ALL business undertakings are ventures. Under the best of conditions there are fat and lean years, and the possibility of failure, due to poor management, lack of capital, or adversity, is always present.

Farming is no exception. It is in essence a business proposition, and should be so regarded.

A knowledge of crops, of soils and tillage, of livestock breeding and feeding and other purely agricultural subjects constitutes but one side of the farming industry. On top of this come the important matters of business management—the buying of seeds, fertilizers, feed stuffs, livestock and general equipment and supplies; the erecting and maintenance of buildings; the arrangements for necessary credit; keeping in touch with market conditions and prices; the hiring of help, and finally the establishing and operation of an accurate cost-accounting system.

Yet when all is said and done, records indicate that farming offers more chances of success than almost any other line of business endeavor. A retail merchant, according to statistics, has from two to four chances in ten to conduct his business successfully for fifteen years; a manufacturer has from two to seven chances to do the same. Farming is conspicuous for its small percentage of out-and-out failures. Living is practically assured, which gives the farmer a distinct working advantage to begin with. He enjoys a cash market and is not called upon to suffer bad debt losses. He is in an industry that is absolutely essential, which cannot be destroyed by any shifting of circumstances.

The greatest need is doubtless for cost-accounting systems which will serve as a guide, not only to prevent unwise purchases, but to indicate wise expenditures in improvements that will bring a good return on investment, and to show definitely the amount of profit obtained on each transaction. Next to this in importance is perhaps the need for a thorough understanding of crop rotation and the principle of diversified farming as a means of offsetting losses in one line with gains in another. The securing of credit to enable expansion, and the adoption of labor-saving devices are also essential.

Profits and losses in farming must be reckoned, as in all other businesses, on averages over a term of years. But the future offers better assurance than ever before to the man who is a good agriculturist and at the same time a skillful business manager.