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Success Factors for Creating a Successful Value-added Agricultural Business

Success Factors for Creating a Successful Value-added Agricultural Business. Success Factors. Leadership Committee Members Project Investment Process. Leadership. Find a leader(s) ( Champion) Your leader should be a farmer The leader needs to convey a vision of the project. Leadership.

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Success Factors for Creating a Successful Value-added Agricultural Business

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  1. Success Factors for Creating a Successful Value-added Agricultural Business

  2. Success Factors • Leadership • Committee Members • Project • Investment • Process

  3. Leadership • Find a leader(s) (Champion) • Your leader should be a farmer • The leader needs to convey a vision of the project

  4. Leadership • Leaders must be honest, steady and trusted by the committee members • Leaders should be rewarded for good work.

  5. Committee Members • Members must be involved and feel ownership of the project • Members must focus on learning • Member have to discover information – not just be told

  6. Committee Members • More than farmers need to be involved (agribusiness, extension, etc.) • Members need to think outside of the box. • Members need to put money on the table.

  7. Project • When examining a potential project, focus first on why it will work, then on why it won’t work. • Watch out for group-think • Answer the question, “Why will this project be successful”.

  8. Project • Use advisors and consultants • Consider partnering with other value-added groups and industry players • Focus on building a business – not raising commodity prices or creating jobs

  9. Project • Understand the industry – do industry scanning • Build business in response to market needs • The feasibility study (should we do it) leads to the business plan (how do we do it)

  10. Project • Legal advise – get it before you need it (prevention vs. treatment) • You need Directors and Officers Insurance

  11. Investment • Don’t underestimate capital needs • Don’t short yourself on equity • Don’t be ashamed to ask for money.

  12. Investment • Be open with the investor/lender • Farmer investors “where his/her heart is – his/her money will be”

  13. Process • Having a vision is critical – but execution of the vision is also critical • Make a commitment to get to the finish line • Make action plans and timelines – try to achieve them

  14. Process • Have regular meeting with prepared agendas and good sets of minutes to record decisions and progress. • Keep your eye on the prize (don’t let personality conflicts and other distractions get in your way)

  15. Process • The road is long – don’t give up

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