Thriving in creating an economic engine. An economic engine is a system that supports or sustains the infrastructure of a company. It is what enables a company to work out their financial needs in a way that money generated goes out of the company instead of giving money into the company through donations. This is called Collaborative Laboratories also known as Collaboratories.
Chuck Proudfit, Founder and President of AtWork on Purpose hosted by Chief Servant Patrice Tsague, shares his story about how he created an economic engine that funds ministries on a sustaining basis without going out to ask for donations from revenue-generating companies. He says that although at some point donations are part of resourceful funding, one can opt for seed capital that will be self-sustaining on their own.
For successful entrepreneurship, one has to create economic engines with more than successful business startups like local churches which might be quite a challenge because churches are reluctant to accept entrepreneurship as a pillar of the church. It is also hard to find a congregation that believes entrepreneurship can also be a spiritual endeavor.
Creating a successful economic engine involves both visible and invisible components. The invisible being the small unseen but very essential components while the visible components are what attracts your target market. What it looks like on the outside. It is about how you are making the industry better. One should translate a visionary idea into practical terms that a marketplace will get excited about.
Creativity and innovation help push one to be better in terms of being more imaginative in order to have something good to offer to the market and be able to sustain it. Economic engines are used to fund entrepreneurial ventures.