Many equine operators view their ventures as more hobby than business, and nearly 60% function without a business plan despite working in an industry that generates more than $2 billion in Indiana, according to a Purdue University study.

"This is the first time entrepreneurship has been surveyed," said Susan Conners, director of Purdue University Calumet’s Equine Business Management program and lead author of the study of Indiana’s horse shows, racetracks, equine businesses, and owners. "The data shows equine activity is a vital part of Indiana’s economy."

The survey of the economic impact and health of the state’s equine industry was conducted in the spring and covered 2010 activity. It was sponsored in part by various state equine organizations. Horse racing generates the most revenue, but people who enjoy riding and other equine-related activities for recreation comprise the industry’s largest segment.

In addition to horses, the industry includes a wide range of goods and services: sales, breeding, racing, showing, boarding, riding lessons, labor, training, feed and supplements, tack, veterinarian care and supplies, farriers, facility maintenance, and fuel and transportation