According to Webster’s Dictionary, Faith is allegiance to duty or fidelity to promises. From this definition, we can conclude that faith-based entrepreneurship is built on keeping promises. This is probably why Aniruddha Bhagwat says that it is impossible for entrepreneurs to be atheists.
What is faith-based entrepreneurship? How do Christian professionals address the corresponding market? Is it possible to establish and stick to faith-based principles in business?
We will discuss these and more in this post. Grab a cup of coffee and let’s get started.
What is faith-based entrepreneurship?
To understand the phrase “faith-based entrepreneurship,” we must first split it into its component words, “faith-based,” and “entrepreneurship.”
Yourdictionary defines entrepreneurship as an act of setting up and running a business. It further explains it as the tendency to create and a desire to work for oneself in one’s ventures. Looking at this definition, a Christian creative (writer, musician, poet, etc.) is an entrepreneur.
To be faith-based means to be associated or connected to a religion.
Merging both definitions, we can say that faith-based entrepreneurship is a business that is connected to a religion. Since this post is directed as Christian professionals, religion here will mean Christianity.
There are several expectations from such a business. For example, it should create its mission from its belief system. Also, it should value several traditional Christian virtues such as integrity, justice, kindness, steadfastness, and honesty. Customers of faith-based businesses have very high expectations considering the standards set by Jesus Christ.
How does faith-based entrepreneurship address the corresponding market?
How do Christian professionals and business owners address a market with such high expectations? The first step is to identify your target market and understand it. To do this, there are several questions that you must seek answers to.
- Who are you selling to?
- Where can you meet them?
- What are their expectations?
- What social media channels do they use the most?
- How much are they willing and able to spend on your products or services?
Answer these questions and you light up a fuse that helps you to gain ground quickly. Your answers will help you to draw up an efficient faith-based marketing plan. Do all that you can to present your business as one that provides exemplary and ethical products or services. This gives the market a clearer picture of your business and what it stands for.
You shouldn’t focus your efforts entirely on your target audience and forget the competition. As you draw your marketing plan, find out about the competition. You will need answers to questions like:
- Who are your competitors?
- What are their marketing strategies?
- How much do they charge for their products or services?
- What can you do differently?
You must come across as a different business because of the target market’s expectations. Create a trusted brand so that existing customers can spread the word about it through word of mouth.
Is it possible to establish and stick to faith-based principles in business?
To answer this question as Christian professionals, we must first explain the idea of business principles. These are foundational statements that a business adopts to help guide its future decisions. Some common business principles include:
- Provide quality products or services.
- Know and understand the industry and your competitors.
- Wise use of capital and cash flow.
- A clear understanding of organizational design and structure.
- Efficient customer service.
Is it possible to establish faith-based principles in business? The answer is a resounding, “Yes!” Faith-based principles for us as Christian professionals are simply tenets of Christianity. They are so many, but let’s pick a few that relate to business:
- Work is mandatory and it shapes your identity (2 Thess. 3:10, Mark 6:3)
- God works and He ordains that we do as well (Gen. 1:26; 2:15)
- Jesus demonstrated the nobility in honest work (Eph. 4:28)
We could go on and on. Now, let’s look at the general business principles and faith-based principles. Do you notice that they complement each other? Christianity supports hard work, and every business principle that we have stated is based on hard work.
Even though we exist in a mixed-faith market, we can still establish and stick to faith-based business principles. It will take some time to implement and some care as well. Ensure that you don’t come across as offensive to your potential customers. Even the Bible says that “wisdom is profitable to direct” and “we must do everything in moderation.”
The bottom line about faith-based entrepreneurship is that it is based on service. Christian professionals should be ready to serve in their businesses. That’s “kingdom culture.” Also, your business must uphold integrity and treating your customers right. Incorporate your faith into your business. To read more articles for Christian creatives, visit GodKulture.