Kingdom Business Life Cycle:
Getting Ready for the Startup Phase
For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it— lest, after he has laid the foundation, and is not able to finish, all who see it begin to mock him, saying, ‘This man began to build and was not able to finish’? – Luke 14:28-30
The first stage in the Kingdom business life cycle is the start up phase: the phase when the entrepreneur launches the business. This phase spans the duration from initial launch to when the business breaks even. This is where ideas are formed, proof of concept is developed, the entrepreneur begin his or her plan of action, and the business model is tested. A new business can be in the startup phase for just a few months or several years, depending on how long it takes the business to reach the point where revenue meets expenses in a sustainable manner. The ideal length of the startup phase is one to three years.
As biblical entrepreneurs, we should make sure that we count the cost of launching a business before we begin. It is important for any entrepreneur to understand the time, energy, and resources that will go into running a business with excellence. Poor planning in the front end can result in wasted resources down the road.
How should an entrepreneur prepare for the startup phase of a Kingdom business?
- Prepare Spiritually: Prepare your spirit to remain faithful through the challenges and uncertainties in starting and growing a business God’s way. Seek the Lord through prayer .
- Prepare Naturally: Physically prepare yourself for the challenges and uncertainties of starting and growing a business God’s way. Remain under authority. Develop a plan. Gather the necessary resources. Assess the need. Rally others to help you.
- Prepare Mentally and Emotionally: Prepare your heart and mind for the challenges and uncertainties of starting and growing a business God’s way. Don’t be intimidated by your adversaries. Have a mind to work. Commit to not getting distracted and finish the work in front of you.
- Expect the Wilderness Period: During this period, entrepreneurs go through a time of character building and value formation. The entrepreneur works hard, carries the highest amount of risk and does not see an immediate return – he or she is entering into completely uncharted territory. This period is also marked by an increased level of emotional and physical stress. The wilderness period is unavoidable and may be minimized if the entrepreneur is beginning with a purchased or inherited business that is well past this stage.
- Develop a Business Plan with Realistic Financials: Don’t overshoot your revenue projections. Be realistic and conservative in your financial assumptions. Self-fund your business as much as possible. Leverage a vendor line of credit if necessary. Minimize your fixed cost.
- Understand that it is Common to Fail: There is a high risk of failure when launching a new company.Mitigate risk where possible, and be wise when investing personal resources.
Be Blessed as you set out on your exciting journey..!