Month: July 2024

Preface: “In the world of entrepreneurship, challenges are inevitable. But with faith, perseverance, and a reliance on God’s strength, you can overcome any obstacle.” — Craig Groeschel

Faith Driven Entrepreneur: What It Takes to Step Into Your Purpose and Pursue Your God-Given Call to Create is a compelling guide for entrepreneurs who seek to integrate their faith with their business endeavors. Authored by Henry Kaestner, J.D. Greear, and Chip Ingram, this book provides a roadmap for faith-driven individuals to navigate the challenges and opportunities of entrepreneurship while staying true to their spiritual beliefs.

Key Themes and Insights

Faith Driven Entrepreneur is structured around several key themes that are essential for integrating faith with entrepreneurship:

Purpose and Calling: The book emphasizes that every entrepreneur has a unique purpose and calling from God. It encourages readers to seek God’s guidance in their business ventures and to view their work as a form of worship and service to others.

Values and Ethics: The authors stress the importance of operating with integrity, fairness, and compassion. They argue that faith-driven entrepreneurs should be known for their ethical practices and their commitment to treating employees, customers, and stakeholders with respect and dignity.

Community and Support: Entrepreneurship can be a lonely journey, but the book highlights the importance of building a supportive community of like-minded individuals. It encourages entrepreneurs to join faith-driven business networks and to seek out mentors who share their values.

Impact and Legacy: The authors challenge readers to think beyond profit margins and to consider the broader impact of their businesses. They advocate for using business as a platform to address social and environmental issues and to make a positive difference in the world.

Practical Guidance: Throughout the book, the authors provide practical advice on various aspects of entrepreneurship, from developing a business plan to managing finances and scaling operations. They also share stories of successful faith-driven entrepreneurs who have navigated challenges and achieved their goals1.

Here are a few notable stories from the book.

1. The Ethical Dilemma

One of the compelling stories in the book involves an entrepreneur who faced a significant ethical dilemma. This business owner was presented with an opportunity that promised substantial financial gain but required compromising on their core values. Despite the potential for profit, the entrepreneur chose to uphold their principles, even though it meant turning down the deal. This decision ultimately led to greater trust and loyalty from customers and employees, demonstrating that integrity can be a powerful competitive advantage.

2. The Community Builder

Another inspiring story is about an entrepreneur who focused on building a strong community within their company. This individual believed that a supportive and values-driven work environment was crucial for success. By fostering open communication, collaboration, and mutual respect, they created a workplace where employees felt valued and motivated. This approach not only improved employee satisfaction and retention but also enhanced overall business performance.

3. The Social Impact Innovator

The book also highlights the journey of an entrepreneur who used their business as a platform to address social issues. This entrepreneur was passionate about education and decided to integrate this passion into their business model. They developed products and services that not only generated profit but also contributed to improving educational outcomes in underserved communities. This dual focus on profit and purpose helped the business attract like-minded partners and investors, amplifying its impact.

4. The Resilient Leader

A story of resilience is shared about an entrepreneur who faced numerous setbacks and challenges. Despite these obstacles, they remained steadfast in their faith and commitment to their vision. Through perseverance and reliance on their faith, they were able to overcome the difficulties and achieve success. This story underscores the importance of resilience and faith in the entrepreneurial journey.

5. The Mentor and Mentee

The book also includes a story about the powerful relationship between a mentor and a mentee. The mentor, a seasoned entrepreneur, provided guidance, support, and wisdom to a young, aspiring entrepreneur. This relationship not only helped the mentee navigate the complexities of starting a business but also reinforced the mentor’s own faith and purpose. This story illustrates the importance of community and support in the entrepreneurial journey.

These stories, among others, provide practical insights and inspiration for faith-driven entrepreneurs. They demonstrate that it is possible to achieve business success while staying true to one’s values and making a positive impact on society.

Conclusion

Faith Driven Entrepreneur is an inspiring and practical guide for anyone looking to merge their faith with their entrepreneurial pursuits. The authors provide a comprehensive framework for building a business that not only achieves financial success but also honors God and serves the community. By following the principles outlined in this book, faith-driven entrepreneurs can navigate the complexities of the business world while staying true to their spiritual convictions. This book is a valuable resource for anyone who believes that business can be a force for good and who seeks to make a meaningful impact through their work. Whether you are a seasoned entrepreneur or just starting out, Faith Driven Entrepreneur offers insights and encouragement to help you pursue your God-given call to create.

Preface: “Whatever you do, work at it with all your heart, as working for the Lord, not for human masters”  (Colossians 3:23)

Biblical Business Management: Timeless Wisdom for Thriving Amidst Inflationary Pressures

In the roaring 20’s volatile economic topography, businesses face the challenge of navigating inflationary pressures while maintaining ethical and sustainable practices. Today, entrepreneurs and leaders can draw inspiration from biblical principles that provide timeless Kingdom wisdom for business excellence. 

Let’s explore these principles, along with relevant examples from the Bible:

1. Integrity

“The integrity of the upright guides them, but the unfaithful are destroyed by their duplicity.” (Proverbs 11:3)

Application in Business Life:

Transparent Business Practices: Operate with utmost transparency. Avoid hidden fees, misleading advertising, or deceptive practices.

Honesty in Communication: Encourage open and honest communication within your team.

Ethical Decision-Making: Seek ethical guidance when faced with difficult decisions.

Lead by Example: Set the highest standards of integrity as a leader.

Biblical Example: Joseph in Egypt (Genesis 39) Joseph resisted the advances of Potiphar’s wife, choosing integrity over personal gain. His unwavering commitment to honesty led to his eventual rise to power.

2. Honesty

“Honest scales and balances belong to the Lord; all the weights in the bag are of his making.” (Proverbs 16:11)

Application in Business Life:

Truthful Marketing and Advertising: Provide accurate information about your products or services.

Transparent Pricing: Clearly communicate pricing to customers.

Fair Employee Compensation: Be honest and fair in your treatment of employees.

Ethical Financial Practices: Maintain honest financial records and reporting.

Biblical Example: Zacchaeus (Luke 19:1-10) Zacchaeus, a tax collector, repented and pledged to repay those he had cheated. His commitment to honesty transformed his life and impacted his community.

3. Stewardship

“Moreover, it is required of stewards that they be found faithful.” (1 Corinthians 4:2)

Application in Business Life:

Resource Management: Use resources wisely, avoiding waste and extravagance.

Long-Term Vision: Consider the long-term impact of business decisions.

Environmental Responsibility: Care for God’s creation through sustainable practices.

Biblical Example: The Parable of the Talents (Matthew 25:14-30) The faithful stewards multiplied their talents, while the unfaithful one buried his. Effective stewardship leads to growth and blessings.

Chick-fil-A: A Modern-Day Example

Chick-fil-A, a fast-food chain, exemplifies these principles in its business model:

Customer Service: Chick-fil-A consistently ranks at the top in customer satisfaction. Employees walk through drive-thru lines to take orders via tablets, minimizing wait times.

Niche Focus: Unlike other restaurants with extensive menus, Chick-fil-A remains laser-focused on selling chicken sandwiches. This deliberate choice has propelled its success.

Franchise System: Chick-fil-A owns and operates its restaurants while offering franchise opportunities to qualified partners. This allows them to maintain quality and consistency across locations.

Closed on Sundays: Despite being closed on Sundays, Chick-fil-A outperforms competitors, averaging over $4 million in sales per store—the highest of any fast-food chain in the U.S..

Chick-fil-A’s commitment to integrity, honesty, and stewardship has made it a formidable competitor, even challenging McDonald’s dominance. As business leaders, let’s apply these biblical principles to thrive in any economic climate, honoring God in our endeavors.

Conclusion

As business leaders, let us anchor our practices in these biblical principles. By doing so, we not only thrive amidst inflationary pressures but also contribute to the testament of a just and stable economy. Remembering that our ultimate purpose is to honor God in all we do, both in business and beyond, helps to keep a Kingdom-first focus.

Preface: “Your greatest contribution to the kingdom of God may not be something you do but someone you raise.” — Andy Stanley

Tax Credit for Adoption Costs

If you incur costs related to the adoption of a child, you can claim up to $15,590 as a tax credit in 2023.

In addition to the Adoption Credit, up to $15,590 of adoption costs provided by your employer can be completely excluded from your taxable income. Just make sure you don’t try to claim credit for costs you are also excluding.

The credit is non-refundable, which means you cannot claim more credit in a single year than you have tax liability. For this reason, A portion of the unused credit can be carried forward for use in up to five future tax years.

After a successfully completed adoption, an adopted child is treated the same as any other child for purposes of all dependent-related tax benefits such as the Child Tax Credit, Earned Income Credit, and Head of Household filing status.

What Costs Are Eligible?

For purposes of the Adoption Credit and Adoption Exclusion, the child you are adopting must be under 18 years old or physically or mentally incapable of self-care. The child cannot be your spouse’s child.

The metric the IRS uses to decide if a cost is qualified is if it is “reasonable and necessary” for legal adoption of a child. This typically includes court costs, attorney fees, and travel costs, including meals and lodging. Costs of surrogate parenting are not eligible.

Limits on the Credit

The limit of $15,590 applies to all costs incurred toward a successful adoption, even if it takes place over multiple years.

If an adoption attempt is unsuccessful and a new adoption attempt is begun, the costs of the unsuccessful adoption are considered part of the new adoption attempt.

This dollar limit applies separately to the credit amount and the exclusion amount.

Your ability to claim the credit or to exclude employer-provided costs will begin to phase out if your Modified Adjusted Gross Income (MAGI) is over $239,230 in 2023. It completely phases out if your MAGI is over $279,230.

To figure this phase out, MAGI means Adjusted Gross Income (AGI) modified to add back most Schedule 1 deductions and any excluded foreign income.

Foreign vs. Domestic Adoption

If the child you are adopting is not yet a U.S. citizen or resident at the time the adoption begins, the adoption is considered a foreign adoption. This means that you must wait until the adoption is final before taking the credit or excluding any employer-provided adoption costs. In the year the adoption becomes final, you may take credit and exclude all amounts eligible up to and including that year. Additional costs incurred in future years may be credited or excluded in the year they are paid.

For a domestic adoption, all credits and exclusions incurred before the adoption is final may be taken in the year following when they are incurred, even if the adoption is not yet final. In the year the adoption is final and in subsequent years, the credits and exclusions are taken in the year incurred, the same as for a foreign adoption.

Special Needs, Special Adoption Credit Rules

If you are adopting a child in a domestic adoption who is determined by a state to have special needs, you may claim the maximum amount of the credit in the year the adoption becomes final, regardless of costs you actually incurred. In this case, you will not claim the credit in years before the adoption becomes final. The credit is still non-refundable and is still subject to the same income phaseout.

For a child with special needs, you may also exclude the maximum amount of income regardless of whether your employer actually provided any adopted-related costs, but only if that employer has in place a written qualified adoption assistance program.

Preface: For if any be a hearer of the word, and not a doer, he is like unto a man beholding his natural face in a glass: for he beholdeth himself, and goeth his way, and straightway forgetteth what manner of man he was.” – James 1:23-24  (KJV)

The Importance of Good Information

Imagine you are rowing your boat upstream in a creek while drinking from a fire hose as water overflows the sides and leaks in through a hole in the floor. Water surrounds and pushes you.  Running a business can be like that. Information can nearly inundate an entrepreneur. There are reports on your desk of work that was completed, and someone is standing at your desk talking to you. Meanwhile, the phone rings incessantly in the background.

If you need to go somewhere in a boat and water is inundating you, the solution is not to stay out of the water. The solution is to use the water wisely to get you where you should go. Likewise, business owners may be flooded with information.  The answer is not to eliminate information.  Instead, gather the correct information and apply it wisely.

What Information to Get?

First, what information should a business owner seek out? Although the exact information that is helpful may vary from business to business, here are examples that might be useful.

What do customers want? This question could apply to former customers (why did they leave?), current customers (why are they buying from me?), and future customers (why would someone else want to buy from me?).

What can we provide? What product or service can your business offer? At first, this question might sound silly.  Business owners already know what they do, right? Is there perhaps a new offering or a tweak to an existing offering that be helpful? For example, suppose a business specializes in roofing.  Would there be benefit in adding siding to the lineup of work? Maybe or maybe not but asking what you can provide with excellence is a good question.

What have we done? You can gather information on how many products you have sold. For example, perhaps a business sold 1,000 green widgets and 1,500 blue widgets.  You can gather information on what you have done financially.  How much were your sales, your profits, your debts repaid or incurred?

How did we do it?  Businesses can document their processes for work.  If you develop a great way to efficiently work with excellence, consider documenting that information to help you repeat that work. Use that process to train new employees to learn and repeat that good work.  Documented processes don’t need to be volumes upon volumes of data.  To start, document the most important part of the most important processes.

Getting Information

Ask
If you want to know something, ask questions.  Whom should we ask?  First, consider asking yourself.  Perhaps if you sit down and think about it, the answer might come to you.  Also, consider asking your customers.  Without customers, businesses die.  Customers are a wealth of information.  Also, ask other business owners.  Consider joining a business group of like-minded business owners who can encourage each other and provide valuable information.

Seek
Sometimes, simply asking a question might not get you an answer.  The person you ask might not know.  You might have to seek diligently for it.

There may be books and articles that contain knowledge that’s applicable to you.  Have you checked to see if there are periodicals or books that would help you in your business?

In some cases, seek out specialists.  If you have a legal question, consider reaching out to an attorney.  If you have a tax question, talk with your accountant.  If you have a product question, consider calling the manufacturer of that product to see if they have input.

Sometimes you might need to experiment and develop something yourself.  If you want a product to accomplish something new, you may need to use trial and error to accomplish that.

In some cases, you might need to travel somewhere to see other businesses and talk with them to learn more about how they do things. You might go visit the manufacturer of a product you buy and talk face-to-face and get a hands-on demonstration.

Record
One fabulous source of information is your records if you track information in an accessible way.  If all your receipts, bills, and bank deposit slips are thrown in a shoebox and never organized, it might be hard to know the health of your business.  On the other hand, if detailed accounting records are kept, that information might be very helpful.

What information should you record?  This can vary from business to business.  Think about your business, and what information you want to know.  Do you want to know how many widgets you manufactured, how many customers you have, what months have the highest sales, which states you ship products into, or what do you want to know?  Consider asking others with a similar business what information they record.

Review
The information that is around us might not be helpful if we don’t review it.  Do you have a regular rhythm of reviewing your information and making changes accordingly?  How does your information from last month compare to the previous month?  Is it the same, better, or worse?  Do you have industry information to compare it to?

Acting on the Information

A person could dehydrate in the middle of a creek if they didn’t drink the water that surrounded them.  What will you do with the information that surrounds you?  Are their products that you should stop selling, or tweak?  Are there new products that you should start selling? Is there a new state in which to register for sales tax?

After you gather information, wisely consider your next steps. After you decide what you need to do, then go and do it.