Business Owners life group

Why own a business

The Practical Side of Business. “You can Study” or “you can research”. Part I

1. List 10 reasons to have your own business in order of importance. For example:

                                                               i.            time with family

                                                             ii.            money

                                                            iii.            fun

                                                           iv.            help people

                                                             v.            train people

                                                           vi.            design product

                                                          vii.            Bored at Wal-Mart

2. Where is your heart?

1. “I have an idea, but it’s a secret because it is worth millions.”

                                                               i.            An idea is worth a nickel. The years of hard work required to make an idea reality may be worth a million.

2. What do you want to accomplish with this business?

                                                               i.            What is wrong with your present job?

3. When asking potential business owners why they want to have their own business, I very rarely hear an answer with right motives. For most, the number one reason is to have more money. Freedom, Independence. To have an easier life. To help number one instead of the boss and his family.

4. Very seldom, in the first response, do I hear what needs to be said. I hear temporal reasons but very seldom do I hear eternal reason. We must remember that anything that is not seen is eternal. Relationships, love, patience, kindness, etc. Some better answers may by more time for my family, to help people, to build the kingdom, to cure a major problem. Most people, Christian’s included, will start a business to have control, make more money and be able to work less. While I am not against any of these reasons, they are not sufficient for you to expect God to help you.

5. God is very interested in building His kingdom. Anything that helps to build His kingdom will get His priority.  But more importantly He is interested in your heart.

3. What is your heart saying?

1. It is necessary to understand the reason for owning a business. For many the work and time involved in owning your own business may not make sense. Owning your own business is a costly affair. It has cost marriage, relationships with children, sometimes even your life savings without proper research.

2. Do you have a passion?

                                                               i.            A study of MBA’s that had become millionaires reveals the following: When divided into two groups MBA’s that pursued their dreams of entrepreneurship and followed their heart were just as financially successful as MBA’s that pursued the corporate ladder for success. But by pursuing the corporate ladder MBA’s were often not as happy. Bottom line is to pursue your passion. It will keep you going through the tough times. Because you will have tough times.

3. What are your goals?

                                                               i.            This goes back to the reason why business is so important to God. Because God has goals. He wants our goals to align with His goals. You have a better chance of being successful

4. Do you have a mission?

                                                               i.            Family mission statement

                                                             ii.            Business mission

5. Do you have a strategy?

                                                               i.            What is the first step?

                                                             ii.            How can you move forward?

6. Do you have timeline?

                                                               i.            Someday my prince will come?

                                                             ii.            Someday I will start a business.

                                                            iii.            Someday I will study at PJC and prepare.

7. How much money will you invest?

8. Will your spouse support you?

                                                               i.            Are you a team?

                                                             ii.            Or will you hear “I told you so”

9. Can you finish what you start?

                                                               i.            “Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? For if he lays the foundation and is not able to finish it, everyone who sees it will ridicule him, saying, ‘This fellow began to build and was not able to finish.’ Luke 14:28-30