Is it the right time to start my business?
I sure have! And, I have often been asked this question from aspiring entrepreneurs and “wantrepreneurs.” So, let’s reason together on the question. To play or skate?
This discussion is for the Believer in Business. We will even discuss the next question after why, and when- how?
Why would anyone want to start a business anyway?
Two-fifths (42%) of entrepreneurs are motivated to get started to “pursue passion” (23%) or because “the idea seemed to present itself” (19%). Two-fifth of your hand makes a peace sign. [Go ahead, flip yourself some peace!] There is peace in knowing that your motivation is not self-serving or running away from something unpleasant. More people are motivated by the notion of being there own boss. This can often be for pride or selfishness unless its out of a heart for servant leadership. If the business just came to you or fell in your lap, you are more likely to reflect the humility and gratitude that enables the grace you will need to grow your business. Entrepreneurship is harder than it looks.
Passion is the most essential quality of an entrepreneur. Passion is the the willingness to suffer for something you want. For the called to create its the passion to do something for others. As an entrepreneur you will likely suffer from no-to-low pay for a season, time away from family, and fun- you might even have to suffer through eating ramen noodles for a while. Even if the business idea just came to you, it will still require your passion to birth it. A believer in business is somebody with passion.
Is that somebody like you? - Someone who feels in their spirit and just knows in their knower that you are called to start something for the Glory of God.
Are you Called to create?
Why would a Believer in Business want to start a business?
Believers understand that we are made in the image of the Creator and have creative DNA within us. It is in our spirits and is purposed to come forth. We have a call to create something for the sake of others. We trust the Lord for the blessing, inheritance, and commonwealth of the Kingdom. We are not expecting to skate by on an easy nor certain road to success, but we are counting on our savior’s help us shoulder the burdens of the journey. Sound like you?
When is the right time to start a business?
They do not say from the heart, ‘Let us live in awe of the Lord our God, for he gives us rain each spring and fall, assuring us of a harvest when the time is right.’ Jeremiah 5:24 NLT
The typical way to answer these questions is from a world view of amateur economics. You might ask, “Aren't things too bad to try and grow a business?” While this is a fair and honest question it lacks a kingdom perspective. Let’s consider a response within this paradigm before we shift our view to get an understanding.
If we take a quick look at economic indicators we will find these obvious metrics;
GDP -Looking at the quarterly data alone, GDP the broadest measure of national productivity grew 7.4% from the second to the third quarter, compared with a 9% decline between the first and second quarter.
US Unemployment Rate is at 8.80%, compared to 13.00% last quarter and 3.60% last year. This is higher than the long term average of 6.36%
Inflation avg for 2020 is 1.11% compares to 1.18%, and 2.28% in 2019, and 2018 respectively.
The BEACH industries (booking, entertainment, airlines, cruises, and hotels) —have tumbled and are desperately sufferings the pangs of pandemic shoutdowns.
I have spoken with many entrepreneurs over the past month. While some are really struggling, especially the BEACHs, many are projecting higher sales and profits in 2020 vs. 2019. You may have observed as I did, somebody made a killing in the matching family pajama business over the holidays. There is opportunity in every season.
These facts are not likely helping you to answer the question, are they? While these economic indicators might raise concern of even fears, the fact remains that there are always opportunities to buy and, sell , sow and reap in any economic season. You just need to know the season, and whether its best for sowing or reaping. The common world view of economics is based upon a scarcity paradigm. The Kingdom view is founded up the recognition that Jesus said, He came that we would have life, and that more abundantly. In, him there is ALWAYS enough to go around. We just to to seek his face to learn when, where, and how to appropriate the resources we desire.
The answer to "when?" follows from this definition of an entrepreneur:
“An Entrepreneur is Anyone who takes the risks to create something new for the sake of others”
“Whether you’re a business owner, an entrepreneurial employee, a student looking to make something of the world, a mompreneur, a photographer, an artist, a musician, an author, or a chef,”
you are an entrepreneur.
Jordan Raynor - Called to Create
So, if you have something [now] you want to create for the sake of others, then you are an entrepreneur and your WHEN is NOW!
Whether the economy is up, down or sideways people have needs and problems to solve! So, if you have a solution to someone's problem, that solution is the seed to your business that needs sowing in this season. That solution is what you are called to create! Your business! Start it now!
So, lace up your skates and get Started!
The conventional way to start a business
Get an idea;
Make a business plan;
Raise startup funding;
Build the product or service;
Work like hell to sell it!
This old way is too slow, and cost too much before knowing if it will work. There is a better way!
The BIB Life Way
1. Clarify your why;
2. Model the business:
a. Find a customer with a problem;
b. Create the solution;
c. Validate the Problem & Solution;
3. Plan it out;
4. Breath life (capital) into it;
5. Launch it;
6. Learn and adjust the plan;
7. Rest & Repeat!
The better way is what we follow and teach at the BIB Life Academy!
If you or someone your love would like to learn more about the better way to launch your business, visit us at BIB-Life Academy and register for a free webinar.
Guidant Financial. (2020, May 7). 10 current small business trends & forecasts for 2020/2021 to watch out for. Financesonline.com. https://financesonline.com/small-business-trends/
Tappe, A. (2020, October 29). US economy grew a record 33.1% annual rate last quarter but the pandemic remains an enormous threat. CNN. https://www.cnn.com/2020/10/29/economy/gdp-report-third-quarter/index.html paragraph text here.