Farmers cite business skills as key to success, but researchers also cite basic farming knowledge

The financial success of farmers depends on both business savvy and basic agricultural ability, according to a new study by Purdue University. The land-grant school asked some of the most financially successful farmers which of their skills they considered to be most important. The farmers rated their competence in financial and risk management to be most important, but researchers also noticed other factors that indicated success.

“What we found is the success of today’s farmers, as they rated themselves, was more related to their ability to manage livestock, grow crops, and to manage their personnel, some of what we consider more of the basic skills of managing that farm operation," says Bruce Erikson, director of Purdue's Cropping Systems Management. "So we theorize that going into the future those more business type skills will be important, but at least for the success of today’s farmers, it’s the basics that seem to prevail." (Read more)