Recently, I met with a 25-year-old entrepreneur who had already had three failed businesses and was working on his fourth. I love the passion of young visionaries, but I hate to see the pain many have experienced due to a lack of discipline. My encouragement to this young man was that I saw tremendous potential for his future, but he ...
One of the biggest reasons for business failure is due to being undercapitalized. Starting a business almost always costs more than expected. Starting a business usually costs more than many entrepreneurs have in available cash. This typically leads to the entrepreneur trying to borrow significant sums of money, often requiring more trust in the lender than in God’s provision. I’ve ...
Most people who start a new business have technical skills in their industry, but frequently have little or no bookkeeping experience or knowledge. Since bookkeeping costs money and does not create revenue, it’s usually the last thing an entrepreneur wants to consider. Wise business decisions can only be made with good information. If you do not know whether your company ...
Every year around April 15th, many new entrepreneurs receive shocking and unexpected news from their tax preparer. They owe a lot more tax than they have cash available. Why does this happen? When you receive a paycheck, taxes are withheld automatically, but as an entrepreneur you are paid a gross amount of money without accounting for taxes. The IRS wants ...
After recognition that you have started a business, the second business tip I would share with a new entrepreneur is to “Separate your business and personal funds.” When businesses start, many people begin depositing business income into their personal checking account. Further, they often start paying business expenses and personal expenses all from the same account. This causes many problems. ...
The first tip I have for startup businesses is to “Recognize when you’ve become a business.” My youngest daughter didn’t intend to start a business when she began posting social media videos. As millions viewed her videos, suddenly money was deposited into her account for becoming a “social media influencer.” It was time for her to recognize that she had ...
In this series, we are looking at five traits common to successful entrepreneurs. Today’s trait is Loving Accountability. Holding ourselves and our partners accountable is essential in launching a startup business. Successful entrepreneurs constantly monitor progress towards the goal, identify shortcomings and demand action to address root causes. Ephesians 4:15 tells us to speak the truth in love. The unconventional ...
In this series, we are looking at five traits common to successful entrepreneurs and how unconventional business leaders should approach each. Today’s trait is Balanced Diligence. Entrepreneurship is hard work. Successful founders work long, hard hours to bring their plans to fruition, and many entrepreneurs push their teams almost to the breaking point in pursuit of success. But throughout the ...
In this series, we are looking at five traits common to successful entrepreneurs and how unconventional business leaders should approach each. Today’s focus is Complete Humility. Successful entrepreneurs recognize their weaknesses and gaps, look for partners that can fill those gaps, and negotiate to get what they need in a win/win approach. You might call this “humility,” but the Bible ...
In this series, we are looking at five traits common to successful entrepreneurs and how unconventional business leaders should approach each. Today’s trait is Compassionate Empathy. The definition of empathy is "the ability to identify with or understand another's situation or feelings." Compassion is "deep awareness of the suffering of another accompanied by the wish to relieve it." Empathy involves ...
Equipping Others to Do Work Differently
