Write the vision; make it plain (see Habakkuk 2:2). Before you build a thing, count the cost (see Luke 14:28). The Bible is replete with invaluable information for entrepreneurs! Here are a few bad habits and destructive patterns that are commonly seen in the entrepreneurial world today:
- Comparison/Competition: Most people genuinely believe that in order to survive in the marketplace, they have to compare what they’re building with what someone else is building, and they have to compete with those businesses. This marketing strategy is both ineffective and crippling. Think of it this way. Burger King has competed with McDonald’s for years, and while they have acquired a great deal of success, they have never managed to supersede the fast-food giant in sells. As a matter of fact, McDonald’s is and has been ranked number one in the fast-food industry for decades, and Burger King hasn’t even made the top 5 of that list. When you compete with another brand, influencer or business, you will have to repeatedly wait for that brand, influencer or business to “show you their hand” before you can respond with something greater. The problem with this strategy is that it keeps you behind the company or brand that you’re competing with.
- Eating the Profit: Money isn’t made to be spent; it’s a seed that has to be repeatedly sown! Most people don’t know this, so they eat their profits time and time again. For example, let’s say that you started a t-shirt business, and you’ve invested $3,000 into the startup of that business. You sell 400 shirts at $10 each, thus netting you $4,000 minus the printing fees (if you don’t have your own printer) and the shipping fees. You should invest the entire profit into purchasing more shirts, after all, during the startup phase of a business, your company is a baby. Babies eat, but they don’t earn any money. Your job is to grow that baby up! Eventually, your business will earn enough money (if you’re consistent and you refuse to quit) to help you fire your boss. However, if you eat up your profits, you will repeatedly break even or go into the red.
- Emotional Spending: This falls in the category of comparison/competition. Violaters of this guideline, for example, often find themselves getting frustrated whenever they notice that their businesses are slow or that their profit margins are off. Consequently, they tend to make large purchases in an attempt to restore and revive their companies, thus putting them further in debt. This is why every entrepreneur should consider getting a financial advisor. This is also why you should never make a large purchase whenever you are feeling sad, anxious or depressed.
- Lack of Discipline: This is the number one reason that most businesses go under. When you are working a standard 9-5 job, you have to abide by a set of rules if you want to remain employed by that company. They’ll give you a schedule, an assignment and a deadline, and you have to honor them all. If you don’t, you will be warned and ultimately terminated. Understand this … you can “quiet fire” yourself by simply not showing up, not investing in your brand or by being inconsistent. In order to run a [successful] business, you have to be more committed, more reliable and more trustworthy than you were on your 9-5 gig.
- No Checklist: Remember, before you build a thing, you must count the costs, and if you are going to get a proper quote, you need a checklist. What is it that you need for your business? Don’t just think about the big things like furniture; consider the small, often overlooked things as well. After all, it is the small foxes that destroy the vine (see Song of Solomons 2:215). One of the most effective ways to create a checklist is to first write down everything you need that comes to mind, both small and great. Next, go and check out a few companies or brands that are similar to your own. For example, let’s say that you have launched a ministry and you want to utilize Visiiion to build your new website, but you don’t know where or how to start. All you have is the ministry’s logo, establishment date and a slogan that you all often use. What should you do? Consider a few ministries who you either admire or you are patterning yourself after. Go to their websites and pay attention to the tabs and content. Let this inspire you! Don’t copy what they have; simply allow it to give you a few ideas to draw from.
