New Venture Lab: Equipping Christian Entrepreneurs

The Secret to Selecting the Right Type of Business to Launch

I was recently asked the question: "What kinds of businesses are the best types of businesses for a family to start?"

That question reveals some slightly-flawed thinking because even if one designed the ideal business and it scored extremely high on the Venture Analysis, that doesn't mean it is the right business for a family to start (see this previous Q&A post)

The ideal business for a family to start is one which is at the nexus of the following critical items:
  • The business addresses real customer pain and a customer's unmet need
  • The business leverages the family's collective skills, training, education, experience, professional training, and industry networks (and is within the scope of what the family can deliver in the near-term in order to get launched). Note: the more new things the entrepreneur or the family is experiencing while attempting to launch a new venture, the greater the risk and the higher the likelihood of failure. (See this post for more on this subject)
  • The business fits the context of what the family is trying to achieve in terms of lifestyle, earnings, level of investment, etc.
  • The business has a business model that scores well on the Venture Analysis (which addresses everything from industry to operations to finance to offering to customers)
See our latest Building a Business from Start to Finish video on our subscription-based  for a detailed step-by-step process on how to work through the overall process.

Of course God can surprise us and bless us in ways we cannot even imagine, but we also need to be discerning in everything we endeavor.  Even if God is stretching us and our faith, He will generally call us to do things that He has been preparing us for.  We then need to be faithful in following His lead and doing our part, while still relying on the Lord for His provision.

And one final thing: be sure to join our  for more on the overall process of moving from start to finish.

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