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OPPORTUNITY ALERTNESS, RISK-TAKING AND DIVERSIFICATION BY SMALL-AND MEDIUM-SIZED FARMERS

Abstract:

In many developed economies, the struggle to survive finds many small farms disappearing. Diversification is recognized as an important strategy for sustaining farms of this scale, addressing food security issues and creating a more resilient food system. This study aims to analyze farmers' intentions to diversify into new business opportunities and how opportunity alertness and risk-taking propensity affect their intentions. These relationships are examined using data collected from 166 small and medium-sized farmers in five regions within Florida. The results indicate that for small and medium-sized farmers, opportunity alertness and risk-taking propensity have a positive effect on diversification intentions across seven different types of activities. Implications are drawn for theory and practice.