1. Understanding the Entrepreneurial Mindset
Written by
Annette Dunlap, MBA
Extension Associate
Ag & Resource Economics
NC State University

2. The Value-Added & Alternative Agriculture Start-up Toolkit
Program Outline
Understanding value-added agriculture and risk
Developing a “global” worldview
Establishing a support system
Maintaining a realistic attitude
Resources
The Value-Added & Alternative Agriculture Start-up Toolkit

3. Risk & Commodity Agriculture
Acreage
Crop prices
Commodity market conditions
The Value-Added & Alternative Agriculture Start-up Toolkit

4. Risk & Value-Added Agriculture
Market forces
Consumer demand
Perception of quality
Competition
The Value-Added & Alternative Agriculture Start-up Toolkit

5. Comparing commodity & value-added risks
Available commodity pricing
Established market infrastructure
Producer-commodity buyer relationship
Value-added:
Pricing variability across producers
Limited market infrastructure
Possible limited customer loyalty to producer
The Value-Added & Alternative Agriculture Start-up Toolkit

6. The Value-Added & Alternative Agriculture Start-up Toolkit
Risk v. Reward
Limiting the scope of the start-up enterprise can reduce the risk. As the scope of the business grows, the amount of risk and the demands for decision-making grow, too.
The Value-Added & Alternative Agriculture Start-up Toolkit

7. Develop a “Global” Worldview
Read one or more newspapers (most are available on-line)
Subscribe to relevant trade journals and newsletters
Monitor government and organization web sites for specialized news and updates
Today’s current events affect tomorrow’s business opportunities.
The Value-Added & Alternative Agriculture Start-up Toolkit

8. Identify a Support System
Join a producer organization
Network with others who are involved in a similar enterprise
Subscribe to appropriate chat groups (or start one)
Engage family and friends as sounding boards
The Value-Added & Alternative Agriculture Start-up Toolkit

9. Maintain a Realistic Attitude
Entrepreneurs are by nature optimistic, but:
Be realistic about your opportunities
Limit the scope of your enterprise until you have gained enough experience
Develop a working strategy that adequately considers all of your constraints
The Value-Added & Alternative Agriculture Start-up Toolkit

10. The Value-Added & Alternative Agriculture Start-up Toolkit
Resources
“Becoming an Entrepreneur”:
Inc. Magazine’s Start-up series:
Small Business Administration web site:
USDA on value-added entrepreneurship:
The Value-Added & Alternative Agriculture Start-up Toolkit