The start-up and early stages of growth and expansion of any new business is an exciting time to say the least: new opportunities, new challenges, and new risks. Successful businesses capture the opportunities, meet the challenges, manage the risks and, over time, grow to be a significant competitor in their market and industry.
I naively thought the process of turning strategy into results would be straightforward and simple. I have recently stepped into the directorship of the Center for Food and Agricultural Business, so I am using this review article in a very self-serving manner.
Michael Lewis (who wrote “Moneyball” and “The Big Short”) presents this terrific story of the friendship and academic rivalry between Daniel Kahneman and Amos Tversky. It is an easy read but provides a substantive context for the foundations of behavioral economics.
The author explores strategy as practice principles to identify five key principles that are capable of building great strategies. The five principles are value the ordinary, see past markets, embrace diversity, allow for the bottom up, and accept different forms of greatness.
Credit is a vital input into the production cycle. Some businesses rely on the continual flow of financing to operate. Thus, ensuring this input is available when needed and at the lowest cost is of utmost importance.
You can’t read a trade magazine within food and agribusiness today without having at least one article discussing disruption and new business models.
Transparency can be a powerful weapon for any agribusiness, especially in the current market where e-commerce is transforming agriculture. Farmers in the U.S. are increasingly turning to e-commerce to procure essential items, moving away from physical stores and regional farming cooperatives.
Much of the innovation in agriculture over the last 50 years has been science based, meaning that manufacturers have developed new solutions for farmers through equipment, chemicals and technology.