The failures of Silicon Valley Bank and Signature Bank became the second and third largest bank failures in history and is likely a warning of what’s to come. Although these are the first bank failures since 2020, bank failures typically come in waves. Over 400 banks closed in the four years following the 2008 recession, which impacted many businesses ...
Recently, I interviewed Anne Beiler, founder of Auntie Anne’s Pretzels, about the snares of success. Anne was an 8th grade educated stay-at-home Amish mom when she determined to help support her family by starting a pretzel business. From the humble beginnings of one farmer’s market store, Anne grew the business to over 900 stores around the world prior to selling ...
In this series, we’re discussing the risks and rewards of Chatbot GPT and related technology. Today, I want to discuss some of its additional risks. To reveal its capabilities, I asked Chatbot GPT to tell me the risks of using their technology. Here is a summary of the risks mentioned. The first risk is lack of accuracy. If the input ...
Because of God’s favor, King Solomon was blessed with wisdom that resulted in tremendous wealth and power. Solomon was accustomed to his subjects humbly bowing before him out of respect and reverence for his power. When Solomon finally dedicated the temple, he called everyone to experience this monumental time with him. What the king did next was one of ...
The third step to fruitful networking is Being Relational. If you’ve been to very many networking opportunities, you have likely met the people who are more transactional in nature. They are the ones who are slinging cards to anyone who will take one and seizing every opportunity to promote their services. You won’t typically see them quietly talking with someone ...
A big surprise many new entrepreneurs experience is their first-year tax bill! For example, a new social media influencer on TikTok receives money from TikTok each month. Many spend that money without considering taxes. What many new entrepreneurs don’t realize is that the money they received throughout the year isn’t really theirs. A significant percent of money earned is owed ...
Last month, Steve Easterbrook, former CEO of McDonalds, decided to return $105 million in severance benefits to McDonalds. In 2019, Easterbrook was terminated without cause allowing him to obtain his agreed upon severance package. After that termination, McDonalds claims to have discovered sexually explicit videos of Easterbrook with company employees and other women. This discovery led the board of McDonalds ...
Did you know that Martin Luther King Jr. was born Michael King? In 1929, Dr. King’s father spent time in Germany admiring the reformer, Martin Luther. This event moved Mr. King and his teenage son to change their names to Martin Luther King and Martin Luther King, Jr. Carrying the name of a great reformer like Martin Luther impacted Dr. ...
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 ...
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 ...
Equipping Others to Do Work Differently
