Abstract:
This study focused on examining the understanding of agribusiness entrepreneurs on the importance of business planning as a key strategy for the success of their business. Also it assesses the ability of entrepreneurs in writing sellable/bankable business plans and identifies the challenges they face in writing the business plans. The result shows that agribusiness entrepreneurs understand the importance of business planning. They are challenged by inability to obtain the very pertinent information resulting from thorough business environment scanning, market analyses and other feasibility studies which forms the basis input in writing the plan. Also they are challenged by inability to outsource business planning service. African Agribusiness Academy (AAA) contribution in addressing the challenges had been through provision of training, learning networks, and creation of resource centre for emerging entrepreneurs, it was revealed. The study also shows that entrepreneur’s partner with government chambers, ministries and institutions, and local and international NGOs in the areas of training, technology and information sharing. The success of any business undertaking relies on thorough business environment scanning, market analysis, trend analysis and other feasibility studies using proper tools and models, where the resulted information is harnessed in business plans which act as a tool for business growth and sustainability. It is then recommended that a Regional Agribusiness Service Provider to be instituted which will include but not limited to analysis, forecasting and planning, global market prospecting and promoting, knowledge generation and diffusion, regulation and legislation, financing support, infrastructure and environmental control activities; from which agribusiness entrepreneurs can outsource the business planning services.
