So why are some farms more successful /

[Bruce from Can.]

Thread below about greatest obstacles facing farm profitability got me to thinking after reading many
replies. I don't believe there truly is anyone thing we can pin the lack of profit to. High land
prices, better deals on volume buying for larger operations, Immigrants coming from other countries
with suit cases full of money, BTO style farms, lack of farm workers that will work and know how, and
low or below cost of production prices paid for farm products, the list goes on and is long. Even if
every farmer started with the same size farm, with the same quality of land and the same debt load. In
a few years some of these farmers would be having a tough time making a profit, and maybe going broke.
While other farmers would be showing good profit , and looking to expand their farms. There are many
reasons for this , and they do apply to our current farm scene. Some people are just better suited both
physically and mentally to the work and stress of running a farm. If it was easy , everyone could do it
, fits well here. The folks that see the most success are not necessarily those that have the largest
farms , or the best start, but those that can be the most committed , innovative, willing to adopt new
ideas, and make them work on their farms. A huge bonus comes also from having a wife that will stand
with you and work hard to achieve the goals of making the farm profitable . It also is a big advantage
if the farmer is a big strong man that has the natural size and strength to work far harder , and
longer than the average man. This being said , I have seen big fellas with bad backs, or knees, and
wiry little guys that seem to do every thing, but there is no substitute for horse power. Business
decisions ,management skills all play a roll. But no one can continue to produce a product off of their
farm , if the cost of producing the product is greater then the price they can market their product
for. It is silly to think that farmers in developed countries should have to compete with products
coming from third world nations, or countries that will pay their farmers to grow crops/livestock at a
loss , and dump them onto the world market. The solution to farm profit is indeed complex , and rooted
in politics , and we are not going to talk about that on YT. That's enough philosophizing for me for
one day, I am going back to the barn and do some thing I am good at , forking manure!! Bruce

 

[jacksun65]

Very true there are so many variables involved you can't say any one thing make's one more successful than another.

 

[CBBC]

Very true Bruce.
Hard work and luck play a big roll. We need to wear many hats as a farmer (accountant, marketer / sales, scientist / researcher....).... I'm called a Grower now actually.
I just keep trying to focus on what I can do to how more cranberries .... at the same time finding the balance to do things with my wife and kids. I look back and see how I grew up and it was pretty good... lean but good. My parents farm became more profitable when we kids all finished high school. Although I'm there running it with dad and mom, I'm also running my own which probably isn't or wouldn't be viable without the help from the other farm... interesting situation.
There are so many outside factors affecting us ( not just weather) we always need to do the best we can just so that Luck has a chance to jump in.
Good philosophical though for the morning.
Off to a marketing meeting now.... Grant

 

[rrlund]

Bruce,I think there are very few on her who'll understand this,but I think you're one who will. A long time ago an old guy said "Farmers get in to trouble when they go from trying to make a living to trying to make money.". I think you're like me,successful because you're just trying to make a living.

 

[BarnyardEngineering]

There is an easy answer to this one too: That job in town.

The most successful farms, especially small farms, are subsidized by a day job, night job, or spouse's job, in town.

 

[lee little]

I think it comes down mostly to management and work ethic. My Uncle Claude told me "it aint the high cost of living its the cost of living high." I think Randy pretty much nailed it. To me its a way of life I choose and love. That said bad luck like extreme weather,accidents,or health problems can take almost anyone out.

 

[Bob Bancroft]

There's only been one income here for going on 35 years, and that's this small cash crop farm. I guess it's called frugal living!

I recently read an article that studied some of these questions. They found that the more successful vs the less successful didn't receive tremendously different prices from their sales. The difference was how much they spent.

It was interesting how the article kind of chided the experts who have hounded farmers that marketing is the key.

 

[NY 986]

Management and management under stress has a great deal to do with it. There is a luck element in that you might get a weather event that your neighbor might not get such as a hail storm. Yeah, crop insurance at the 75 percent level helps but a lot of farms would really miss that other 25 percent not realized. Is hay production even covered as of today because if you suffer a drought where 20 miles away they have sufficient rain that farm most likely have enough to cover its feed needs where you may have to borrow money to keep the cows fed come winter. Soils can be similar but not the same and soil maps don't always tell the story. Two neighboring farms can show the same soil in a given field based on the map but even if one produces 3-5 tons more corn silage per acre in a given year due to a more favorable B horizon soil (drainage and soil moisture availability) that gives a big advantage. I remember when dairies were small that two or three bull calves from top cows versus heifers would create a multi-year impact in terms of unrealized milk production. Two farms can look the same but have a lot of differences under the surface.

 

[RandyB(MI)]

Good post Bruce! I will address one comment you made about countries paying their farmers to raise crops /livestock at a loss. Some may dispute this but it is happening right here in the good ole USA with $$$$ from our Govt. and Crop Ins companies as we speak. We have a local farmer who is renting up every spare, odd shaped "un farmed" acreage he can get his hands on , even grassy lands around local airport etc , plants the most sickly corn crop you've ever seen. No fert/sprays , cultivates once(???) crop ins pays the diff. between his yield and the standard for the area. Between his small yield and the ins. $$$ he makes more than the big yield farmers in the end. Just one example. Govt. subsidies for everything from milk to eggs. Eggs sell at Meijer for .70 a doz. That pays Meijer , trucker,processer and farmer still makes it out of whats left???? Not likely. The Government wants complete control over our food and if let to will get it. The farmer will own the land and Govt will provide equipment and pay wages . Already happening , especially in South/Central America and some here. When they do get control...watch out. They have been paying farmers to grow nothing ( as long as they followed Govt rules/guidlines) since the '60,s (soilbank) Stipulation was...you had to divulge to Govt the use/crop of every acre you owned. And we wonder why commodity prices do what they do??? And now even the seed companies are blackmailing the farmer. Sometimes the farmer is his own worst enemy. The two things that allow a farmer to make money on his product , independence & supply/demand are long gone. You can put up all the bins you want to "hold back " crop....doesn't do much good when "they" know exactly how much you have and where it is. Farmers have been bought and paid for and the BTO are the business men that know how to exploit it. Oh, and by the way, keep you eye out for local "ordinances" to prohibit people from selling garden produce and eventually even for small acreage hobby farmers from operating , either by means of over regulation and or requiring outragous liability ins or other ordinances/regulations to make it impossible for small time competition. It's coming. They will "sneak" it through in the most devious ways. They have lawyers/marketing strategists making millions on their side.

 

[rrlund]

If there's a hole like that,they'll plug it up in time. There was a guy here who tried that stunt for a few years to get direct payments. He said "they said I have to plant it,they didn't say I have to take care of it.". It didn't take long for them to say "Yes you do have to take care of it." and they cut him off.

Had a neighbor who got in real deep do do over crop insurance fraud like that too. He was in so deep that the local FSA office wouldn't even touch it. They turned everything over to Washington and told them to sort it out and handle it. I'm willing to bet he never did get all that money paid back before he died.

 

[2002sliverado]

I had a follow up post in the other discussion thread, Bruce. Incidentally, I am off work today, thus why I am able to participate to the degree I am. It is a whole lot easier to make a fortune, when you started out with a fortune from the prior generations' efforts. As I have gotten to middle age, I would like to think I have gained some wisdom and experience. Without that "seed money" from a prior generation's efforts, it is possible to be successful. As I have watched various family members and friends over the years, there are certain things I have taken note of.

1. A strong work ethic is essential in any endeavor.

2. Living BELOW one's means is also important. This is something I have seen too many people NOT take note of and follow. I have a brother in law, along with his wife, who live way beyond their means. They do some part time work along side their regular full time jobs, but they have a history of relying upon others to "subsidize" their lifestyle. I was appalled to find out once their "first well" ran dry, they tried to "tap a new well" with my father-in-law.

3. Success and wealth accumulation doesn't come from a 40 hour a week job. I have a good paying job, and I put in time well beyond 40 hours a week during much of the year. I also am invested in my community and various efforts. My parents taught me to give back to the community in which you live and collect a paycheck. I have done that for 23 years. Those community commitments are beyond my regular job. Being a face in the community in which you live does have its rewards, too.

4. Have a side-line entrepreneurial activity for some added income. My wife does this, and my "weekend farming" is mine. While I have taken some out of the farm and used some of that income, most of what I have made has been invested back into the farm itself to make the jobs easier, and to make it more productive. With that, I do not spend every dime I can get my hands on, which ties in with "living below one's means."

5. Do not procrastinate on making major decisions or in making investments into one's self or the business, as long as what you want to do is affordable, and will have a positive return in the end. I worked on an advanced degree in graduate school and it cost some money. I have a bit of money I borrowed for this, but my employer saw value in that investment into myself, and I think I ended up being a better manager as a result of this experience. I felt this also put me in a better position for future advancement, or a career change, if I felt it was necessary.

6. My next couple thoughts are a bit more personal and reflective. I wanted to farm in the worst way going back to when I was a small kid. I learned to drive a 3010 John Deere tractor at the age of 5, and had moved on up to the larger equipment by the age of 10, and running the combine by the age of 13. I loved being on the farm and wanted to raise my kids on the family farm. This was not meant to be, in the form I had originally wanted or envisioned. I was pushed away from the farm by various "forces." Graduating from high school during the 1980's and its farm crisis, promoted the greatest "outmigration" of rural kids in what I have seen in my lifetime. My off farm experiences have not all been great, or rewarding, but I learned a lot. Some from being "kicked around," some from professional growth, and some from some personal growth. I am "not living the dream" I had envisioned as a youth, but I am running our family farming operation, as a weekend/part-time farmer. It is my "therapy." I have my decent paying job to provide an income to my family. I have done much of what I have accomplished on my own initiative with nothing "given" to me. I feel pretty confident in who I am and what I have accomplished. I don't hold my head in shame when I am around those who "were given the keys to their daddy's farming empire." I am not so incredibly vulnerable to the ups and downs of farming. I think I hold my own fairly well. I don't have to be in a race to get the next piece of farmland up for grabs. I certainly am not going to venture into something unless I can see a long term profitability stream from it. I also don't have the overinflated ego of many of my peers to uphold. That ego seems to get a lot of people into trouble, along with trying to keep up appearances. I don't get into that and I don't need it. My lineup of equipment is paid for and I don't own my soul to the town banker, or JD or Case IH Credit!

7. My parents, perhaps without them really being able to put their finger on it, pushed me to push myself harder and farther, than being the next generation on the farm. I had to accomplish and achieve something before I would or could consider coming back to the farm. I felt for a number of years I was doing this for them, and didn't seem to buy into it all myself. Once I found my niche, and gained a lot of needed confidence, as well as some strength, I finally felt I was doing all this for myself. My dad didn't want me to come back to the farm "with my tail between my legs," like I had tried to do more than once. Before my last career move, my father asked me if I wanted to take over the farm, something I had wanted to for the 13 years I had been working. Something I had wanted to do during the prior 4 years while in college, and something I had envisioned and wanted to do when I was a kid growing up on that farm. I think I kind of surprised him when I told him I needed to try this latest career move, and have a career/job where I felt empowered and felt I was and had achieved something, which tended to be lacking in the prior 13 years I had been working after graduating from college. I have regretted a lot of the waste I feel I encountered and endured over those 13 years, but I also know I would not be who or what I am today had I not gone through those 13 years either.

8. One generation makes the fortune. The second generation can manage to maintain/keep the fortune. The third generation can squander that fortune.

So why are some farms more successful? I think you can pick out a fair amount of what I posted above, which is what I experienced and felt, but by no means is a complete list. I had to recognize what I had available to me, was not going to viable for me to provide for my young family from, and I wasn't going to be getting into it from a position of personal or financial strength. I had to do something to fill in that significant weakness/gap, before I could venture into the farm itself.

One last very simple thought. Work hard, but also work smart. Those two go hand in hand, and I learned that from one of my uncles, but didn't really recognize it until he had died. This was something I shared at his funeral as I shared with the attendees some of my personal thoughts and reflections about my uncle.

Sorry for the "short novel."

 

[coonie minnie]

Well put. Especially the part about working smart. Working hard can only go so far.

 

[Gary Mitchell]

Armand Hammer, when once asked whether he credited his financial success to hard work or good luck, replied that it seemed the harder he worked, the better luck he had. Then there is the fact that marginal ground is just that. gm

 

[NY 986]

I am sincerely glad that it all worked out for you but it's one thing to have a vision and another thing to implement it. Where I am from decent jobs are very hard to come by and has been that way for a long time. I did the right thing by going to college and keeping my nose clean but found I was one of quite a few vying for any jobs that I was seeking. There are so many people with side businesses around here that the money is all but squeezed out of it. The neighbor and I talked about a service truck and doing light tractor repairs but I can't match some guy getting subsidized by family that only charges 35.00 dollars per hour plus parts. Even carpentry I can't match an Amish outfit who does not have overhead such as a truck or pay utilities or labor expenses. Sorry to sound bitter but just wanted to sound off about life is not always a straight line to what a person wants.

 

[davpal]

Best dirt, best drainage, wife with state or government job.

 

[jim buford]

A person in any endeavor who starts to list all the reasons why someone else had it easier than he did or how much harder it is where he lives, etc will never be successful for in essence they have decided they can't, perhaps even before they tried, and are now building excuses so that they can justify why they never did. I realize some folks because of physical or mental deficiencies may find it more difficult but with rare exceptions anyone can achieve their goal or dream at least to some extent. Farming was always a sideline for me because I enjoyed it and not because I expected to make a lot of money. My living job I worked hard at and tried to better myself and increase my value to the company. If I had put the same effort into farming it would have paid off I am sure.

I grew up in a time when kids were an economic asset and not a liability as they can be today. God made us in His image and that is one of creation and innovation so no excuses from here and I admire those who are more successful. We don't all have the same talents but the great limiting factor in our lives is ALWAYS ourselves.

 

[Dan in North Houston]

Here in Texas, they say that to be a successful cattle rancher, your cows need a good mineral supplement, and the best mineral supplement is an oil well.

 

[rrlund]

Luck means being prepared to take advantage of opportunities.

 

[Married2Allis]

(quoted from post at 12:52:47 02/08/18) Farming was always a sideline for me because I enjoyed it and not because I expected to make a lot of money.

See title: 'So why are some farms more successful'. I never knew anyone in farming that was successful doing it as a 'sideline'.

??

 

[Bob in Australia]

This whole area has been researched by agricultural economists in the US,Canada, Australia and Europe for at least a hundred years.

Have a look at the research and extension publications from Land Grant Universities in the US, various universities in Canada (Guelph in the case of Ontario).

An early book is 'Managerial Processes of Midwestern Farmers', ed by Glen Johnson, and published by Iowa State University Press in 1961.

 

[Nancy Howell]

Bitter or just stating facts? Regardless of how much drive or desire you have, somethings just don't work out.

 

[flying belgian]

All good replies below. I just have a couple things to add.
1) The best thing you can teach your kids is -how to work-
2) The second best thing you can teach your kids is-how to play-
My Dad taught me both. You cannot be successful in your financial life if you do not take time to "play". Ever notice how, when you walk away from a tough problem and then come back to it tomorrow with a clear mind, it starts going much better. Hence the "play".
3) You must have a can-do attitude. Successful people will not take no for an answer. Nothing good in life will happen unless you make it happen.
4) And finally- pretty easy to be a millionaire if you start with a million bucks. You just don't know the story behind that visually successful farmer. Was it old money? All you know about him is what you heard at the coffee shop and that is not a reliable source.
I don't have a lot but what I have I built myself.
Few years ago guy from across the road came to see if I wanted to rent his farm. 80 acres. He wanted to lay it right in my lap. At the time my equip and time was pushed to the max with what I was already farming so I told him no. Yes, I could have gone in dept and bought bigger equip and yes I probably could have made some money off it but what would have that gained me? Could I finally afford to buy better food? No, I eat what ever I want now (and to much of it I might add) Could I finally afford to buy decent clothes? I already have real nice clothes. Could I finally afford to buy a new pickup? No, if I wanted a new pickup I have the money to go buy one tomorrow. I just don't want a new pickup. So renting his land would have cut into my play time and would not have improved my life one bit.

 

[Gary Mitchell]

That and recognizing one when it cracks you on the noggin. gm

 

[NY 986]

All good points.

 

[rrlund]

I wouldn't call it successful if you do it as a sideline. Either you can make a living at it or you can't. If you can't,it's an expensive hobby.

 

[centash]

Attitude, and again attitude....and there is a lot of variance in attitudes. That said, there are a number of small very successful farms that have no off farm income, I don't think it's a requirement to be a success. We raised 3 kids,2 mortgages at 12 percent, paid for their university degrees, bought them a good car when needed and took several family vacations abroad all on the backs of 35 milk cows and 200 acres. We were never rich, we were happy but worked hard as does anyone farming. Could we do it at today's farm prices? Don't think so.....and I sure would not want to try. It takes a lot of things to be successful farming at any time in history, luck, perseverance, doing without....but we all have a passion for our livelihood and that makes it all worthwhile.
Ben
Ben

 

[Philip d]

All great points! When I got out of school barn chores consisted of things like this. Let a huge pile of grass run onto the floor from the silo. While that was happening ,use a silage fork and snow scraper and push all the leftover feed into piles. Fork and wheel those away. Usually 4-6 wheel barrow loads. Then you'd fork and shovel manure from 8 cows where the stable cleaner didn't go,usually 2 1/2 contractor type wheel barrow loads. Run the stable cleaner and fork and wheel all the fresh silage to the cows. Usually 30 wheel barrow loads. Shovel the dairy ration into the wheel barrow wheel it around with a piece of paper and a weigh scoop and give them their grain,usually 2 1/2 wheel barrow loads. Than you'd milk. After that you'd throw down 12 bales of straw swimming in broken bales at times (once a day) then bed the cows and calves then starter and milk. All that was done twice a day for 39 cows with usually 3 people. Not to mention the dry cows and heifers. Now we milk 60-65 only forking is tidying out the free stalls. The robot does the milking the feed stations give the extra grain and the loader and conveyor handles the silage and the skid steer handles the manure. 1 person can easily do all of it ,3 hours in the morning 2 at night without breaking a sweat or relying on outside labour to show up. We have debt but we cut our wages 50000 per year in the process and our herd is healthier and easier to manage. I'm only a medium sized man but for a guy my size I get a heck of a lot done in a day. I start getting all the equipment for the year ready right after New Years minus the disks and harrows that are kept outside. That way I have time to look things over twice and do it right plus wait for parts. Hit the ground running in spring going from one job to the next and every piece of equipment I need is serviced and ready to go to work.

 

[JD Seller]

I will say the biggest thing I have found is marketing and knowing your true cost of everything. You have to have a good yield or you will not prosper period. After that it is watching your cost and doing a better job marketing. Many farmers, and other small business men, make their decisions on "feelings/emotions". So they miss selling opportunities "waiting" on unrealistic price expectations and buy/rent things based on unreal income or price predictions.

When I was selling equipment through the dealership I got to see a lot of real numbers from farmers of all sizes. The biggest difference I saw between the profitable and losing farms was production plus marketing. You will never make money without good production, at a reasonable price, and then sell it at the best price you can.

 

[jim buford]

Some people turn their hobbies into successful ventures. There are degrees of success. I raised hogs for many years but never go trapped in high priced facilities and equipment but did accumulate the best brood stock I could afford.

 

[morgan in ar]

That's not really fair, it could be a big part of your living. It could be a break even hobby, try to do that with golf or fishing, or it could be an expensive hobby. Depends on how you manage it.

 

[jim buford]

I knew lots of people who worked another job and spent every hour they could on their small sideline until they eventually built it up into
something large and profitable. I have a friend who did just that. When I say sideline I mean not their main source of income, at least in
the beginning.

 

[jim buford]

A farmer told me back in the 80's that at one time he owned all his equipment and land but someone from the Ag dept came out and convinced him to borrow money and be larger and he fell for it and now he said I owe more than I can ever pay back.

 

[Traditional Farmer]

It seems most people equate success with how much money they make,if I was only in farming for the money I'd quit farming tomorrow.Success to me is making enough money to keep the operation
going while still be able to do pretty much what I feel like doing every day.When I'm able to do what I want,when I want and how I want not what I have to do is the measure of true success for me.

 

[RandyB(MI)]

Will add just one more tidbit...around our small town were many, many farms in the late '60,s and '70,s. All hard working smart people. Most with a few kids helping out. Ours was one of them with 4 boys helping out. Still, we would come home on the bus and see the few "big" farms with their brand new JD 4020,s and 1206 Farmalls etc and farms in between struggling with marginal used tractors. I asked Dad one day, after he explained why we couldn't afford a loader tractor for manure control, how the heck are they doing it? What are we doing wrong? He smiled and said, next time you go by those farms on the bus, look out back in the back of their fields and come home and tell me what you see. Well , every one of those so called successful farms with the new machinery and cars and 3 Harvestore silos had at least 2 or more oil wells pumping away. He simply explained the difference between us " just making it" and them " making the hay with a safety net". Many a farmer went to his grave trying to compete with these people for crop land and equipment at auctions and even livestock at auction. There are some things that pure will and positivity and hard work just can't overcome. This happens in any business, not just farming. In our town, one of the biggest , most successful auto body /collision repair shops that could out advertise and undercut everyone elses prices and still had a marginal reputation for quality , finally showed their cards when arrested and put in prison for drug dealing...right out of their shop office to boot. How many small guys cut and run because they couldn't compete? Many times , doing everything "right" just doesn't cut it competing with this.

 

[2002sliverado]

I differ in my opinion than you. You maybe think success is achieved by making one's whole living off the farm. I farm as a sideline to my decent paying full time job. I didn't have the luxury of having the reins of a "turnkey" operation handed to me when I finished college. By no means do I suggest that is the case with you, Married2Allis! When my father was in a position to retire from farming, I recognized there wasn't enough there to support me and my family AND pay a respectable rent to him. I have invested in upgrading the equipment lineup and increased productivity on the farm through various improvements, thus making it a highly productive farm. I am not "in hock" at the bank or with Case or JD Credit. I enjoy my time on the farm, and the work and expansion efforts I do today, are intended for the time I can "cut myself loose" from my current job, farming full time in doing what I had always wanted to do, and maybe stall off official retirement until I turn 70. Until then, I work the decent paying job I have for my primary income. Enjoying life, enjoying what I do and want to do, and living in a financially secure way in my working years and hopefully in my retirement years is how I gage my success. I am grateful I recognized I could not make a living for my family solely from the farm before I jumped in with nothing but a hard struggle.

 

[2002sliverado]

I sincerely hope you haven't suggested my path in my life has been a straight line or easy! I didn't get what I wanted. I am a product of my upbringing, my education, and my life experiences. I didn't get what I wanted, but have managed to make myself a better and stronger person in the end, who has been fortunate in experiencing far more than I ever thought was possible. I have sustained more pain, more grief, more disappointment than I ever thought I would encounter, but all this has forced me to be adaptable, willing to make changes, and likewise, willing to fight for what I want and what is right. I have certainly had a lot of disappointment and despair. There have been very troubled relationships with others. I have seen a side of too many others, I did not like to bear witness to, including some family members. Eternal vigilance is the price we pay for liberty, is something Thomas Jefferson is quoted for. Failures are also learning experiences. I think I am a better person, but also a tougher and more resilient person, as result of all the negative things that I have encountered and endured. Life is not easy, but it is still worth living. My words are not intended to be a rant. I have thought about some of what you shared above, and every time I work on a response, I start going down a path I should not go. All I shared in my prior post was not shared as a "Sure Fire" and complete road map to success. I shared some of the things I draw my own inner strength from. I failed to mention one that was rather critical. I was blessed with 3 older, mentor type, trusted friends to help guide me in my life. None of them personally knew any of the others, but they knew of each other. Two are now deceased, while the youngest one still is part of my life. These mentors/trusted friends saw me through some of the most difficult and "dark" times in my life. They also were there for me to share in my excitement and exuberance of my successes and achievements. These men could also be considered surrogate fathers to me. I greatly miss the two who are gone. I cherish the one who is still with us here on earth.

 

[Spook]

I don?t know about oil wells, but the collision shop thing sounds like Howell.

 

[Bret4207]

(quoted from post at 12:51:32 02/08/18) There is an easy answer to this one too: That job in town.

The most successful farms, especially small farms, are subsidized by a day job, night job, or spouse's job, in town.

Yup, and a lot of those guys with the town job get called "hobby farmers". I hate that term.

 

[Traditional Farmer]

One of the biggest and best cattle operations in my area was owned by a doctor over 3500 acres and around 1000 head of cattle,and he still was a practicing doctor.Quite a
hobby farm(LOL) and no it wasn't for income tax write offs it was a well run money making enterprise.Some farmers don't seem to realize that some people can walk AND chew gum at the same time.Many people have multiple successful enterprises at the same time.Good friend of mine has a successful cattle farm and owns a salvage parts business makes money at both.Farmers should be the first to adhere to the old farm saying "Don't put all your eggs in one basket".

 

[Spook]

Some of the biggest farmers around here have other businesses, commercial properties, trailer parks, construction, trucking. And probably a lot of stocks, bonds and financial goodies.

 

[2002sliverado]

Amen, Jim. I took a course on entrepreneurship when I was in graduate school. So many businesses start out as a sideline venture. I believe Northern Tool Company started out as a sideline business venture the owner began working out of his garage. Look at what it is today. Very few of us have the experience, the financial resources, the property, plant, and equipment to start out with a full scale business. In times of economic hardship, as people lose their jobs, one common way for the jobless to counter this involves starting a business venture on their own. Small business is a huge economic engine in this country.

 

[rdandersom]

The supportive spouse hasn't really been commented on yet. I can only go by my own story but let me first say I had a very supportive wife for many years. She backed me on all of my endeavors and though she could spend money she supported me in trying to make money too. All this changed when she got hit with 2 big disappointments at the same time. Her sister was killed in a car accident and she miscarried a daughter. (We had 3 boys and a girl was her big dream). After this happened she pulled away and sort of lived on autopilot. Without a spouse to prop me up when I needed it and who just didn't care anymore I could never do as well as before.I am literally half of what I used to be.

 

[jim buford]

That is true. Amway started in a garage. The guy who began stone washed jeans lived near me and he started in his garage. Has a palatial estate today.