4. Strategic Business and Entrepreneurship in the Hemp Industry

There are vertically integrated companies that have decided to grasp this potential as comprehensively as possible and are trying to bring seed-to-pants products to the market. These might be smaller family businesses or farms with already developed food production that smartly integrate hemp into their overall production. But more often than not, we see companies that focus on a relatively narrow part of the value chain, whether it is primary production and distribution of raw materials or the sale of a specific range of products to end consumers.

Both approaches have their pros and cons, but whether we are drawn to one or the other, it is clear that a quality business plan with a realistic assessment of our capacities and resources, the setting of goals and milestones, and a clearly defined focus of activity, is a prerequisite for the successful valorisation of the potential of hemp and an safeguard against getting lost in the vast hemp field.

In this chapter, after a brief introduction to entrepreneurship theory and business models, we will focus on how to value the benefits of hemp not only for us as potential new business promoters, but also for other stakeholders, being farmers, communities and the environment. We will then present sustainable business models using examples of existing companies that can serve as inspiration.

Entrepreneurship is the pursuit of starting, managing, and scaling a business. Entrepreneurs use their vision to develop new products, services, or ideas that meet market demand and create value for a target audience. Those who choose this path often take on financial risks and require resilience, proper management and problem-solving skills.