Startups get a lot of attention from the media. Founders of businesses that have existed for one-year are lauded as “brilliant entrepreneurs”. A few years late the same companies often do not exist anymore, after having burnt through millions in funding.
Contrast that with other companies that generate millions of revenue year after year, but are almost completely ignored by the public and media.
Let’s see if you can guess the business:
- It requires assets that cost millions.
- Resources need attention 24/7. The business owner occasionally has to get out of bed in the middle of the night to attend to attend to urgent issues.
- When you mess-up you cannot simply reset a server, but have to wait many months before you can try again.
- The business is subject to many conditions outside of the owners control that can seriously impact revenue.
- The possibilities to “pivot” is limited.
- Lots of legislation to comply with.
- Operating the business requires expertise in finance, life science, equipment and other fields (no pun intended)…
- We all benefit from their products.
You probably guessed it, the answer is farming. Think about that next time you need to put your business challenges in perspective.