Every successful entrepreneur will agree that their life is nothing to envy, but success is. However, entrepreneurial success in today's uncertain business world is nothing short of a miracle. But the miracle does not happen for everyone. Success comes to those who have true grit, dedication, and, most importantly, A PURPOSE.
You might ask,
Isn't hard work and dedication enough to succeed ? What's a big deal with THE PURPOSE ? The purpose of a business is to generate profit, Right ?
To answer, we would like to share a profound eye-opening statement !
Yes, a business must generate profit to survive; but a business with the sole objective of making a financial profit soon finds its way downhill. That explains why 80% of businesses shut down within the first five years of commencement. Unless a business has a purpose (the WHY of its existence), it is less likely to survive and scale.
The decades of the awe-inspiring legacy of organizations like Walt Disney and Apple Inc. were created not only to generate profit but also to fulfil their purpose's singleness.
Walt Disney's purpose is to ‘Make People Happy’. This enormous global business empire consisting of Media and Entertainment, Theme parks, Resorts, and everything else, was built to fulfil their purpose. Sticking to their PURPOSE was the main reason they have become enormous and profitable.
Likewise, Apple has the core purpose of ‘Creating Innovative Products that Enrich People's Daily Lives’. Innovation being central to its philosophy, Apple has a history of challenging the industry status quo by launching the best-in-class products, thereby gaining a cult status.
Don't you wonder how these legendary organizations achieve larger-than-life personas? The secret is embedded in their PURPOSE, and A PURPOSE always backs the VISION.
Like a North Star, an organization's core purpose gives a base for all other business activities. It guides the organization through turbulent times, such as crashing financial markets, plummeting consumer demand, a global crisis (like the recent pandemic), technological disruptions, and so on.
Having a purpose for your business cannot be stressed upon enough. An organization's vision may change periodically, and the strategies have to adapt to changing environments, but the core purpose remains constant.
If your business is struggling to survive in this VUCA (Volatile, Uncertain, Complex and Ambiguous) world, we strongly suggest you start by reflecting on your basic business philosophy.
Need help? Just reach out !
That's what we have been doing since last 14 years; helping entrepreneurs address the toughest business challenges and scale their businesses.
Connect with us and share your story or challenge. It might be the beginning of a wonderful journey of discovering and fulfilling your PURPOSE while scaling your business.