Iterations Through Feedback: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 5: Iterations Through Feedback

In my last post, we explored the benefits of a small start with a focus on providing value to the customer. This allows you to get your product or service into the hands of your customers quickly and begin collecting feedback. Today, we will discuss what type of feedback you are looking for and what to do with it once you have it.

Capturing Customer Feedback

Once you have the product into your customer’s hands, you will need to to create a system that allows you to learn from your customer. This will allow you to capture their feedback and make improvements to your business, product, or service. In every successful business, learning to meet customer needs is a top priority.

Find a way to hear stories about how your offering is helping to solve your customers’ problems. How is it meeting a need? How are they using it on a daily, monthly, or yearly basis? Ask the questions that will get people to tell you those stories. This is most effective through face-to-face interaction, where you can learn through what they say, and how they say it. If face-to-face isn’t an option, phone or video call is a solid second option. Make sure you are asking open ended questions that are allowing them to tell their stories about how your business is changing their life.  Read more

Starting Small: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 4: Starting Small

In my last post, I focused on the importance of living out your Kingdom values by loving and serving your customers. This allows you to sustain and grow your customer base as you deepen your relationship with those you serve. However, before you can get customers, you need a product or service for them to buy. The sooner you can get your product or service to them, the closer you are to making money and creating a sustainable business.

Dream Big, Start Small, Grow Smartly

Earlier in this series, in the post titled It Starts With You, I talked about the big dreams that motivate and inspire us. Often times our big dreams cause us to do too much or take on too much too fast. This can be overwhelming and result in a failure to do anything well. Or, it can put a large financial burden on our business too quickly. Neither of these is helpful as you are seeking to create sustainability.

Dream big, but start small.

To be good stewards of what God has given you, I encourage you to find the quickest and easiest way to get your product or service in front of your customer, while continuing to communicate the unique benefit you offer. This means you may not be able to offer everything you envision to your customer at first. By simplifying your long term vision to focus on the first step in achieving your dream, you will define a way forward that looks much more manageable. This allows you to serve your customer NOW, instead of someday, and helps you make the customer an important part your startup journey.  Read more

Understanding Your Customer: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 3: Understanding Your Customer

As a current or future business owner, your customer is critical to your success. While we may believe that our customer exists to buy our products or service, the reality is that we exist to serve our customers. I appreciate how CO.STARTERS intensely focuses on knowing and serving your customer. This customer-centric view aligns with Christ-honoring Kingdom values. Jesus calls us to love, care for, and serve our neighbor, or customers, in the same manner that we desire to be served. In order to serve our customers well, keep them coming back, and increasing in number, we must deeply listen to and understand their needs and desires.

What’s inside your customer?

Traditional customer research focuses on demographics including age, gender, location, income, etc. While these are important, it is vital to understand the the factors that lie beneath the surface. What are their interests, passions, skills, beliefs, and values? For example, if you have a product or service for dog lovers, your customer will cover a wide-range of demographics, but it is important to realize they share a common trait, a love for dogs.  Read more

It Starts With You: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 2: Success Starts With You

Why would a series on starting and growing your business begin with a whole post dedicated to you? A good product or service is all it takes, right? While it is important to have a good product or service, the most important factor in the success or failure of your business is YOU.

Most businesses don’t fail because of poor products or fierce competition. They fail when finances are mismanaged, passion is lacking, and expectations are unrealistic. By starting with an in-depth look at yourself – including your passions, strengths, weaknesses, expectations, and financial literacy – you can take the critical first steps to launching a successful business.

Identify and Test Your Assumptions

We all have an idea of what our successful business will look like in the future. At this point, that picture might be a little blurry if your business is only a concept. However, getting a clearer picture of that vision is important for your success. It is going to provide you with a general target for how you grow your business.  Read more

Get Started Growing: Maximizing Startup Success

by Stu Minshew

On the theme of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Previously we’ve covered ‘breaking through your growth ceiling’ for an established business. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 1: Get Started Growing

Starting and growing a business is a calling from the Lord. If you ask anyone who has done it, they will tell you how exhilarating it can be, but also how it sometimes seems overwhelming and impossible. The truth is that it doesn’t have to be this way. Yes, it always requires hustle and flexibility, but taking a few simple actions can equip you to overcome obstacles to starting and growing your business to a level of sustainability.

During this series, we will explore these steps, but before we get to those, we need to discuss a few foundational points.

Foundational Point 1: Startups & Small Businesses Have Different Needs

In 2016, The Bureau of Labor in the United States shows that about 50% of businesses make it five years, while only about 30% make it past the ten year mark. If this is the reality, then starting a business doesn’t look like such a good idea.  Read more

Don’t Lose Your Way: The Importance of the Business Development Process

How can BAM companies avoid losing their way? On the one hand, many BAM startups lose momentum, fail to break even, or simply get aborted. On the other hand, some BAM companies that reach financial success find themselves in danger of losing sight of the non-financial goals and objectives that led them to start their BAM venture in the first place. Although there are as many different reasons for BAM failure as there are struggling, closed, or misdirected BAM companies, I believe there is a common antidote to keep companies from getting off track: an ongoing rigorous business development process.

What happens to a company in the absence of an ongoing rigorous business development process? It then becomes a challenge to grow or lead the business forward in a way consistent with its BAM vision, goals, and objectives. This is often the result of two common business development failures:

1. The leader failed to articulate a sustainable BAM vision and robust strategy to begin with.

2. The leader failed to execute against the strategy and has not been held accountable to it.

The good news for BAM practitioners is that there are plenty of resources available to help with the first challenge – and putting together the right team and structures can help overcome the second. Read more

Business as Mission: Chronos and Kairos

by Mats Tunehag

Originally published on MatsTunehag.com, reposted with kind permission.

Business as Mission, BAM, is not a technique. It is a worldview and a lifestyle. It is about following Jesus in the marketplace – to the ends of the earth; loving God and serving people through business.

  • BAM is not doing business with a touch of ‘churchianity’
  • BAM is not Christians just doing social enterprise.
  • BAM always considers God as a stakeholder who has a vested interested in multiple bottom lines and multiple stakeholders.
  • BAM must be underpinned by a Biblical worldview, informing our planning, operations and evaluation.

One very important aspect of worldview is time. This has implications on what we can do and what God does. Read more

Good Questions to Ask Yourself When Considering a Business

Choosing a Business:

What do you like to do? If you are enthusiastic about a particular business, it will help keep you going in the tough times.

What do the local people need or want? Go to your proposed location and live there for a while.  Talk to people.  No business will succeed unless there is a felt-need in the potential customer base and you must understand that need, it may be different than you think.

Can you make money at this business? Look at how much you can sell your product or service for and how much it costs to produce or provide it.  Typically you have to sell something for twice what it costs you in order to stay in business. Don’t give your product and services away, you’ll go out of business quickly and it helps no one in the long-run.

This is not an easy process – 80% of all businesses fail before five years. Read more

The Story of a Business Plan [Audio]

How do others actually go about business planning? What does it look like in practice to integrate Kingdom and Business goals into a planning process? Listen to this 20 minute interview with business owner Steven Sauder as he shares his story of developing a business model in Thailand and mapping it out in a business plan.

Poppy Jasper interviewing Steven Sauder for The BAM Review

 

 

Don’t Miss This: Essential Preliminary Research for a BAM Company

We asked our team of BAM experts to give some practical advice for BAM practitioners in the beginning stages of business planning. For this post we asked them to share ideas about developing goals and vision.

Robert Andrews, Larry Sharp and Garry all actively mentor frontline BAM companies – as well as teach and write on BAM. Read more about them below.

What kinds of preliminary research or on-ground preparation would you emphasise as particularly important to someone planning a BAM company – especially in a cross-cultural context?

Robert Andrews

A business plan is intended to help you work through the key issues you will face in running your business and should include all of the factors that have critical importance. It should addresses the design of the product, distribution, manufacture, finance, marketing, purchasing, and capitalization. It should also address how all of these business functions fit in to the work God is doing. Read more