What does growth-stage entrepreneur need to succeed?
Some time ago, I wrote about reasons why entrepreneurs fail in their early stages here. In that post, I wrote that passion and focus are the most important things an early-stage entrepreneur needs to succeed.
To summary, passion is not just liking what you’re doing but it also includes talent and persistence. While focus brings your passion to perspective because there are so many things you can be passionate about but you have to narrow down to one thing at a time.
However, when your business take-off from the early to the growth-stage, you need more than passion to avoid failure.
There are 2 things growth-stage entrepreneur need to succeed;
Yes, you saw that right, wisdom and understanding is a very important attribute for every entrepreneur. However, you need it more when you’re moving to the growth-stage of your business.
Wisdom and Understanding
Wisdom means the right application of knowledge. The book of Proverbs, written by the richest man ever to live shares a lot about wisdom and understanding.
At that time, Solomon took over from his father David, he knew it was the time to grow Israel to be a great nation. Therefore, Solomon prayed for wisdom and understanding and God gave him.
“I will do what you have asked. I will give you a wise and discerning heart…”1King3:12a
As a Christian growth-stage entrepreneur, you can learn from Solomon — seek wisdom and understanding. Because this is the stage where there are so many enticing things that can get you out of track.
Also, at the stage your business is taking off, you need the understanding to know what is right to do and what to avoid. During this stage, a lot of interesting opportunities may come your way and if you aren’t careful, it will derail you from your vision.
Over time, you may have gathered a lot of knowledge about your business, now its time to apply that knowledge the right way, hence wisdom is paramount here. It is important to note that, the worldly wisdom is not the same as godly wisdom as in James 3:17-18;
Understanding most often goes with wisdom. Proverbs 4:7 wrote:
“Wisdom is supreme; therefore get wisdom. Though it cost you all you have, get understanding.”
It’s true that getting God’s way of understanding things may cost you all you have. Because it’s not the same as the world’s way to understanding things. In fact, you have to be willing to strip off your own understanding as Proverbs 3:5b wrote;
“…lean not on your own understanding.”
When you choose to run your business in a godly way, a lot of things may not make sense at first. There may be wide-path opportunities that may come but you will have to churn it if the Lord says no.
This is when you have to trust God because He knows the end from the beginning and His plan for you is to have an expected end — Jeremiah 29:11.
There are many big businesses who started very successful but failed in the end. That shouldn’t be your story ending because God cares about your happy ending.
In addition, you need understanding in your hiring process when your business is expanding. Hiring the right competent people to take your business to the next level is what will make or break your business.
Takeaway: Growth-stage entrepreneurs can avoid failure when they seek godly wisdom and understanding to take their business to the next level.