Today I would like to give a piece of advice to young agribusiness-dreamers.
Most of those who failed in this made a very simple mistake. They never researched about that particular venture. Am not intending to scare anyone. But the truth is that there are simple and basic considerations one has to make before kick-off: Have all it takes in terms of financial capacity and related resources like land. To me, this is not the focus for this post. I mean to highlight these “smaller” but very critical issues in Agribusiness:
1. Have passion for that venture, it is important to motivate you along the way. Do not start producing crop X just because your friend is making money out of it. Neither should you produce a certain commodity because you are in its best production area and/or season. (remember what happened with quails farming)
2. Do proper research for cost, market, returns and losses expected. This will guide you in calculating the anticipated profit.
3. Always start small. This provides an opportunity for you to evaluate the situation before mega investment. Sometimes you will need patience.
4. Keep good and up-to-date records.
5. Be positive-minded. However, understand that that some constraints are inevitable. What this calls for is that strong ability to recollect yourself and keep going.