Vaulting Towards Success, Part 2 - The Safety Net

In part 1 of this series, we examined the importance of always making sure you’re on the right track and moving in the right direction, both in life and business. In a track and field competition, there are a dozen different areas that you could find yourself, whether it’s in front of the high jump mats, long jump or triple jump sand pits, the oval racing track, or even next to the steeplechase water pit.

If you plan on pole vaulting, as I did in school, you had better confirm that you’re on the correct runway, or the results could be disastrous. Only one area on the field has the necessary plant box for your pole to land in, and the necessary mats for you to fall on. Attempting to jump in the WRONG area, while running with a 15 foot fiberglass pole at full speed, is not strongly recommended.

The same can be said of your business pursuits and entrepreneurial endeavors. If you choose a track in life that doesn’t necessarily fit your skill set or your passions, the end result could be even more disastrous and painful than trying to pole vault on the wrong runway. There’s nothing more disheartening than spending your life climbing up the business ladder, only to find out you had it leaning against the wrong wall!

The Safety Net

After ensuring you’re on the right track, you also want to confirm that there is a safety net in place if things don’t go exactly as planned. In the pole vault, the padding is not limited to the area in which one would land if everything goes perfectly. In fact, the padding extends well in front of the plant box, around the bottom of the standards (metal contraption that holds up the cross bar), to both left and right sides, and to the back of the pits. The reason? Well, let’s just say that things don’t always go according to plan.

Anyone who has pole vaulted for any length of time can tell you the war stories of jumps gone awry. I have watched poles break in the middle of a jump (check out this video from last week's world championships), I’ve been thrown into the standards, I’ve come up short and landed in the metal plant box…and the list goes on and on. I have quite a few bodily scars that can be attributed to my jumping days of old. However, while it may be one of the most dangerous sports in all of track & field, the risks associated with the pole vault are greatly mitigated due to the padding and other safety measures that have been added to the sport over the years.

Much like in the pole vault, it’s extremely critical that all new entrepreneurs have a safety net in place. This is best accomplished in a new venture by setting aside dedicated cash reserves, preferably 6-12 months of anticipated business expenses. It’s important that there is enough available capital to sustain your company as its fledgling roots try to take hold in the local economy.

Too many times new businesses are formed because someone loses a job, or doesn’t have anywhere else to turn. While that may be a great motivating factor to launch out on your own, it provides little room for error in case your sales and revenue don’t immediately take off. In fact, this is the primary reason why 1/3 of all businesses fail in the 1st two years, and over half fail in the 1st four years. To ensure longevity and success, new businesses should be started from a place of strength, not cash-strapped and in a position of weakness and desperation.

However, a safety net of cash reserves should NEVER be confused with a “back-up plan” or a “Plan B.” Your reserves are designed to help you get through the growing pains of your new endeavor, giving you ample time to build your brand, your customer base, and your goodwill throughout the community. It is NOT a “fall back” or an excuse to give up if things don’t immediately go as planned, because…NEWS FLASH…things will NOT go as planned.

If you are not committed to your business for at least a year or more, it is obviously not a true passion or calling, and you should probably find somewhere else to spend your time and money. However, if you can’t get away from that gnawing inside of you to do something beyond yourself, if it eats at you, nags you and consumes your every thought…then you are right in the place you need to be, and ready to launch yourself towards greatness.

Today is your day! It’s time to tap into your entrepreneurial spirit, and create something new and life-changing, a product or service that can make the world a better place and enhance the lives of your customers. Burn your proverbial boats, commit to your business, and give it everything you have. When you do that (along with a safety net of cash) you will be destined for entrepreneurial success!

Vaulting Towards Success

When I was in high school, one of my greatest passions was the pole vault. My grandfather had jumped back in the days of bamboo poles and landing areas filled with sand, and apparently the desire to launch yourself into the air is hereditary. When I was too young to jump myself, I had the opportunity to watch my older brother compete in high school meets. I enjoyed those days, but watching alone was simply not able to fufill the longing inside.

After years of waiting impatiently, I finally hit my high school years and it was my turn to try out for the track team. I was originally told by the track coach that I was "too small" to compete in the pole vault. Apparently 4 feet, 10 inches and 92 pounds (soaking wet) is not the ideal body type for such an event. However, rather than letting his negative assessment discourage me, I turned the coach's words into fuel to ignite my pursuit to be successful in the sport that I had grown to love.

I eventually went on to win the section championship, made the front page of the sports section, and earned an athletic scholarship to Oral Roberts University where I was 2nd team all-conference in my 1st year. But this post isn't about me....OK, so it's totally about me, but indulge this has-been for just a second.

The pole vault is an intricate collection of motions that when done properly can help elevate you to extraordinary heights. There are a lot of parallels between the different steps in a successful vault and achievement in the business world. Over the next few blog posts, I'm going to share a few of those powerful business lessons with you. But before I do, if you've never actually seen someone pole vault, watch this very brief video so you get an idea of what I'm talking about.



1. Make sure you're on the right track

If you've ever been to a track meet, you've undoubtedly noticed that there are numerous events going on at the same time. At one end of the field you will have the high jumpers competing, and perhaps a long distance race or sprint event will be happening on the oval track itself. At the opposite end of the field you will have the pole vaulters and long jumpers often competing right next to each other, and many times there is a competition going on between javelin or discus throwers in a totally seperate area.

If you decide to pole vault, you had better make sure that you are on the right runway, because each area is specifically designed for its unique purpose. Only the pole vault area has a metal plant box in the ground for the pole to land in, as well as a very large set of mats for you to land on when you get done falling from 16 feet or more. If you're not on the right track, moving in the right direction, the results could be disastrous.

This is also true when it comes to your entrepreneurial endeavors. If you make a decision early on to move in a certain direction, and it's not really the plan that God has for you, the results can be less than ideal. The business world has a warning that "When you're climbing the corporate ladder, make sure that it's leaning against the right wall." You would hate to get to the pinnacle of what those around you consider succes, only to realize that it's not where you wanted to be.

The same wise advice applies to entrepreneurs and small business owners. When you start a new business, make sure you have a deep passion for the product you will be selling or the service that you will be providing. All too often, entrepreneurs will join a partnership, or open a business or franchise based solely on the potential profits. It's not until many years and many thousands of dollars later they realize that they absolutely despise what they're doing.

Everyone has that thing deep down inside of them that they know they were called to do. Your eyes light up and your heart burns every time you stop to think about it. For me, it's raising up and equipping Christian entrepreneurs. For you, it's something totally different. Whatever it is, put your efforts and energy towards learning how to help others through your passion, and monetize it for your own financial gain and security. It's there in that place that you will find true fulfillment as an entrepreneur in God's great Kingdom. What are your thoughts? I'd love to hear what you have to say on the topic. Let me know by commenting below. And stay tuned to this blog or your e-mail box for part 2 of "Vaulting Towards Success".

The Power of Passive Income

In 2005, Robert Allen released the New York Times bestseller entitled, “Multiple Streams of Income”. Though it was not an entirely new concept, the book certainly put a spotlight on the need for investors and entrepreneurs alike to focus on the creation of multiple revenue streams. However, as I pointed out in Part 2 of this series, many small business owners found that their pursuits for additional income only led them into a trap of creating 2 or 3 full time jobs for themselves. These hardworking individuals never saw the blissful ending they so earnestly desired because they didn’t understand which type of income they should be pursuing.

There are 2 major types of income: active income & passive income. Active income is defined as income that we derive from services actually performed. Another very technical term for active income is something referred to as, well…WORK! Most people consider it a 4-letter word, and one of life’s necessary evils. While it may be considered evil by some, it’s certainly not all that necessary. That is, if you are able to implement an effective strategy to create income that’s independent of your personal involvement.

Hard work is the backbone and foundation for any new business or entrepreneurial endeavor. Most start-ups require a great deal of time, energy and patience to get them off the ground. Unless you are fortunate enough to have incredibly deep pockets, the beginning weeks and months of your start-up will certainly be a grind. God-willing, you will eventually begin to make better money, and the business will start to experience success. That’s when you will come to a major crossroads in your organization. The decision you make at this juncture is imperative, with the answer paving the way to either a life of freedom or one of hard labor.

Passive income is defined as earnings an individual derives from a rental property, limited partnership, or other enterprise in which he/she is NOT ACTIVELY INVOLVED. The biggest preventer of “going passive” with your business is known as Parkinson’s law. The more we make, the more we have a tendency to spend. If we make the mistake of consuming all our profits, it leaves nothing for business development or the hiring and LEVERAGING of other people’s time and talents, which is the key to passive income. Too many entrepreneurs stop at a good income, satisfied to make ends meet, and possibly even attain a few nice things. Most never create a strategy to take a good income and make it great (primarily by making it passive) so they can focus their “active” time on another income stream or perhaps one of life’s other passions.

The parable of the talents is a great Biblical example of passive income in action, as the master earned a 100% rate of return by simply placing the responsibility in the hands of a capable assistant or employee to manage his business and finances. That should be the goal for each and every Christian entrepreneur. Create a business in an area you love, make a short-term sacrifice to create massive income, turn the income passive and then go fulfill your divine call. Whether God’s will for you is to open more businesses, go to the mission field, volunteer at your church or work at a homeless shelter, you need to have the freedom to go and do without the pressure of finances and the day to day work of your business. That’s the freedom that passive income provides and it gives you the power to do as you feel led, not as you feel forced to do to survive.

Other Related Posts:

Multiple Streams of Income, Part 1
Multiple Streams of Income, Part 2

Take Action on Your Promise

When I was in Bible school, it seemed like I was always fasting. Sometimes it was just a day, sometimes 3 days, and every once in a while it would be longer. In fact, I ate so little that when I first met my wife I only weighed 121 pounds. At first glance this may sound extremely spiritual, but most of the time I was on what I liked to call, "forced fasts". I wasn't avoiding food because of some deep, intimate encounter with God, but because I just couldn't afford it.

During one of these "forced fasts", I was in the middle of a break between Bible classes and I had an amazing craving for a soda. Sadly, I didn't even have enough money at the time to buy one, as every spare penny had gone into my gas tank to get me to school.

While I was wandering around the campus, I felt one of the strongest unctions in my spirit up to that time, and the Holy Spirit was telling me that God was going to give me a soda. As strange as it may sound, it was one of the most powerful spiritual encounters of my life. God was teaching me something about provision and blessing, and it's a moment I remember vividly some 12 years later.

I knew I had to do something, to take some kind of action to show that I truly believed this word He had deposited in my heart. I wasn't going to just walk around in an empty field waiting for something to drop out of the sky. I had enough sense in me to realize that God uses other people to bring blessing and provision into our lives.

So, I started marching (and praying) across the parking lot towards the school cafeteria, with all of the passion and zeal of a young Bible school student. I was high on faith, and I knew beyond a shadow of all doubt that somehow, someway...God was going to give me a soda.

As I entered the crowded vending machine area, I had no clue what was going to happen, or how this promise would be fulfilled. I just knew it was going to happen. I walked up to the soda machine without a penny in my pocket, but with full assurance that I was about to get a drink. Willing to look foolish for Jesus, I lifted my finger up and started to push the button on the machine, though I had not placed even a nickel in the slot. Just as I did, a young man at the table behind me yelled over the noise of the crowded snack room, "Hey man, you want a soda?"

I turned around and there it was, an ice cold can of carbonated, caffeinated sugary goodness...free of charge. Apparently this fellow student of mine had accidentally hit the wrong button when buying his own, and so he just so happened to have an extra one that he didn't need...the exact second that I walked up.

What would have happened had I just hid myself in a prayer closet and tried to "faith it in"? I'm certainly not implying that faith is unimportant, but what I am saying is that faith without works is dead. When God gives you a promise, he expects you to TAKE ACTION & begin making preparations for the fulfillment of that promise. It's an act of faith that shows you truly believe he is going to do what He said He will do.

Has God recently given you a promise about your finances or your business? What have you done to get prepared for its fulfillment? I'd love to hear your story below.

Making Preparations for Success

"Go through the camp and tell the people, 'Get your supplies ready. Three days from now you will cross the Jordan here to go in and take possession of the land the Lord your God is giving you for your own." (Joshua 1:11, Emphasis Added)

After Moses' death, God immediately commissioned Joshua to "get ready" to cross the Jordan and take the Promised Land of Canaan. Without hesitation, Joshua passed the message on to the Israelites to begin making preparations for their coming conquest, and to "get the supplies ready" for the journey across the Jordan.

Looking back on the story thousands of years later, with the luxury of knowing the end of the story at the beginning, we may not always consider the level of faith that it took for Joshua to give these marching orders. He had spent decades hearing of this "promise" without any real progress towards seeing it fulfilled, and though he had earlier led the army of Israel in a resounding victory over the Amalekites (Exodus 17:9), Moses was no longer around to stand on top of the hill raising his hands.

Joshua had plenty of reasons to allow fear and doubt to creep into his Spirit, and prevent him from reaching the land of promise and provision. Yet when God gave the word, Joshua jumped to attention without hesitation and said to the Israelites, "Ok, let's go! Pack up your stuff and make your preparations, because my God has said success if ahead of us! Hallelujah!

When God gives us a promise, whether it relates to our finances, business, family, or relationships, he expects us to begin taking action & making preparations as if it's a done deal. It's an act of faith that illustrates to God your full and unwavering belief that he is going to do exactly what He said he would do, exactly when He said He would do it.

However, all too often our church members live with a "wait and see" approach. If God comes part of the way, then I'll go the rest. If I begin to see things moving, then I'll start really making preparations for the blessing that's coming. That's not faith! Even the world can believe in something once it's already started happening. Faith is being sure of what we hope for and certain of what we DO NOT SEE!

Joshua didn't stay up at night peering over into Canaan with binoculars waiting for the enemy to just drop dead of a collective heart attack. He didn't sit back and wait for some mysterious "sign in the sky" or "check in the mail." He received a promise from God, and he immediately began to make preparations for the fulfillment of that promise.

Have you recently received a promise from the Lord? Do you have dreams and visions that you believe God is bringing to fruition this year? If so, what have you done to make preparations for the wave that's coming? Have you built the larger storehouses (metaphorically speaking) to contain the increased crops, created a contingency plan for how and to whom you would delegate tasks when your business explodes, or laid out a budget to utilize the increased profits in the most productive manner? Are you truly acting in a manner that displays unwavering faith in the promise you've received, or will it be just another year of lip service void of any action?