The third item on my list of important values for Yankee Farm Credit is entrepreneurship. Like the first two values, integrity and competence, this is also something that I look for in both our customers and ourselves.
The dictionary defines an entrepreneur as "one who organizes, manages, and assumes the risks of a business or enterprise." I also think of an entrepreneur as being an innovator, one who is always thinking of new things to do, or new ways to do the things we already do.
Entrepreneurs help build a better world. They do this by helping others: their customers. Our customers are providing desired food and fiber products to their customers. We at Yankee Farm Credit are providing desired credit and financial services to our customers.
What is the magic ingredient that helps entrepreneurs build a better world? It is profits. We would do well to develop a better appreciation for profits and the people who make them.
I have written in our Financial Partner magazine about the importance of entrepreneurs and profits. You can read those comments here. In that column, I introduced my three rules of entrepreneurship:
1. Reward success.
2. Learn from mistakes.
3. Don't make too many rules!
Over the years, we have highlighted on our Web site some of the entrepreneurial customers served by Yankee Farm Credit and the other northeast Farm Credit associations. You can read about some of our entrepreneurial customers here, here and here.
Hats off to the entrepreneurs of the world!
UPDATE 8/26/08: With the addition of relationships as a value, entrepreneurship moves to #4 on the list of values.
UPDATE 9/10/08: For a discussion of the difference between entrepreneurship and innovation see this blog post. Good discussion in the comments!
