Country farm and business administration encompasses all aspects of running an agricultural business that is successful. It involves identifying the needs of consumers that the farm is uniquely placed to meet, and determining the best way to combine the basic resources (land as well as capital and labor) to maximize profits. It also involves making decisions that balance economic, environmental, and social factors in addition to addressing issues related to Agritourism and regulations.
To become an agribusiness expert You must first come up with an innovative big idea. You must also develop and practice an “elevator speech”. Next, develop a business plan that describes how to bring the idea real. Then, you must identify and analyze agribusiness risks that may affect the plan. Finally, you must find a financing solution that best meets the needs of your operation.
In addition to planning for the future, good farmers are always working to assess the effectiveness of current practices, as well as evaluating the effectiveness of new technology. They must be able to get and interpret information in a short time. This could include inputs from other farmers, extension workers private agribusiness businesses, research workers, libraries and friends. They must also have the ability to think in a creative manner and carry out mini-experiments.
Budgets are an important instrument for analyzing a farm’s business, but their reliability is often compromised by high levels of variability. Budgets should be supplemented with probability distributions of weather events and price. This way, the risks to the business can be assessed and the impact of different options can be evaluated more effectively.