Learn From the Experienced

Teresa Olson
By Teresa Olson July 24, 2017 13:14

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Amol Deshpande, CEO and co-founder of Farmers Business Network, recently wrote an article for entrepreneur.com about the lessons that people starting a business for themselves can learn from farmers.  Here’s a recap of those lessons that everyone should embrace:

  • Have a mission that matters.  Is what you’re doing important and essential?
  • He who has the most data, wins.  Data analytics are key to success, and the average farmer in the FBN network collects more than four million data points per year.
  • A handshake and your word are as important as a contract.  In spite of excessive litigation, easy online legal services and contracts, your reputation and business longevity are governed more by your actions than by words on paper.
  • You reap what you sow.  This is true both literally and figuratively for farmers who have to think about their decisions in terms of decades, not days.
  • Focus on what you can control.  Farmers have to be nimble.  Even with the best planning they have to be prepared when their initial business intentions change because of things like the weather or markets.
  • Systematically retire risk.  Farmers are exposed to large amounts of risk, and from the beginning they take action to reduce their risk through various strategies like crop rotation, renting land and developing specialized markets.
  • Brains matter, but so does hard work.  Farming is probably an equally balanced combination of intelligence and hard work.
  • Continual innovation is a muscle.  Exercise it. Those people who think farmers are behind the times need to think again.  Farmers embrace innovation and are willing to take risk if there is a potential return.

Deshpande’s words hold a lot of truth, and after I read this article I found another one written just over a year ago by Paula Fernandez for Business News Daily.  It was a number of characteristics that 15 entrepreneurs gave that they felt defined themselves.  Among these traits were:

  • …embracing challenges
  • …courage to commit and persevere
  • …requires a great deal of resourcefulness
  • …look at the bigger picture
  • …never giving up
  • …possess grit
  • …see opportunity everywhere

I saw a lot of similarities between the qualities listed in each article, and thought to myself that these entrepreneurs were on the right track.  Did they learn from farmers or do they already have these traits ingrained in their DNA.  Who knows?

-Terry Olson, Titan Outlet Store

References:

https://www.entrepreneur.com/article/294731

http://www.businessnewsdaily.com/7275-entrepreneurship-defined.html

 

Teresa Olson
By Teresa Olson July 24, 2017 13:14
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