UK farmers are less entrepreneurial than many other industries, but more entrepreneurial farms are more profitable. This is the main conclusion from a study conducted for the Oxford Farming Conference and released this week.
The study by Dr Muhammad Azam Roomi from Cranfield University and Graham Redman from the Andersons Centre says that entrepreneurialism is a necessary management philosophy in the current tough farming environment. The researchers say that farmers should seek ways to add value. “The key to adding value to your own business is when trading parties both believe they will be better off as a result,” the report says. The report adds that engagement with farm and business people helps to act as a catalyst for ideas and opportunity. “A farm is an excellent place from which to build an entrepreneurial business,” it says. The study calls on UK farmers to find ways to make better and fuller use of their resources and to try new ideas. It adds that while diversification can be a means to demonstrate entrepreneurialism it could be that concentrating on fewer activities could be more profitable. Graham Redman said that while seeking new entrepreneurial outlets the business must still remain true to its roots on the farm.
By: Chris Harris
Source: The Dairy Site