who see the possibilities before they become obvious to the typical producer.

 

What are your success principles?

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