Answering Why is Critical for the Startup
So, you want to be an entrepreneur? And you have a new business idea? Well as an entrepreneur have your thought about answering why? You must think about so the purpose and many things when starting a business. It takes commitment.
In my career, I have been involved with thousands of organizations from multinational corporations to small business startups. With my insight and broad experience, I have seen many things from the good side of extremely successful businesses. And I have seen the sadness of notable business failures. Helping entrepreneurs to develop sustainable, scalable, high-growth startups is my passion. Understanding the core of the startup is important.
Many startups seem to get off seamlessly and have little trouble attracting customers, capital, and employees. While others struggle to get off the ground or are unable to stay in business after several years. When thinking about what the best startups tend to do, I have put together my thoughts in hope that you embark on the entrepreneurial journey to business success with minimal “bumps in the road”.
The Startup’s Purpose: The Power of Purpose
Let us start with the most primal question, “Why!” Answering this question is the core of your startup. It is the purpose of your startup existence. In one sentence the question describes the purpose of your business. If you cannot answer this, go back to the drawing board and figure what is the purpose of your business. It is the reason for being.
Now, do not believe that the sole purpose of your startup is to make money or the financial upside. Many have said to me that their purpose is to make a lot of dollars. I respond with, “Wrong! Money is the beneficial outcome of successfully executing the purpose of your business.”
The unwavering truth is that inspired entrepreneurs must understand and embrace why their startup is even needed. Contrary to the general belief that the reasons why most startups never get off the ground or remain sustainable is due to the lack of capital. However, the brutal fact is the lack of a coherent understanding of the purpose of starting the business .This is the primary reason why many upstarts never achieve longevity.
The purpose of the startup may be to take an idea into reality, e.g., developing a FINTECH startup that competes with the banking industry using blockchain technology. This is great. Conversely, the purpose may not be to leverage artificial intelligence, the IoT (Internet of Things), VR (Virtual Reality) or to create a disruptive product or service. For most startups however, the purpose may be to just design a “good old fashioned’ competitive business. The startup may be creating a new restaurant, developing a new line of cosmetics, opening a pet hotel, introducing a new type of retail experience, or just filling an identified void in the market. Another reason for the startup may be the entrepreneur’s staunch passion and desire to provide greater value to the customers. The answer is just knowing the reason or reasons why you are engaging in your startup.
The Entrepreneur Startup Requirement: The Power of Commitment
With your startup purpose now clear. You must commit yourself to a 10-year mindset. Startups are hard if you do not commit your life to the purpose of the business. If this cannot be done, the likelihood that the business will fail is high. When I am talking about a 10-year commitment, I am not talking about 10-years of hard labor. I am talking about a conscious 10-year mindset commitment. You believe in the startup and your commitment is in sync with the creation, development, and operations of a sustainable business. It is too easy to quit. Therefore, you must commit to the startup.
Commit like you do to your career or to your child. Many may have three to six careers in their life span. Each career requires commitment to have a career success. This same commitment is needed for the startup.
About the Author
Gary Rushin is an influencer in the areas of entrepreneurial wealth creation. His business foundation started when he was an international commercial and investment banker and later as a corporate bankruptcy and restructurings professional. Gary has global experience in the U.S., China, Ghana and India. Gary’s leveraged his strong understanding of business, processes, technology, accounting and finance, and business development to advise organizations. He is a Certified Public Accountant and Chartered Global Management Accountant. In addition to holding a Bachelors of Business Administration, Gary has a Masters of Computer Science where he emphasized expertise on artificial intelligence and software development. Whether you have a start-up, retail store, technology firm, manufacturer, or service company, Gary can be an integral part of your team.