The 5 Key Factors to Business Success
Whether we like it or not, we need to acknowledge that being a Kingdom business doesn’t guarantee success, nor does it eliminate the possibility of failure. As Biblical Entrepreneurs, we ought to be good stewards of the business that God has entrusted to us by doing our very best to avoid the mistakes that lead to business failure.
Here are the top 25 reasons why businesses commonly fail according to the book, Nehemiah Business Life Cycle: A Guide to Entrepreneurship Success, from Discovery to Exit, by Patrice Tsague:
| Under funding Lack of planning Inadequate management team Ineffective marketing Lack of preparation Unwise counsel Lack of innovation Complacency Premature launch Moral failure Lack of community Lack or insufficient systems Rapid growth | Bad management Lack of focus and perseverance Health failure Government interference Natural disaster Marital instability Family dysfunction Bribery and extortion Terrorism Lack of clarity of purpose and mission Pride No exit strategy |
Interested to learn more about this? Enroll in our Nehemiah Business Life Cycle Course for FREE! This course starts on September 18, 2024, and goes on till November 6, 2024; it is an online training through Zoom that runs weekly on Wednesdays from 7:00 AM – 8:30 AM Pacific Time. This is the LAST TIME this course will be offered for FREE so take this valuable opportunity to enroll now before it’s too late.
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THE 5 KEY FACTORS TO BUSINESS SUCCESS
1. Training
According to the research paper titled “Do Ambitious Entrepreneurs Benefit More from Training?”, training in growth-catalyst tools helped entrepreneurs achieve a 72% increase in their ventures’ revenues, which is about 40% more than entrepreneurs who did not receive such training.
2. Planning
According to the Harvard Business Review, entrepreneurs who write formal plans are 16% more likely to achieve viability than otherwise identical non-planning entrepreneurs.
3. Coaching
A survey published by the US Small Business Administration found that 70 percent of small businesses that received mentoring survived more than five years – double the survival rate of non-mentored businesses. The same survey found that 88 percent of business owners with a mentor said that having one was invaluable. A study by the International Coaching Federation (ICF) reported that companies that used coaching saw improved team functioning, increased productivity, and better financial performance.
4. Community
Data from the Small Business Administration (SBA) in the United States suggests that businesses in supportive communities have higher survival rates. The community provides a safety net and guidance that can help businesses navigate early-stage challenges. And further research from Harvard Business Review found that peer learning in entrepreneurial communities accelerates the learning curve for new entrepreneurs.
5. Kingdom Impact
Kingdom impact is a measurement of how your business directly or indirectly advances the Great Commandment (Matthew 22:37-40), which involves putting God first, and the Great Commission (Matthew 28:19-20), which involves reaching the lost. Our Kingdom impact produces rewards both here and in eternity (2 Timothy 4:6-8). We will enjoy Divine favor and success while fulfilling what really matters – our love for God, family, and others.
By taking advantage of these 5 success factors while being a part of the Nehemiah Entrepreneurship Community, you are positioning yourself on the right track toward business success.
There is no better time to enroll for the Nehemiah Business Life Cycle Course! Join our upcoming FREE course to learn more about the 5 success factors above in greater detail!
On top of that, upon completing this course, you will have the capacity to:
1. Recognize the current stage of your business journey
2. Evaluate the goals and tasks remaining within your present stage
3. Determine the essential actions to propel your business forward to the next stage
4. Construct your personalized Business Life Cycle Action Plan
Click on the buttons below to enroll or learn more:
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