Farmers must embrace entrepreneurial spirit to succeed, says report

Farmers must learn to be more entrepreneurial, says a new report launched at the Oxford Farming Conference.

The 2016 Oxford Farming Conference’s report has discovered that UK farming is less entrepreneurial than many other industries, but that those farmers who are budding Bransons or Dysons make more profit.

The report was authored by Graham Redman of the Andersons Centre and Dr Muhammad Azam Roomi of Cranfield University.

It suggests that whilst some people are born entrepreneurial, those who aren’t can learn to become so.

“Historically farmers were less profit orientated than most businesses, being more concerned with subsistence and survival; this helps to explain why farming demonstrates a lower level of entrepreneurialism than other sectors,” said Mr Redman.

“Farms are remarkably strong places from which to develop entrepreneurial businesses. They have valuable resources, most of which have been relatively inefficiently deployed, and often have a strong capital base. Of fundamental importance for successful entrepreneurialism on farm, is that the business must remain true to its agricultural roots, and respects the land and ‘home farm’ as their golden goose which lays the golden egg of entrepreneurialism.”

“Many fear failure," said Oxford Farming Conference Chairman Al Brooks.

"Either from possible financial loss or the comments it might generate from others; this report clearly states that this can be overcome by a strong belief in yourself and your idea, even if you make mistakes along the way.”

The report explores personal attributes of businesspeople; the authors surmised that most people find change threatening, but entrepreneurs don’t because change creates opportunity.

“They go out of their way to question the established order of things and look for ways to create competitive advantage,” Mr Redman added.

Diversification can be the means by which farmers demonstrate entrepreneurialism, but need not.

“It could mean concentrating a business to fewer activities; indeed businesspeople with single objectives tend to be more successful than those with several.”

The report offers a guide for UK farming to become more entrepreneurial, collating tips from a range of successful enterprises.

Mr Redman added: “Farms are remarkably strong places from which to develop entrepreneurial businesses,” he adds. “They have valuable resources, most of which have been relatively inefficiently deployed, and often have a strong capital base. Of fundamental importance for successful entrepreneurialism on farm, is that the business must remain true to its agricultural roots, and respects the land and ‘home farm’ as their golden goose which lays the golden egg of entrepreneurialism.”

The research highlights six points that need adopting by budding Richard Bransons: to add value; to engage with other businesspeople; to nurture your core business; to create your own opportunities; make better and full use of your resources and try new ideas.