What are the skills required to build and maintain a successful business?

When observing different agricultural businesses and farm management styles in our own community, a question we asked is “Why do some agricultural businesses go from strength to strength, while others seem to flounder and struggle to hold their heads above water?”

This report begins to address that question and assists in understanding what is required to build a successful business into the future. It has focused on the inter and intra-personal qualities that contribute to building and sustaining a healthy enterprise. Rather than delve into effective farming practices and financial literacy (of which there is already much research), this report concentrates on effective culture, relationships, personal traits, skills and well-being.

While success looks different to everyone, it is vitally important for each business and individual to establish their own purpose and goals, enabling an explicit vision that will help define their own success.

Success can also be viewed in terms of sustainability and balance. Having a balance of work and life is crucial to the personal wellbeing of everyone in the business. Reflecting on your business and overall success is the sustainability of the balance you create.

In building a healthy enterprise, understanding the traits and skills required to operate a business with is crucial.  Discipline, curiosity, humility, vulnerability, seeing problems as opportunities, optimism and passion are behaviours and mindsets that are of highest priority in succeeding in business.

Positive culture in a business will drive it towards success. Cultivating an atmosphere of acceptance, teamwork, responsibility and learning are critical to building high performing teams in your business. Communication is key to maintaining relationships and standards. Good people attract good people, therefore having the right people on your team helps with positive relationship building and maintaining the right culture.

One simple truth is that life is short, and we cannot afford to waste time reinventing the wheel when there are many business managers and owners willing to share their skills, experiences and knowledge. “It’s good to learn from your mistakes. It’s better to learn from others’ mistakes.” (Buffet, 2024).

This scholarship has endeavoured to take those learnings from others, inspiring change and a desire to strive for success on a personal level and in building a successful business into the future.