This prolonged economic slump has a lot of folks looking at other people’s money - wishing for the wealth of Microsoft founder Bill Gates, Def Jam and Phat Farm founder Russell Simmons, or the Google guys Sergey Brin and Larry Page. Dreaming about somebody else’s bank account is a waste of time, and a disappointment when you wake up to an empty wallet. I say, instead of coveting someone else’s money, build your own pool of wealth! Many of today’s wealthiest individuals started as entrepreneurs and small business owners, so can you.

With the national unemployment rate at a 26-year high, (10.2% for the general population and over 15.7% for Black people) creating another source of income is a wise thing. You’ve probably already thought about it – starting your own business, no longer relying on someone else to provide 100% of your income, establishing a legacy for your children and grandchildren.

Most people have considered entrepreneurship, but never do it because they are afraid of taking risks or have become too comfortable with the status quo. If that sounds like you, take a moment to read Luke 19:11-27, the parable about a nobleman who gives his servants three months salary, tells them to “Do business,” and then goes off to conduct his own business.

When the nobleman returned he found that each of his servants had different results. The first servant found a way to double the money, without gambling in Vegas or playing the lottery. He reported, “Master your mina has made ten minas more.” The second servant also had a good report, but the third servant said, “Master, behold your mina, which I kept put away in a handkerchief; for I was afraid of you.”

What are you afraid of? Is it that starting a business will take too long or cost too much? Are you afraid that friends or family may think you’re crazy? Or maybe you fear failure. Whatever your fears are, be honest about them and ask God for strength and guidance to move you out of a servant mentality and into a spirit of entrepreneurship, similar to the nobleman’s first two servants.

Entrepreneurs come in many forms: consultants, franchisees, merchants, chiropractors, lawyers, artists, hairdressers, plumbers, painters, and restaurateurs. You may not have to start the business yourself; perhaps a colleague, friend or family member has a sound business concept that you can join as a partner.

As you pray for guidance, use the following questions to begin your exploration.

1. Are you a self- starter?
   You’ve got to be willing to light your own fire! Entrepreneurs set the pace – when to get up, start a project, make phone calls, etc.


2. Are you a risk- taker?
   No entrepreneurial endeavor is risk-free; there is always a chance that the business may fail. The key is to take calculated risks; do your research and make decisions based on valid information.


3. Are you willing to work long hours?
   During the first year or two, you may have to work 12-hour days and weekends. Sean “P Diddy” Combs says he only gets about 4-5 hours of sleep each day. Are you ready for this type of time commitment?


4. Can you make sound decisions?
   Business owners have to make difficult decisions that affect family members, employees and business partners. Can you handle that level of responsibility?


5. Do you possess good organizational skills?
   As a business owner you are responsible for EVERYTHING - bookkeeping, insurance, generating new business, hiring employees, paying taxes, marketing and so on. If you aren’t organized, things will fall apart quickly.


6. Can you deal with a fluctuating income?
   Many businesses are cyclical, which means the money may be rolling in for three months and rolling out the next three, especially in the early years. Can you budget for and handle the downtimes?


7. Are you resilient?
   Even when all signs point to success, some people and projects may not pan out. As an entrepreneur you must be able to brush it off and keep it moving.


8. Do you have a healthy self-esteem?
   Have you noticed that most business owners possess an air of extreme confidence? It’s because as an entrepreneur there will be times when you and God are the only one’s on your side - no one will believe in you, your product or your concept.


9. Can you handle money well?
   If you don’t know what to do with money your business will die. You must know what price to sell your products/services for, how to budget for expenses, how much to pay yourself and your staff, and how much to put back into the businesses to keep it growing.


10. Can you attract a diverse customer base?
    Just because Momma ‘n ‘em love the cute little t-shirts you make doesn’t mean you’ll be able to sell them to customers, local retailers or the big chain stores. Make sure your product or service has a wide enough appeal to sustain sales and that you spend the time and money to reach your markets.


11. Where will you get the money to start your business?
    Lack of appropriate start-up and operational capital is another business killer. Where and how you get the money will depend on how credit worthy you are, so consider traditional and non-traditional options. The money doesn’t necessarily have to come out of your pocket. Look for investors, Small Business Administration loans, federal grants, a bank line of credit or equity in your home. Remember, Spike Lee financed his first movie with credit cards.


12. How will the business affect your family?
    Is your spouse on board with this new venture? Make sure you’re honest about the benefits, like future financial independence, and the risks, like a fluctuating income. If your immediate family hasn’t bought into your dream, there could be trouble ahead.

Owning your own business might be the most rewarding thing you’ve ever done, but it is not without risks. Do three things to increase your chance of success: research, plan, and pray that God’s will be done in your life.