Research and Planning Supporting Agribusiness Entrepreneurship in Kentucky

1. Research and Planning SupportingAgribusiness Entrepreneurship in Kentucky Rich Laing Kentucky Center for Agriculture & Rural Development (KCARD)

2. Kentucky Agriculture Kentucky’s primary natural resource base originates in Agriculture environment, including its land and people. Kentucky has not take full advantage of their natural resources. 30 percent of the state’s economic activity (both direct and indirect) is agriculture-based related. Continued sustainable success in Agriculture is dependant upon the success of Agribusiness Entrepreneurs Keys to the Agribusiness Entrepreneurs success: • Provide effective and efficient research and support environment to assess and process their innovative ideas • Develop a method to sustain their personal motivation and desire.

3. The AG Entrepreneur Currently we have just finished Tornado Season AG Entrepreneur thought process can be compared to Tornados. ·Revolving, high speed process. ·Not dangerous until it touches down ·If it was slowed down, the danger and risk diminish If they move forward with high speed thought process that’s not validated and controlled, they face risks and danger to success. Major Opportunity is to SLOW DOWN and thoroughly research and verify their visions.

4. Tornados Entrepreneur Notice the hair Visual - Tornados and Entrepreneurs

5. The AG Entrepreneur • Entrepreneurs have vision and capacity. • Able to bring life under conditions of risk and uncertainty. • Recognize and pursue opportunities, having confidence to succeed with flexibility to change. • Risk taking and innovation most common functionality. • Provide the competitive advantage to pursue alternative change.

6. Planning Change • Change is inevitable and needed. • Change will come with or without research, preparation and planning. • Planning is a process that allows an efficient and effective transition effort prompting a change in conditions. • What is the core resource to planning change? Knowledge

7. KNOWLEDGE IS POWER! • Key element to successful change. • We are all “students” of life and its experiences. • Two types of knowledge bases • Internal • Information and experience the entrepreneur and their team possess. • External • Outside resources, both human and in documented form. Provide “lessons learned” from research, development, and experiences (trial and error).

8. The Current State of Agribusiness Entrepreneurship Confusion– Too Many Doors to Knock On Emphasis has been on Implementation Business Plan development and Financing Versus Validation, Research / Development and Planning Research and Development, Feasibility assessment and simulation, strategic planning and business development. Major Opportunity: Research and Assess Business feasibility of both the idea and individual before considering implementation! Confirmed during the 2008 UK Study of the Ag Development Board.

9. The Current State of Agribusiness Entrepreneurship The Fragmented World of Agribusiness Entrepreneurs External information for research is not clearly organized in a structured, user friendly format. External informational service providers are not aligned. External informational support networks (business and professional) are not aligned. External informational mentoring availability is not formalized or organized.

10. The Future State of Agribusiness Entrepreneurship • Clearly research and define the feasibility of the business idea. • Complete through investigative research and structured planning. • Determine three tier feasibility question: • Will it work? • Can it be built? • Will it make sustainable, economic sense?

11. Key Opportunity to Provide Assistance and Service Support to Motivated Agribusiness Entrepreneurs RESEARCH and PLANNING Improve the resource capabilities specific to information research utilization directly supporting agribusiness entrepreneurial efforts. • Establish informal computer labs that can be easily accessed. • Local PC workstations at county UK Extension offices. • Provide a structured reference document that can guide agribusiness entrepreneurs during the research and development stage of business idea generation and feasibility, validation process.

12. Agribusiness Entrepreneur’sUser Guide Agribusiness Entrepreneur’s User Guide to Research and Planning in Kentucky • Serve as guide through business research and development process. • Prepared April, 2009, in support of the Kentucky Department of Agriculture’s Agribusiness Entrepreneur Process review. • Four (4) part, 19 page MS WORD document. • Hyperlinks to specific internet informational Web sites.

13. Agribusiness Entrepreneur’sUser Guide Part ONE • User friendly basic steps conduct WEB based research using the Internet. Part TWO • Guide through the “Personal” Discovery phase. • Examine his or her personal objectives and qualities and capabilities needed to transition to becoming an entrepreneur.

14. Agribusiness Entrepreneur’sUser Guide Part Three • Guide through the research phase of business development. • List useful Websites research Kentucky agriculture and complete the business development process. • Primary focus on the proper use of the Internet for research and planning. Part Four • Guide through the technical process of business creation. • Start-up information, referral support, and advisory organizations that can assist with development and implementation efforts.

15. Entrepreneur “Founder” Personality Profiles Every entrepreneur has a unique personality profile made up of various personality traits. They can be described as: The Improver: means to improve the world. The Advisor: provide a high level of assistance and advice to customers.  The Superstar: The business is centered around the individual’s charisma and high energy. The Artist: Reserved but highly creative type. The Visionary: business built based on the future vision and thoughts of the founder. The Analyst: focus on fixing problems in a systematic way. The Fireball: full of life, energy and optimism….get it done attitude in a fun playful manner. The Hero: incredible will and ability to lead the world and your business through any challenge….the essence of entrepreneurship. The Healer: provide nurturing and harmony to your business….uncanny ability to survive and persist with an inner calm.

16. Business Information andSupport Groups There are various resources that support agribusiness entrepreneurial efforts. These business service and support organizations can be grouped into four categories: • Business Advisory and Coaching – Provide business development and consultative services. • Financial Lenders – Provide personal and business capital financing and financial consultative services. • Training and Research – Provide training and research assistance support that provide the core developmental requirements for both professional and business development, and provide technical assistance and research as required. • Business Networks – These are industry specific groups (associations, councils, and alliances) that provide various network opportunities including: business-to-business networking; business development; best practices; governmental policy lobbying; and more.

17. Further Expansion and Development of the User Guide • Expand list agriculture sector and specialty research sources (ex: DAIRY). • Expand list of business development and consultative services (ex: KCARD). • Provide listing of personal and business capital financing and financial consultative services (ex: Kentucky Ag Finance Corporation). • Provide listing of industry specific groups (associations, councils, and alliances) that provide various network opportunities including: business-to-business networking; business development; best practices; governmental policy lobbying; and more (ex: The Kentucky Dairy Development Council).

18. Conclusions Refer to the User Document Questions Comments Suggestions