University of Kentucky College of Agriculture

Unit: PRIMER

Information
The I in PRIMER is for Information.  Quality information is critical for making good decisions in any enterprise. 

New enterprises should be budgeted closely with estimates of costs and returns.  Many proponents of new or unique enterprises tend to be overly optimistic about potential returns.
The kind of questions to ask:  (click here to view questions)
     
  • Do I have the “know how” to produce and
    sell this product? Yes No Maybe
  •  
  • Can I build in special competitive factors that
    can enable profits to be durable over time?Yes No Maybe
  •  
  • Is there a considerable upfront cost to be incurred?Yes No Maybe
  •  
  • Can I set specific, measurable, attainable,
    profit goals for this enterprise?Yes No Maybe

 

Good Information

Good information about unusual or exotic alternatives may be scarce and expensive. In fact, an alternative enterprise for some producers is providing information, for a fee, to other interested parties. The more unusual the enterprise the less likely that conventional sources will be able to meet the need for technical or economic information. Farmers have benefitted from several generations of high quality, research based information delivered through the Cooperative Extension Service into every county in the state. Kentucky Extension agents are well informed, but they shouldn't be expected to be experts on every one of hundreds of agricultural alternatives. Private or trade organizations may be alternative sources of information, but membership or consulting fees should be anticipated.