Welcome on board friends, trust you are in good health as you read this. It’s that time of the year when people count their achievements and plan for the coming year.
Today we will discuss the term BANDWAGON as it relates to Agribusiness.
Bandwagon has to do with people following a particular trend hook-line-sinker because of what they stand to gain. It has its own advantages and its own disadvantages.
In the context of our discussion, bandwagon in Agribusiness is when people jump into a particular agribusiness because of the gains they have been told are inherent there in.
Let me paint some practical scenarios. In the year 2020 just after the COVID-19 lockdown, there was an outbreak of African swine fever at a farm settlement somewhere in South West Nigeria. The losses where massive, some of these farmers invested their entire gratuity into the business. Based on news, some farmers died, some ended with stroke and some other cardiac related issues.
What happened? A good number were told pig farming is lucrative which is true but they didn’t take their time to read the PROS and CONS of the business before taking a plunge.
Another example is what happened around my farm. I saw a number of people cultivating tomatoes because if all works out fine it guarantees an ROI of up to 100%. After a while of doing it and they were not getting the desired gain, they backed out just the same way they jumped in.
The importance of a mentor in any field of agribusiness you want to venture into cannot be overemphasized. In this issue of BANDWAGON, a mentor will sit you down and feed you in full the PROS and CONS of the business so that at the end of it all you can make ample decisions before starting out.
Can I say this? One major reason why people follow this trend is because of GREED, wanting to make plenty profit when you are not fully saddled with the NITTY-GRITTY of the venture.
In closing remarks, ensure you dig deep into any agribusiness you want to start whether it be Animal husbandry or Crop Production, and weigh your options properly before you take any step.
Don’t let the potential ROI push you into making hasty decisions; ask yourself if you have what it takes to succeed in that venture, whether it be financial, mental, time, or any other need. There is more to Agribusiness than what you can see.
Permit me to say Seasons Greetings to you and your loved ones.
