• 136. Business Lessons From the Parable of the 10 Virgins: How to Prepare for Future Challenges and Eliminate Potential Threats

  • Jun 20 2021
  • Duración: 16 m
  • Podcast

136. Business Lessons From the Parable of the 10 Virgins: How to Prepare for Future Challenges and Eliminate Potential Threats

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  • This is Entrepreneurs of Faith, a Sunday episode of Monetization Nation. I’m Nathan Gwilliam, your host. In today’s episode, we’re going to discuss three business lessons we can learn from the parable of the 10 virgins and five ways to recognize and eliminate threats. The Parable of the 10 Virgins In Matthew 25:1-13, Jesus Christ shares the parable of the 10 virgins. In the story, 10 virgins prepare to meet the bridegroom before the wedding. During this time, it was custom for the bridegroom to come to the bride’s house at night, typically at dusk. He would get his bride from her house and bring her back to his house where he had prepared a place for her. Once the groom’s approach was announced, the 10 bridesmaids went out with lamps to light their way (Source: Bible.org). The young women would follow the groom with their lamps and if they were with the crowd, they could slip into the party. If they weren’t, the doors would close and they would be turned away because they didn’t have an invitation (Source: Bible.org). In Matthew 25, the 10 virgins prepared for the bridegroom by lighting their lamps at dusk. However, the bridegroom “tarried” and didn’t come until midnight. When the young women were called to meet him, some realized their lamps had already burned out. In verses 2-4, it says, “And five of them were wise, and five were foolish. They that were foolish took their lamps, and took no oil with them: But the wise took oil in their vessels with their lamps.” As they prepared to meet the bridegroom, “the foolish said unto the wise, Give us of your oil; for our lamps are gone out. But the wise answered, saying, Not so; lest there be not enough for us and you: but go ye rather to them that sell, and buy for yourselves.” (KJV Matthew 25:8-9) While the five foolish went to buy more oil, the bridegroom came and the five wise virgins went with him to the wedding. After the five foolish women bought their oil, they rushed to the house, but the door had already closed. They cried, “Lord, Lord, open to us.” But he answered, “Verily I say unto you, I know you not.” (KJV Matthew 25:11-12) The Importance of Preparation Because the five young virgins did not bring extra oil with their lamps, they missed the wedding. They did not come prepared for the unexpected delay of the groom. As entrepreneurs, we need to strive to be prepared for unexpected trials and challenges that may happen. We should also strive to prepare for changes and business tectonic shifts that may happen in the market. Benjamin Franklin said, “By failing to prepare, you are preparing to fail.” But how can we do this? How can we continually add oil to our lamps? While we may not be able to see what will happen in the future, it is possible to plan and prepare for many of the unexpected challenges. Be Flexible One way we can prepare for unexpected trials is simply by recognizing they will happen. We have to be open to change and willing to adjust if necessary. Brian Tracey, a motivational speaker, and self-development author, said, “Be clear about your goal but be flexible about the process of achieving it.” If one strategy fails, we need to be willing to try something new. Strong business leaders should develop a flexible mindset in order to adapt to the changes in their customers or the marketplace. When we are flexible about processes, we won’t fear change so much. We will have the ability to evaluate our challenges and find a way to work around or through them. With COVID-19, we have seen hundreds of changes. The only businesses that stayed open were ones that were flexible. According to Fortune, 100,000 businesses that temporarily closed due to COVID-19 were out of business within seven months. Not only did small businesses close, but many iconic retailers filed for bankruptcy. Chuck E. Cheese had a 600-plus restaurant chain and was hit extremely hard by the pandemic. They didn’t find a way to adapt and so their company’s revenue plummeted by 90%. In June 2020, they filed for bankruptcy (Source: AARP). While they were able to recover, they took a huge hit. On the other hand, there were businesses that kept their revenue streams despite the pandemic. Belva Anakwenze kept her small business, Abacus Financial Business Management, open with four employees. When offices closed, they created their own space with kitchen tables, bedroom nightstands, and back porches. They continued to have client meetings in the driveway so they could socially distance themselves (Source: Los Angeles Times). In my small town, there was a restaurant named Gator Jacks that had to stop their dine-in services during COVID-19. However, grocery stores were allowed to stay open, and the grocery stores were facing shortages. Furthermore, Gator Jacks had bulk food suppliers who had food because so many restaurants were closed down. So...
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