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you're now listening to Secrets the kingdom strategies in this podcast we will discuss Bible marriage business Marketplace leaders Bridging the church and the marketplace so you can advance the kingdom hosted by an apostle retired lieutenant colonel CEO and the Kappa I am Dr Sam welcome to Kingdom strategies with my good good friend and successful businesswoman I'm aita I'm a woman of God an educator an entrepreneur and a wealth architect together we co-host this segment where we unpack Kingdom businesses we will journey together for four stages from a business startup growth maturity renewal and transition helping you expand the kingdom you know aita I'm so excited about this segment because a lot of times we don't really take the time to do analysis of ourselves yes and what I really think about the beginning is how do we realize we have the right stuff to be an entrepreneur with the many hats that you wear um from teaching from from being a CEO operating in the space having clients what are some thoughts about how can we really analyze ourselves if we have the stuff to become a great business owner well there's a couple of traits or skills that you see in successful entrepreneurs okay okay one of them is passion I mean you do want to do something that is close to your heart because then it's really not working it's just you being natural and enjoying what you're doing you know uh being persistent cuz you may get nose you know how they tell the sales people you have to get three or four noes you stop well I think now it's up to 400 you know so they don't really stop anymore um are you adaptable are you able to start down a path and you might have to change because of Technology all right you know are you resilient enough to keep going you know it's it's these traits that will possibly help you be a good leader or a good B business person um are you creative you know do you just see a a box well no I don't see a box not a brown box well what if it's red yeah you know are you able to innovate it change it maybe I know it sounds funny you know it's a cube turned into a rhombus you know or you know just being able to now hold on I I know math is is your jam but for us non maath uh Personnel listening to this podcast what is a rhombus I mean basically it is a square leaning all right that's the easiest way to put it hey to all those who can think of the lenion squares we're with you but but what you're describing to me sounds like a super person so are entrepreneurs especially those who are trying to advance the kingdom are they superheroes we wish we are we wish but you're not going to have all of these traits okay okay I mean you should have some of them like especially passion I mean you you're the one starting the business but that's when you get your employees involved okay to help out in those weaknesses you know are you a true leader you know do you help okay so when you think of leader you don't think of the person just telling you what to do that's not a leader a leader gets in the trenches with the employees and work with them you know and and we think leader is always out in front well yeah if you're in the military wait wait wait wait wait now you know I'm 80s you know I was born you know a couple Generations ago so so when my parents said go look for that remote and they weren't looking for the rope with me or I was you know doing the bunny ears on the TV you know they weren't leading I mean they're leading with you you know got got it's not like I you can't use your parents because basically you were the remote control that's right that's right oh bu ear you went back but so let's let's put our parents aside because they're in a special category so when you talk about what working in the trenches what do you mean so um when you start a business there are some sop standard operating procedures okay okay as the quote unquote leader you should know everything in that book not just write it abstractly okay you should be able to take what you've written and actually go through and say okay this how you process a payment I'm just going to make it simple yeah you know you you go to the cash register it's not a cash register anymore it's a POS system put in your password that's point of sale point of sale yes okay uh you know put in your password it'll log you in make a sale I mean there's just some things that you need to know how to do you know like how do you close out the register to verify how much money you took in that day so what I hear you talking about is I have to be detail oriented right so so I need to assess the abilities can I write the plan can I write the vision for others to follow follow yes and you may not be able to write it in great detail you know you you can hire somebody to really get it done but once it's written before you hand it to someone else you need to walk through it you need to understand that it makes sense to you or better yet go find a fifth grader that's interesting why why a fifth grader they say that most manuals okay are written at the fifth grade level wow that's that's that's good right there because right there everybody has at least that much education okay sometimes they say the eighth grade but by the fifth grade you learned almost all your math how to add subract how to at least read basic ski you know B basic words and your comprehension is coming it's there okay so fifth grader eighth grader somewhere in there if they can comprehend and follow then it's a good manual you know it makes it so that you can give it to anybody and they should be able to walk through the procedures so you we've talked about some things about per personal characteristics for us to be self-aware of right you know I would like to kind of transition into the demands of owning your own business when you hear that um especially from your expertise a person who wants to come into this space What are some things they need to be considering like is it going to be easy is it going to be hard late nights am I going to sit back and just go to Starbucks and let the money R in I mean what what is some realistic expectations well starting a business it's not going to be a 9 to5 okay okay you're the one starting the business you're the innovator 24/7 247 you have to do everything you have to understand everything I'm not talking about the people that are Drop Shipping using somebody else's platform I'm talking about you starting your business from scratch wow like a trucking business I mean you do have to buy a truck you know you have to have your license your insurance so other people are not going to do that wait wait wait so if I want to own a trucking business do I have to drive trucks I mean I can hire some drivers and I can just yeah but you have to have everything for them you have to figure out are they coming with their own vehicle or you provide the vehicle so there are some things that you need to hash out before before you start opening your doors and hiring people or even soliciting you know for clients wow so there are some things that you know you really have to think about now when you talk about 24/7 I I have this picture in my head in the beginning of a business I'm working like a dog I don't have much money coming in so how do I prepare for my household to survive while I'm getting this dream alive hopefully you're already on a budget because you're going to have to take money from your household to start your business sometimes that could be credit you know especially like a trucking company you have to get that first truck you might have to have a down payment but your credit will be used you know to get it started now after you establish yes your business can have its own credit we're not talking about that part but your household needs to understand that you might not be coming home at 5:00 and just sitting there watching TV you might come home at 5:00 and go into your office and work another four or five hours or do research for that time depending on you know what stage you're in as far as your business so you need to let them know that it's going to be slightly different you may not see me like you seen me before so I need to prepare my family members to realize I'm about to get gritty I'm about to get on my grind for that entrepreneur is it worth it like we're describing a bleak scenario where we're playing Groundhogs Day maybe 365 of the first couple of years but but is there hope that I can turn the corner yes and you need to understand why you're starting this business okay you know um depending on how old your children are you know are they going to come in and help you are you really doing the business for them because they're not old enough to set it up but they're doing all the work so you need to look at all of those things and eventually there is going to be this medium Point okay where once you kind of figure out your routine all the hard stuff has already been done like the startup cost or all the research and the writing where you're actually at that point where you are opening doors you are putting everything into uh motion okay okay so you do need to prepare your family because you may not be home or you need to prepare your family that you may need some help now help like financial help or extra hands in the business or all of the above okay all of the above cuz you're going to have to take money out of your budget budget to get Incorporated wow to open up a business bank account you know you know depending on your industry if you retail you have to buy product you have to buy that upfront so you have to look at your budget and see what's going on yes you have these oh start an LLC it's really quick and do all that stuff but please know why you're doing it and please understand all the ramifications of having a business because now you have to do a Boi which is a business ownership informational report to the federal government we've never had to do that before but we have to do it now it's a onetime thing for right now but it has to be done and there is a penalty if you don't do it so you need to kind of know your fees before you get out there and get started because because in North Carolina an Inc you know annual fee is cheaper than an LLC wow so it really depends on your legal structure and your tax structure could cost you more money because you're paying extra taxes so do your research and understand everything that's about to happen because I've seen people start side hustles and it is their main hustle m but they didn't do all the research and that first and second year they end up owing a lot of taxes wow so you kind of unfortunately you do learn from your mistakes if you're paying attention but you know do your research ask your questions it is cheaper to do a consult for $100 or $200 then you have to pay $10,000 because you didn't take the time to talk to somebody or ask questions that's so good I mean one of the things you said was so power you said a lot of things that were powerful powerful but one of the things that really grabbed my attention is the why like if I have a why to start generational wealth and this is the vehicle and I'm older then I have to understand that I might only get the business so far correct and that's okay because that is a part of my why or I have to accept the reality all this work maybe my kids don't want the business and they just want to be cashed out um so how do I protect what we have built in the family that it stays in the family which we'll get into a different conversation for later about you know wheels and Estates and all that stuff but but that why I mean that just grabbed me in a place that I don't know a lot of us really think about it because maybe we're just thinking about money right we do we do um in a business you do want to make money and I know that's everyone's goal okay but you have to look at how is that going to help your family as a whole once it starts making money okay are your kids on your payroll okay if they're not then what's the business really for a it to help your family to build wealth it's not going to necessarily pay bills off all the time cuz sometimes creates more bills but you want to look at those things of how me having this business how can I help the Next Generation so you're talking about let's say you have a 15y old okay cuz you start you just started your business but you have a 15-year-old they're able to drive or they're going to want to drive soon that's right depending on your business you put them on the payroll let them start working let them understand the concept of earning their own money paying their own taxes paying their tithes yes you know you have money but they go spend it but we don't teach our children the basics how to have a budget how much rent cost electric bill food they get money they spend it on whatever they want to spend it on that's right not realizing there's other things that they will need especially when they turn 18 or 21 when they're legally ready to you know they've graduated from college and they have to go find their own apartment or buy their own car so there are some things that we need to start teaching our children while they're young so that they will be ready when they get out the world now it's I'm a business owner I have this 15-year-old child can I put something in their 401K yes you can give them a W2 oh wow they can be on payroll payroll especially if your company has payroll yeah you know now are you going to pay them $70,000 a year no no pay them lunch yeah right you know 10,000 you know for the year you know and then when that money gets deposited into their account you need to teach them how to budget it you need to save this amount cuz they're going to want a car especially they're 15 they're ready to get driver's license and your insurance is about to go up just get ready for three years in North Carolina a new driver doesn't matter the age your insurance will be high for 3 years that's good so you need to teach them when they're young how to budget every month you sit down when you get paid or every two weeks or however you get paid you sit down and do a budget what needs to be paid make sure you have enough money for your rent your light food clothing doctor visits prescriptions you know car taxes all that stuff well why not teach them that's good that's good you know I'm also thinking about business skills and spiritual skills right so so we're in this evaluation State when I look at my managerial my business experience and it's light should that hinder me or stop me for trying to be an entrepreneur I mean if I don't know much about it I mean what would you suggest to that individual who's in that space always get education okay there's some type of conference or class or seminar that can help you you do want to know the basics okay the whole point is you need to understand the basics so that when you hire the person to do that job okay let's say um your company is expanding you need somebody to help you higher okay when you hire an HR person they should be a little bit more skilled than you you know stronger than you okay but you should know some Basics like depending on again if you are a person in retail I'm not going to hire somebody who has a felon for stealing money and put them on the cash register yeah that's just not wise it's just not wise so you know that your HR person should also you know they should really know more okay cuz that's the point of hiring them you're not really hiring anybody under you per se because you still be doing the work because they don't know what's going on yeah so that's where you learning a little bit of everything in your business that's why you need the SOP now when you hire that person they should be strong enough to go to the next level for you that's good that's good you know I'm also thinking about spiritual skills you know like now that I'm looking at myself I need to look at my gifts you know I need to see how am I going to use this business understanding my why but use this business to further God's kingdom and and I don't know if we really do that like if if I am providing services how is it going to make my customers feel about themselves is it going to bring them closer to God if that's my goal like like what is my goal to be more fruitful in the earth well and depending on your industry you may not be able to evangelize gotcha that's wisdom but you do evangelize I with your personality with your professionalism or the lack of so when you are thinking about you know what are the characteristics of a business owner but what are your characteristics as just a normal person you know if I tell somebody I'm going to do something do you do it or you just saying that so that they can get off the phone you know and I know some things like oh I'll call you back and you get busy I'm not talking about that I'm talking about deep down inside when you say that you're going to have something done like I went to a seamstress and I gave her the the the clothing and she was like it will be ready in a week okay okay in a week I expected to have it that's right she called me about 2 days beforehand I'm not going to make the deadline okay now see that was wonderful because the pants that I needed I could go buy another pair if I needed to okay you know or you know I could just wait but I knew in advance that they weren't going to be ready you know she had a situ a personal situation of course so of course let me tell you that I might not make it and see what you want to do if you want to pick the pants up you know I understand she still made the deadline but it was good to know that there was a situation that could have stopped her making the deadline oh 100% you know and so that made me feel good about bringing stuff back to her yeah you know especially if she gives me a deadline you know or if I need it for a certain time period that open lines of communication yes and so professionalism I mean we use that word a lot but it boils down to who are you M are you a liar okay procrastinator you know we look at liars and be like okay you know you're bad but procrastination technically is bad you know so what are your characteristics what are your weaknesses what are your strengths I love it you know so if you are weak okay I don't like talking on Telephone okay so you hire someone who has the gift of Gap that's right you see you hire for your weakness that way nobody quote unquote sees the weakness because you have the person answering the phone that's right it's not you you hello um did I call a business you know so you want to be able to have those things you know out there your personality what's important to you you know what kind of skills do you need to be that entrepreneur in your area and strive and be strong and be fruitful I love it you know you know I think you set this up uh really nice for for our closing segment you know we want you to take out that good sheet of paper and we want you to identify the most important interest and skills that you have and write them down and pray over them because that is a start of you analyzing yourself and what God has given you um there's some other things that we would like to share okay um about how to analyze yourselves yeah and don't forget you know in the back of the day when you trying to make a decision the pros and the cons you know what are your strengths yeah what are your weaknesses okay and that's a focal point to pray especially if you're a procrastinator okay you start something you don't finish it you start something you don't finish it you know that's something that you can pray about and focus on um making sure that you know what's in you and then ask other people what they see if they see the same thing you know I tell people I mean and then everybody else is like you're so funny well are we in two or three Witnesses right I'm like how am I funny but they're like you're funny like no I'm mean I mean but you know you don't know how people see you until you ask them now be ready for what they're going to say now if they're truly your friend they're going to tell you the truth wow you know now if there's some secondary you know secondary Associates watch it because they could be just trying to be mean but be open to that what they say in that criticism it can make you better it can make a weakness into a strength now but definitely you know write that stuff down and pray about it especially the industry that you're going to go into you know if I was going into the counseling industry that you need to pray because you're going to be listening to people's problems and you don't want to take them home with you that's right you know so know your industry know what's going on I know what people I know a lot of people want to buy into businesses and people will set them up and do all that and you just sit at home and get the money but you need to understand the liability that goes with that so you know you don't have to be was an absentee business owner okay yeah yeah yeah but how do you know that you're getting all your money I love it I love it you know kid we talked about so much today um and before we close this out in prayer is there anything else that you would like to share that's know bubbling up or go deeper on not really but when you are setting up your business think about a budget the same way you do personally okay this business is going to make money and it's going to spend money so you have a personal budget you need to have one for your business so you can know what's going on and if you're making money is it worth it okay or maybe I'm just in the first two to three years where it might be more expenses than is revenues coming in but you need to know that because when you have a loss that money has to come from somewhere and nine times out of 10 is your budget your personal budget that's so good well let's go ahead and pray we can talk about this all day dear heavenly father we just thank you Lord as all these entrepreneurs hear what we're talking about prick their hearts oh Lord allow them to go to you and do an assessment of themselves understand the gifts that you have given them from the foundation of the earth allow them to understand who do they need around them who are the 12 who are the disciples that need to bring in their skills so together they can accompl accomplish what you have called them to accomplish yes allow them to be men and women of character allow them to stand in their Industries as pillars of salt Lord we thank you right now in Jesus precious name we pray thank God Amen I tell you I'm so excited if you guys have any questions hit us up at questions Samuel h.org and also remember aita's information is going to be in the bio so if you have questions and want to reach out to her please do this is only the beginning and we're excited hey love you guys have a good evening all right bye