F&B isn’t only populated with major brands. In recent years, we’ve seen the entrepreneur ecosystem in this industry grow and thrive – and foodpreneurs are transforming the way we choose, eat, and think about food.
The real wonder of foodpreneurs (and the reason they can have such an impact on the industry) is that they have the agility and creativity to turn away from traditional F&B models and introduce new ways to operate in this space. In the food service segment, foodpreneurs launch pop-up restaurants and food trucks as their own unique access points to an eager customer base; and in food tech, they develop new products and digitised solutions to solve the industry’s most perplexing problems.
Foodpreneurs aren’t just a cottage industry that exists on the periphery of F&B. They’re making an increasingly important contribution to the evolution of food businesses.
But entrepreneurs in any industry face significant challenges, and the journey is never smooth. So what are the key characteristics of a successful foodpreneur – and could you be one?
This one is absolutely essential. To make it as a foodpreneur you really do need a genuine passion for food – because it’s that passion that will drive your creativity, allow you to solve the problems you face as you build your business, and stay committed to your mission even when you experience setbacks.
The reality is that entrepreneurship isn’t easy. You’re carving out a new path in the dense forest of F&B – and to do that, you need to really care about the work you’re doing. Your passion is also key to inspiring investors to back you if/when you’re ready to raise funds; because if you don’t believe in your business, then no one will.
You can’t learn passion, but you can learn about business. That being said, having a strong understanding of how businesses launch and grow (from the details of structuring a deal to the mechanics of a supply chain) is crucial to ensure you don’t get tripped up by rookie mistakes.
Don’t get us wrong – you will make mistakes. And that’s definitely OK. But a grounding in the basic skills of business, from inventory management to accounting and regulatory compliance, will help you set yourself up for success.
Entrepreneurs in all industries are creative. Not necessarily the kind of creative that writes poetry or paints watercolours (although you might do those things too), but the kind of creative that can look at a problem, turn it around to see it from a different angle, and develop ideas that go beyond the limitations of what’s currently accepted as normal (or possible).
The F&B market is heavily saturated. To differentiate yourself as a foodpreneur, you’ve got to be able to offer something different – or a new take on something traditional.
The resources that can make or break a foodpreneur’s business include…
…and more.
If we had to sum up the F&B industry in one sentence, it would probably be this:
There’s always more to learn.
And that means that you, as a foodpreneur, have to be equipped with a never-ending drive to learn. There’s no such thing as being ‘done’ with learning: every day brings new developments, new possibilities, and new research to absorb.
The most successful foodpreneurs are the ones that know their segment and their customer base very, very well – but at the same time, continue to expand their awareness and consider new opportunities.
Entrepreneurship isn’t a destination. It’s a journey that continues throughout your career; and you’ve got to love the process more than the product.
Take your seat at the InFlavour table, a government-backed and world-leading B2B food event by Tahaluf.
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