redclay, you have read some good info here. I suggest checking the thread prior to yours about getting good ranch hands, posted by Cal. I have met the guy, as well as meeting his parents years ago through ag industry volunteer group Ag In The Classroom, if I recall correctly. They are good people and good farmer/ranchers in western SD.
One benefit to doing some apprentice work in western SD and other arid states is that it is probably about as hard to succeed here as it can be, yet many do. Good for the education, no matter where you go.
Second, and I can't emphasize this too much! You need to get as much education as possible, continuing for your lifetime, both about agriculture and in another field with better prospects for good income. You may have to subsidize your ranching 'habit' and that is more feasible if you have the mind to enable you to get into a career field that provides high income for few hours, leaving time to tend your ranch, or to hire more help than might be justified by the size of your ranch/farm. Truly, there are many who would be considered 'hobby ranchers' when comparing their ranch income with their 'other' incomes, yet they manage to give great service to the cattle industry in one way or another. One coming quickly to mind is the King Ranch in TX. One current contribution is their sponsorship of a ranch management course at the TX A & M campus in Kingsville, TX under Dr. Barry Dunn. I will post their website later, as I don't have it before me now. It is small numbers of students, and has some impressive credentials and graduates. Dr. Dunn, is highly respected, justifiably so, in many segments of the cattle/beef industry and academia.
Something else that enables some ranches to prosper in difficult times is the sideline of agri-tourism. Again, King Ranches, as well as other large ranchers, have been great in sharing the information on those enterprises with smaller ranchers who can do the same thing on their own much smaller ranches. A friend who has a family ranch has told me her 'bed & breakfast' guests are content simply to be on a rural ranch, sitting on the porch watching birds, walking about the yard, and watching the family at work. It doesn't necessarily take a complicated effort involving trail riding for city folk, or spectacular scenery to have a successful ranch/farm tourism business.
I've lived on, and from, ranches in SD for all my 68 years and understand that it serves ranchers well to have long term experience from a young age, but also have learned that it CAN be learned at any age by some people. I believe that business management courses may be the most valuable formal education, but that sound production education is important as well. It also is beneficial to hire experts experienced in agricultural business for your tax preparation, legal advice, and financial and banking needs. If you raise animals, a good veterinarian is priceless! Strong faith and giving to your community life and activity in local, state, and national politics is very important. We would all be better served if more 'ag' people were more involved in all those areas, IMO.
Dedication and desire are very valuable traits in a 'wannabe' rancher, but common sense in all facets of life from management of animals, grazing, finances, people and ones own emotions is paramount for success in farming or ranching. It is very difficult for ranches/farms to survive personal problems such as divorce, substance abuse, even severe illnesses of family members if un-insured, not to mention vagaries of the national economy and governmental regulation against ag enterprises. Yet it is worth it all to those of us who value this life work choice.
I'll get off my soap box and end with best wishes for your future in US agriculture. We sure do need more young people in this field. Being a third generation rancher and grandmother to the 5th generation (seven of them, ages 3 to 24!) of our family on this ranch, I appreciate the fact that life career decisions are difficult, challenging, and exciting for young people. I really enjoy seeing happy, hardworking, GOOD kids spreading their wings, both ours and any one elses!
mrj