At our last Thunder Talks event, we talked about starting a purpose-driven business.
Running a business isn't just about crunching numbers—it's about answering a calling. It's about defining your purpose and setting your sights on a goal that drives you forward. And while it might seem daunting at times, there's a natural flow to the process, a pull that propels you toward new missions and opportunities.
When embarking on the journey of entrepreneurship, it's not simply about chasing profits. It's about infusing your business with a deeper meaning, shaping it around a purpose that resonates with you and your audience. Because when your business is driven by purpose, it becomes a source of inspiration and fulfillment, paving the way for meaningful success over time.
Sure, success doesn't happen overnight. It requires patience and a focus on steady, deliberate growth. But along the way, it's important to challenge the myths that have long surrounded entrepreneurship–you need money to start, the product matters more than the team, you have to quit before you start, it's a lonely journey, it's the only way to freedom.
These myths couldn't be further from the truth. Why? Well, as we dive into the content ahead, you'll discover why these misconceptions have no place in the narrative of a purpose-driven business. So, buckle up and get ready to rethink everything you thought you knew about entrepreneurship.
Why Is It Important to Have a Purpose-Driven Business?
Why invest in a purpose-driven company? Well, why not? But let's zoom out for a moment and explore the bigger picture. Investing in a company with a strong sense of purpose isn't just about making a financial commitment; it's about investing in a vision to enrich society as a whole.
Now, let's shift the spotlight to the individuals within your company. How do you expect them to remain engaged and committed for eight hours a day without meaningful work fueled by a powerful purpose? A purpose that ignites their passion and drives them to make a real impact. Finding fulfillment in our work isn't just a personal pursuit—it's a pathway to creating value for others.
And speaking of value, let's not overlook the importance of relationships. They're the secret sauce that fuels success within any company. Beyond the tasks we complete, we crave connections and friendship. After all, life is all about those unforgettable moments shared with the people around us.
So, why not blur the lines between work and pleasure? Why not foster a culture built on purpose? A culture that cultivates close-knit relationships among colleagues? You don't have to force a "family" dynamic; you simply need to nurture an environment where communication thrives, where growth is shared, and where collective efforts are infused with meaning and understanding.
And when the going gets tough—as it inevitably does in business—your team will stand by you. Why? Because they're not just employees; they're part of something bigger. They're part of a purpose-driven mission that transcends financial ups and downs.
When Should You Start a Company?
First things first, not everyone needs to jump into the world of entrepreneurship. That's a fact. Diving into business without a clear purpose is often a recipe for disappointment. Sure, running a business might seem glamorous, but without meaning behind it, it can easily fall flat.
Now, let's talk timing. If you've got a game-changing idea burning inside you, don't sweat the calendar. Whether you're 20, 30, or even 50, age is just a number. When passion meets purpose, the timing becomes irrelevant.
But before you launch into the world of business ownership, consider this: there's immense value in honing your skills within a company first. Take the time to sharpen your technical expertise and nurture your people skills. Seek out opportunities to lead and innovate. The experience you gain will not only reduce your financial risk down the road but also turbocharge your growth and ease the anxiety of uncertainty.
So, whether you're dreaming of a tech startup or a neighborhood bakery, remember this: laying the groundwork within a company can be the springboard to your entrepreneurial success. It's all about building a solid foundation before taking that leap of faith into the unknown.
Is It Better to Start a Business on Your Own or with Someone?
As I mentioned earlier, when you're venturing into the world of business, the connections you make with others are absolutely vital. Even if you're used to working independently, bringing in different perspectives and listening to diverse opinions is essential. This mix of ideas gives you a wider range of options, helping you to find the best solution for your situation.
The true measure of a partnership lies in whether the relationship itself is always valued more highly than the pursuit of money or success. Because ultimately, it's the quality of the relationships we build that makes all the difference in the long run.
What Characteristics Do I Need to Have as an Entrepreneur?
Let's break it down into essentials!
Mastering your craft is key. Whether you're coding, lawyering, doling out nutrition advice, fixing teeth, or diving into any other profession, having a solid technical foundation is non-negotiable. Even in the creative realm, a dash of technical know-how goes a long way.
Now, let's talk leadership. It's not just about looking the part; it's about honing those communication skills, crafting killer project plans, delegating like a pro, making savvy decisions, charming clients, guiding others, and rolling with the punches. Oh, and inspiring those around you? Absolutely necessary.
But here's the thing: none of this happens without a hefty dose of courage, empathy, vulnerability, compassion, patience, respect, and responsibility. It's the stuff that separates the good from the great.
And let's not forget about being a visionary. Every move you make should tie back to the big picture. You've got to have a well-thought-out roadmap that aligns perfectly with your company's goals and purpose.
It's all about seeing the forest and the trees.
What You Need to Give Up When You Start a Business
We've all had those moments where we realize some of our habits just aren't fulfilling us anymore. Maybe it's the endless hours lost to video games, the constant partying with friends, or the never-ending shopping we don't really need.
Sure, letting go of these habits is tough, but it's all about prioritizing what truly matters—our business. And guess what? It all starts with learning. Whether it's diving into books, taking courses, or diving headfirst into meaningful events, every step forward counts. So, why not turn those ineffective habits into learning opportunities? Trust me, your business will thank you for it.
Why Should I Build a Business with a Strong Purpose?
If your business dreams only revolve around making money, you're missing out on the deeper meaning. Sure, profits are important—no denying that. But here's the kicker: true financial success comes from shaking things up, from innovating, from offering services or products that challenge the norm and transform the way we work and live.
We all crave change, but sometimes we need someone to take that first step, to be the spark that ignites the revolution. And guess what? That someone could be you.
Now, I know it sounds like a huge responsibility, but trust me, every journey starts with a single step. So, take those small strides, and before byou know it, you'll be surrounded by a tribe of supporters cheering you on every step of the way.
How Do I Build a Purpose-Driven Business?
No magic tricks here, folks. Everyone's journey is unique, and every business has its own special purpose. So, instead of handing out one-size-fits-all solutions, we're here to offer up some guiding principles to set you on the right path.
1. Choose a mission, but keep it flexible
Your mission should be like a guiding star, not a set-in-stone rulebook. Embrace the diversity of ideas and initiatives within your team, and let your mission evolve alongside them. After all, a vibrant work culture is built on collaboration, not conformity.
2. Cultivate meaningful relationships
We'll say it louder for the folks in the back: relationships matter. Whether it's with your team, your partners, or your community, invest in building genuine connections. Listen, communicate, and watch those relationships flourish.
3. Prioritize well-being over profit
People first, profits second. By prioritizing the health and happiness of your team and ensuring customer satisfaction, you're laying the groundwork for long-term success.
4. Strategy is a mindset, not a checklist
Keep your eyes on the prize, but don't get bogged down in the nitty-gritty details. A clear strategy helps you stay focused on what matters most, without drowning in unnecessary complexity.
5. Embrace the second curve
After the initial rush of success, every business faces a crucial moment: stagnation or decline. But fear not! Invest in new initiatives and keep innovating to ensure your business stays on the path to growth. And hey, if you're looking for some extra inspiration, we've got a book recommendation for you: "The Second Curve."
6. A scout mentality
It's all about trading certainty for curiosity. Don't just stick to the tried-and-true; embrace experimentation and seek out new ventures. After all, the path to success is littered with challenges and unknowns—opportunities to learn and grow. And here's a tip: truly listen to others. It's amazing what insights we can gain when we open our ears and minds to different perspectives.
7. The habit of delegating
Pass on tasks you've mastered to others. Even if they seem simple to you, they're opportunities for someone else to learn and thrive. Invest your time in tackling the tougher challenges. But remember, delegation isn't a one-and-done deal. Stay engaged, offer support, and keep an eye on progress to ensure success.
8. Listen to people’s perspectives
One of the most powerful tools at our disposal is listening to people's perspectives. It's not just about hearing what others have to say; it's about truly understanding their viewpoints, experiences, and ideas. By actively listening, we open ourselves up to a world of possibilities, insights, and opportunities for growth.
9. Find strength in unity
Ever heard the saying "strength in numbers"? It holds true in business too. By bringing together diverse perspectives and talents, you create a breeding ground for innovation and creativity. Every idea counts, and collaboration fuels progress. A strong force can also be obtained by combining several small forces.
10. Be curious
Curiosity embodies the essence of purpose-driven entrepreneurship. It's about maintaining a continuous thirst for knowledge, constantly seeking out new ideas, and questioning the status quo. Curiosity fuels innovation, propelling us to explore uncharted territories and discover novel solutions to age-old problems.
11. Don't let today's success be the reason for tomorrow's failure
There is always a need for a new curve, a new graphical representation of growth. Just because your idea is successful now, doesn't mean it will be successful for life. Change is needed.
Inspiration can strike at any moment, so stay alert to the world around you. Pay attention, stay curious, and never stop seeking out the next big idea. After all, the best ideas often come when we least expect them.
Good ideas come when you pay attention to what's going on around you.
Everything Has a Meaning
If you've made it to the end of this article with me, I hope that you've gleaned a better understanding of how to kickstart a business with a clear sense of purpose.
Building a purpose-driven business is not a one-size-fits-all endeavor. It requires a mindset of curiosity, a willingness to delegate, and a recognition of the strength found in collaboration. By listening to others, staying engaged in the process, and embracing change, you can navigate the uncertain road to success with confidence.
Remember, success is not a destination but a journey—one that requires constant evolution and adaptation. As you forge ahead, keep your eyes open to the possibilities around you, always seeking out new ideas and opportunities.
Book Recommendations
- This is Marketing, Seth Godin
- Leadership strategy and tactics, Jocko Willink
- $100M offer, Alex Hormozi
- $100M leads, Alex Hormozi
- The Second Curve, Charles Handy
- How to win friends and influence people, Dale Carnegie
