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How Startup Success Starts with You

by Stu Minshew

Highlights from the Archives

Success Starts With You

Why would a post on starting and growing your business focus on 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

Making a Pivot

by Michelle McDonald Pride

Before a strategic rebrand, our business was called Trading Hope. We were growing, but well aware of looming trends in the marketplace and patterns in our business that indicated a future decline in revenue. A mentor to me half joked and half warned that if we did not change something, we would soon be called Fading Hope. Our rebrand was an outward representation of a major strategic pivot.

Some of the most well known brands have successfully pivoted. Wrigley Gum used to give away pieces of gum on the soap they sold. Facebook and YouTube began as dating sites. Even Avon began as a book business that gave away free perfume with a purchase. While these examples are drastic, they are all incredible pivots that recognized the advantage of changing strategy.

Being able to pivot as a social enterprise is one of the most important, yet difficult concepts to approach. How do you pivot your social enterprise without sacrificing your impact? Most social entrepreneurs do not begin their business based on a market need and opportunity; they begin based on targeting a social problem or a particular community group in need. The entire business model is often upside down. For this reason alone, pivots are of critical importance for social enterprises.

What is a pivot

Read more

Are We Drifting? The Dangers of Secularization for a BAM Company

by David Skews

The Problem

While we can talk about the dangers of “mission drift” or the “secularization of BAM businesses”, I would argue that it is not really the mission that drifts, nor do businesses, come to think about it!

Recently, while talking to the owners of a failed start-up I was advised that the reason the “business failed” was that there was not enough customers to buy their products. I mused, “How was that the business’s fault?” You may accuse me of being too particular about the use of language. However, our use of language can sometimes be a mask that causes us to deceive ourselves. Sometimes it is easier to blame “something”, anything, before fully examining ourselves.

I would argue that any “drift” or “secularization” for a BAM company is more likely to be our drift from our personal relationship with God and His people, over any external influence.

So why did that business fail? It would help if we could apply the “5 Whys” method for getting to the core issue. We can apply this method anywhere, whether it to our mission, our business, our marriage, church, school etc. Some people ask 6 or even 7 whys, like I have here:

  • Why did the business fail? (failed to plan)
  • Why did the market move? (markets do)
  • Why did you not see that before? (failed to research)
  • Why did you not do the research? (failed to appreciate the importance of research)
  • Why did you feel it was not necessary? (sales, quality, environment, staff were taking my time)
  • Why did you fail to prioritize? (failed to take time for the important things)
  • Why did you not do the important things? (failed to balance life)

Read more

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

AND THE AWARD GOES TO...

Our goal is to provide the BAM Community with the best content and resources available. As we head into winter we are highlighting various articles and resources which have stood out in the past 6 months. Below is the “Staff Pick” for August to December 2017.

Please enjoy and thanks for following!

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

Every Man is as Lazy as He Dares to Be

by Patrick Lai

Every man is as lazy as he dares to be.  – Emerson

Emerson had it right. People do not do what is expected; we do what is inspected. Phil Parshall, after forty years of serving among Muslims, said to me, “I have my doubts about tentmaking … most tentmakers I know start out doing business and ministry, but in the end it is all business and no ministry.”

Everyone receives gratification from accomplishing tasks. Whether we are building a bridge or cleaning out the garage, we enjoy seeing the fruits of our labors. Productivity makes us feel good. It gives us value and a sense of worth. Those people groups which are still without a church in the 21st century are unreached for a reason – they are difficult to reach! Missionary work among these peoples has produced precious little fruit. Tentmakers, by definition have two tasks to do. If one task is producing fruit and the other is not, it is easy to gravitate toward the more productive, fruitful task. Therefore, it is important that every tentmaker is under some structure or relationship which provides the needed accountability to keep us growing and active in fulfilling both of our callings.
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

Not the Typical Strategic Plan: Creating Plan for Performance Part 2

by Bill Cousineau

In Part 1 – A Planning Process for Breakthrough Performance, we discussed the issues of traditional strategic planning. We summarized it by saying that in too many instances, the polished business plan is nothing more than a highly thought-out collection of concepts and ideals, tied together by wishful thinking. None of which result in customers flying through their doors with money in hand, nor in an organization that is united, focused and intentional in its execution.

By contrast, the Strategic Action Plan describes how an organization defines success and how it intends to create value for its stakeholders, customers, and team members. The critical distinction is that this is a living document that does not sit on the shelf collecting dust. This document is used to not only guide priorities and decisions, but it is a plan that is measured, tracked, monitored, and discussed regularly.

Before you begin to create the Strategic Action Plan there are critical prerequisites and five steps in the process:

Read more

Not the Typical Strategic Plan: Planning for Performance Part 1

by Bill Cousineau

Some years ago I worked at an Aerospace company. At one offsite location, a man by the name of Dave Hanna coined the phrase, “Every organization is perfectly designed to get the results they are getting!” That phrase has always stuck in my mind. Think about it: As leaders in business we may find ourselves plateaued or under-achieving our organizational goals. These times call for us to look deeply at every aspect of our business and leadership to determine why the desired results are yet unattained.

When a business really takes this key statement to heart, they begin to peel back the layers of their company and come to reveal the deficiencies in their strategic planning process. My experience has shown that as leaders examine their planning process, they realize they do not have consistency of purpose. Their organizations tends to work as silos, optimizing their individual silo at the expense of the larger organization.  How can this happen?  No matter how much time Executive Teams spend preparing for and conducting their Strategic Planning session, their plans fail to achieve the desired results.

In Part 1 of this article, we will discuss the difference between traditional strategic plans and developing plans that engage the organization for breakthrough performance.

Read more

Helping Entrepreneurs Turn Ideas Into Startups

by Stu Minshew

It is such a privilege that the Lord calls His people walk alongside Him as He advances the gospel to the nations. Today, more than ever, business is powerful tool that He is using around the globe. As a Christian entrepreneur, I am extremely excited to see all that He is doing.

As the BAM movement continues to gain momentum, I see two key growth opportunities that I believe will lead to greater impact. First, let’s make it easier for entrepreneurs to turn ideas into successful startups. Second, creating strong communities of support for startup businesses must become a top priority. Let’s see how we can make progress in accomplishing these two tasks.

Stop Giving Entrepreneurial Assessments

Entrepreneurs come in all shapes and sizes. Jeff Bezos of Amazon has a totally different set of skills than the lady who runs the bakery down the street. Steve Jobs’ personality is completely different from the local IT consultant I work with. But they are all entrepreneurs. It is impossible in 10 to 20 questions to separate all possible types of entrepreneurs. By doing so, we are limiting the number of individuals who can create ideas that can become successful businesses.

In the CO.STARTERS entrepreneurial training program, we have trained an incredibly diverse group of over 7,000 entrepreneurs. They are men and women from a wide range socioeconomic and ethnic backgrounds, with varying skill sets and personalities. In the first week of our program, we give them a Working-Styles Assessment. We make it clear that this isn’t to determine if they have what it takes or not. It simply helps them figure out their strengths and then begin to build a team around their weaknesses.  Read more

8 Unexpected Questions from Investors

by Patrick Lai

Lions and Martyrs are entering the colosseum to do battle. The Lions are investors, hungry to invest in solid BAM/B4T businesses. They hope to make money, as well as create new opportunities for the Good News among the least reached. The Martyrs are starting new businesses in spiritually, and some cases, economically difficult locations. The Martyrs are coming to lay it all on the line, praying not to be eaten alive. They are hoping to tame a Lion or three and bring each Lion, along with their expertise and their money, into their start-up business.

If you’re raising money for your company and you want to pitch potential investors and shareholders, it’s important to plan ahead for the questions savvy investors may ask.

Naturally, the Martyrs, and anyone who is seeking capital, can expect to be asked about your financial projections, timeline, the competition, your team, marketing strategy, risks, personal experiences, how much “skin” do you have in the business, and your exit strategy. Expect experienced investors to study your business plan with a fine brush and comb. Plus, investors will also grill you on your spiritual and personal life, to learn what you are made of.

Read more

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