Brenda Schoepp explains that risk can be defined in many different ways but perhaps the biggest risk in a farm business, is not understand your risk comfort level as an individual.
Using a great story of a group of people coming upon a canoe as an example, Brenda talks about the different kinds of risk people:
1. Risk naive;
2. Risk adverse;
3. Risk tolerant;
4. Risk junky;
5. Risk analyzer;
Are you the kind of person who stays on shore and waits to see what happens? Or do you jump in with both feet and no life jacket, and just start paddling?
Identify your risk profile in agriculture