Bishop T.D. Jakes took questions at the Money & Power Expo at the 2016 ESSENCE Festival from small business owners. Bishop Jakes gave attendees some gems to take with them about pursuing their dream of starting a business.
“If your business is in the early, formative stages, if it’s booming right now, that’s good, but you want to expect it not to boom,” he said. “You ought to put enough money away so that if you hit a hard place, you don’t go bankrupt. Until you learn for sure what the market will bear and the pace of the business, err on the side of caution and put back, as much as possible, into your reserves.”
Bishop Jakes also advised against wearing the hats of both boss and worker bee. “If you’re doing all the work yourself, you won’t have time to plan your business. Exasperate social media. It’s free and it’s a good way to get your business out there. It’s good for you to be talking about you, but it’s even better for your customers to be talking about you.”
Jakes concluded with, “I believe with all of my heart that even those of us who have jobs, have a tendency to work that job until we run there and start a business. That’s a bad time to start a business, when you’re broke,” he said to much applause. “You need to start your Plan B while you’re still on your Plan A, when you get to B, you can control your future.”
In other Bishop Jakes news, his new book The Second Wind hits bookshelves this fall.