Business or Hobby

Business or Hobby

When most people think of cattle ranches, they think of wide-open spaces in the arid west where several hundred cows have thousands of acres to roam about. Those ranches exist – but they are not the norm. They probably never were the norm. The size of the average...
Business or Hobby

Is Average Good Enough?

In commodity agriculture, average is breakeven at best. Below average producers are losing money. The only way they can stay in business is to subsidize the farm or ranch with outside income. At that point, the business becomes a hobby. Above average producers, on the...
Business or Hobby

Competition

Sam Altman had a good piece of advice in the Farnam Street blog this week: “I think one thing that is a really important thing to strive for is being internally driven, being driven to compete with yourself, not with other people. If you compete with other people, you...
Business or Hobby

Wasted Time

According to my cowboy calculations, I waste 30 to 40 hours every year waiting on hot water. In ten years, I can spend as much as 400 hours waiting on hot water. In addition to wasting time, I am wasting water. I guess I could use cold water – but I much prefer to...
Business or Hobby

Competitive Advantage

No matter what business you’re in, having a competitive advantage is a good thing. It is often the difference between mere survival and amazing success. There’s no reason you cannot have a competitive advantage – if you want one. Who wouldn’t want one? There are three...