The power of purpose is a concept that has been fast catching up in the business world than ever before. Why? The business world may well remember the onslaught of the COVID pandemic on almost every industry sector. The COVID-19, or Novel Coronavirus as it called, rekindled the sense of purpose in every business endeavor. The power of purpose gained predominance over everything else. It took long for business owners to realize that the sole objective of business is not just to make profits and generate ROI for investors and stakeholders. The pandemic brought about a sea change in the way business is conducted. Most business were either forced to re-envision their strategies or change the game altogether. And COVID provided that cushion and time to define the power of purpose.
As rightly articulated by the famed author Simon Sinek in his classic book, ‘Start With Why’ on purpose, “People don’t buy what you do, they buy why you do it.”
He further elaborates on the power of purpose of in the book, “Nike doesn’t want to make products for everyone – they want to make products for champions.”
Purpose, as with everything else, can clearly define why you want to buy a business. Now, let’s assume you’re looking for a fairly profitable business to start your entrepreneurial career. Now, you’ve already identified your core purpose. Initiating your own startup may not serve your purpose. Here is why:
- 42% of small businesses failed because of lack of market need for their products or services.
- 29% failed due to the lack of funds.
- 23% failed due to the lack of proper operational and managerial team.
What if you initiate a startup without any entrepreneurial passion? You are business-minded, of course. You will be one among the thousands of failed startups. Coming back to your passion, you need to either buy a successful business or a franchise brand that is doing reasonably well. The choice is yours. But never create a startup which doesn’t serve your core purpose. That is why most startups fail. It is like almost telling if you care more about your idea, create a startup. Remember ideas take time to realize its intrinsic commercial value. If you care about the financial prospects alone, then buy an existing business which is built to create revenue from day one, ensuring steady growth and profitability and expansion.
Conclusion: Live a purposeful life and only the right purpose will lead you closer to your business goals.