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 ...
In this series, we are looking at five traits common to successful entrepreneurs and how unconventional business leaders should approach each. Successful entrepreneurs see how the world is changing and how that creates opportunities and challenges, and from that they develop a strategy for how they can create value for their stakeholders in the midst of this turmoil. Unfortunately, many ...
In my experience, patience doesn’t seem to be a virtue of many aspiring entrepreneurs. When someone gets an idea to launch a new business, they often want to start today, even though they don’t have the necessary funding to see it through to profitability. Sometimes God gives us an idea in advance so that we can save and prepare for ...
When I was a banker, I met with hundreds of entrepreneurs. It was not uncommon when I asked how much they needed to fund their new business, to hear, “How much will you give me?” This usually meant they had no plan. Kent was different. He knew exactly how much it was going to cost to build his manufacturing business, ...
In business you need to answer the question, “What will you provide customers that no one else provides?” A friend was describing for me his niche in providing retirement plans for Christian organizations. His firm has specialized in developing investment options for their clients that screen out the stocks that are not in alignment with Biblical values. He took a ...
Equipping Others to Do Work Differently
