Tips on deciding what business to start!
Many people know they want to start out on their own, but they have no idea how to get off the mark, or even what kind of small business to launch. At The Springboard Academy, we help you to get the creative juices flowing.
What is the purpose of a business?
You might say, “To make money, of course,” and you would be among the 95% of people who believe just that.
Terence Knott-Craig of The Springboard Academy suggests, however, the real purpose of a business is to glorify God. Making money is the result, and God expects us to do so.
“We do this by using the skills and talents He has blessed us with, to identify and satisfy a need in the community or market,” he explains.
“In reading the parable of the talents, the ‘master’ praised those workers who had increased what He had given them, and added to what they already had. He also increased their responsibilities.”
This teaching of Jesus shows that God encourages us to generate a good return by using our skills and resources. Just as His servants in the parable were given what they needed to produce more, it is the same with the gifts with which we are blessed.
So, what kind of business can I start?
This is the exciting part. Starting a business is not necessarily about pursuing the first idea that pops into your head, or just about making money to become wealthy.
Knott-Craig recommends that you discern your purpose in life – the reason God created you – and identify the needs in your community, or the market. You will then need to work out how to satisfy that need, using your skills and passion (purpose).
The scale of the need will point you in the right direction, i.e. whether your idea should be developed into a small business, or an outreach or ministry. If you think you can generate a profit from your business idea, it’s time to develop a business plan.
Mind your W’s and H’s
To develop a solid business plan, you need to know the ‘what’, 'who', ‘why’, ‘how’, ‘when’, 'where' and ‘how much’. The answers to these essential questions become the vision, mission and goals of the business.
Vision: A short description of what your business aims to become; the ‘what’ and 'why'.
Example: The Springboard Academy aims to be an effective agent for economic growth through entrepreneurial development among the youth.
Mission: How you intend fulfilling the vision; the 'who' and ‘how’.
Example: The Springboard Academy will encourage the establishment of new small businesses, and the continued health of existing businesses, through encouraging entrepreneurial thinking and business skills training among young people.
Goals: The target you set for your business; it must be measurable and a certain time frame must be set for its achievement.
This goal must be big enough to stretch your efforts. If it isn’t scary, your goal might not be big enough.
Example: The Springboard Academy aims to assist in the establishing of one million new small businesses by 2035.
Have you identified a need in the market that you have the skills to satisfy? Remember that if you don’t have all the skills to start the business, you may need to collaborate with others to provide a complete service or product.
Start a business which makes you stand out from the crowd.
If you want to know more, register today for The Springboard Academy’s entrepreneurial development course starting on March 1, 2018. For more information, complete the registration form.