Why Most Farmers Fail and How to Make Sure You Don’t
Episode Recap:
In this episode, Phil and Landon take a look at key points from the article, “10 Reasons Why 7 Out of 10 Businesses Fail Within 10 Years,” by R.L. Adams of Entrepreneur Magazine.
Adams’ article tackles the tough reality of starting and maintaining your business in the long run. The hosts dive into 7 reasons and help translate how these business pitfalls apply to the unique struggles farmer’s face in 2018.
From the start, this episode is chalked full of expert tips and personal anecdotes on how to overcome the hurdles of farming and entrepreneurship.
Landon shares his take on farming from a branding standpoint and why he predicts farmers will change the way they prioritize their resources in the near future. Later in the discussion, they talk about the types of people you should look for when building a “tribe” for your business.
Later, they reveal how to use this tribe to create a strong company culture and develop an effective management strategy throughout your business.
With success comes failure, and in this episode, you’ll learn why documenting that failure will bring value to your business.
Learn all this and much more in this week’s Agripreneur podcast.
Connect with us on Social:
Phil
- Instagram: @p_con1
- Twitter: @PhilConradt1
Landon
- Instagram: @LifeOfLandon
- Twitter: @LifeOfLando
"Farmers need to find their REAL value proposition - learn how to over deliver and over communicate internally and externally."
You’ll Learn:
[00:01] — Introduction
[00:56] — “Failure to Deliver Real Value” - Finding your real value proposition.
[03:15] — “Failure to Connect with Target Audience” - As a farmer, you have multiple target audiences, and it is important to appeal to these different end users.
[04:40] — Landon shares his point of view from a branding stand-point and why he thinks farmers are going to spend more time, money, and energy on branding in the future.
[05:13] — “Lack of Authenticity and Transparency” - Best practices of farming and what actress Natalie Portman said that caused an uproar on social media.
[06:11] — Phil tells a story about Gary Vaynerchuck’s take on farming from 100 years ago to now.
[07:02] — Ways that bridge the gap, bring that on-farm-feel, and show that your brand cares about how you raise crops.
[10:14] — The passionate feelings surrounding how farmers raise crops is a double-edged sword.
[11:19] — “Unable to compete against market leaders.” - What market leaders look like in the agriculture industry and how smaller farms can still thrive.
[13:29] — “Inability to control expenses.” - How to be smart about your expenditures to make sure you stay out of a jam.
[17:17] — “Lack of strategic and effective leadership & Failure to build an employee tribe.” The hosts discuss how these two points, in tandem, are crucial to management and leadership.
[19:34] — Phil shares what he learned from the farm that he worked on growing up.
[21:23] — The kinds of people that should make up your tribe and ultimately push you towards success.
[22:58] — How to manage your energy to make the most out of any negative situation, and raise the morale of your “tribe.”
[24:11] — “Failure to create the proper business systems.” - Landon describes what exactly a proper business system looks like in the farming/agriculture type world and how to keep it consistent throughout the years.
[26:11] — How documenting your successes and failures build your brand and acquire future business.
[27:21] — Ending points and a quote from the author, R.L. Adams.
[27:50] — Closing remarks
Resources:
10 Reasons Why 7 Out of 10 Businesses Fail Within 10 Years
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