Looking for A Business Idea in 2021? Start With Your Purpose

Did you ever try to invent a business idea? Some entrepreneurs find the idea is easy to come up with. Perhaps it comes from a familiar industry or a problem the founder has personally experienced. However, not all entrepreneurs have a clear vision of what their business should do. Where do you start?

A lot of business schools recommend this approach: First, identify a problem in the world and in your own life. Next, develop a solution. One element is often overlooked or forgotten.

This element is a sense of purpose. It’s not just the driving force behind a business, but it can also be the seed for a business idea.

Purpose before problem

This alternative formula uses a sense or purpose, both personal and corporate, to first and guide the rest. Do not rush to create your corporate mission in a hurry and add it to your pitch deck. Instead, ask yourself these questions before you start:

• What is my personal purpose?
• What purpose would I like my business to work towards?
• Which ultimate goals drive my ambition?

After you have some initial thoughts, you can explore further. The Five Whys method was first used to address a core issue in a corporate setting. You can use it for your own purpose-finding journey.

Ask yourself: “What is my personal purpose?” Find an answer. Next, challenge the answer by asking “Why?” You can do this five more times (hence the Five Whys) to get closer to your core motivations. This is important, not only for your personal self-awareness but also as an essential part of your business plan.

For instance, suppose you start with the accompanying answer: “My motivation is to be fruitful in work.” Why? Perhaps this is on the grounds that you’d be cheerful if things worked out positively for your work. Why?

It may be the case that you can perceive what your work means for other people, and this gives you a feeling of pride. Why? Since you need to take care of your job that is important. Why?

Since you need to feel like your work adds to the world, or offers back here and there. Why? Perhaps you need to feel like you left the world a superior spot, and that your work mirrors the qualities you put stock in.

There’s no set-in-stone manner to work through this technique. It’s anything but a device to assist you with investigating your goals in more profundity. You don’t need to wind up with an answer about changing the world, by the same token. On the off chance that it’s significant to you (for instance, living with credibility, dealing with your family, or interfacing with your local area), it ought to be incorporated.

Back to business

Suppose you’ve revealed a basic feeling of direction, or you’ve taken a gander at your own main goal in somewhat more detail. What next? There several different ways you can utilize a feeling of direction to direct a strategy.

To begin with, you can get back to the conventional model of discovering an issue in a current market and afterward looking for an answer — however this time, take a gander at it through the viewpoint of direction. Taking a wide model, if your motivation was to “make joy for other people” (getting from The Disney Institute), you can take a gander at your market issue through this viewpoint.

How is it possible that you would discover an answer for your concern that would serve a useful, benefit-driven result, yet in addition fill your need of amplifying joy? Applying the reason focal point may lead you to an alternate method of resolving the issue, or an alternate way to deal with the issue out and out.

Second, you can utilize your feeling of direction to really figure the business thought itself, and find your market, issue and arrangement. Take magnificence disruptor Glossier for instance. Their corporate statement of purpose is to “democratize magnificence” and to “give voice through excellence.” The outcome, for Glossier, is a shopper-centered organization with an accentuation around inclusivity.

Yet, by beginning with the statement of purpose alone, you could conceptualize many different thoughts that work towards a similar reason. This is an interaction of innovativeness, and — in case you’re contemplating creating business thoughts for yourself — you can utilize your own feeling of direction as a beginning stage.

At last, you can realign a current business thought to mirror your own central goal and reason. Suppose you’ve effectively seen a market issue, discovered an answer, approved it with customers, and began to fabricate. A feeling of direction is as yet a significant piece of your methodology, regardless stage you’re at.

At this later stage, attempt to work out precisely the thing need you’re meeting for your clients or clients. This may go one level further than simply an item or administration. Consider qualities, experience, and individual association. From that point, you can work in reverse to perceive what sort of direction your organization serves.

The reason for reason

Why of the entirety of this reason looking for some kind of employment? With regards to the innovative way of life — extended periods of time, tirelessness, depletion — does having a feeling of direction help? Indeed, research shows that it does.

A new report by Harvard Business Review recommends that business visionaries with a feeling of “amicable energy” (i.e., propelled by the work since it’s anything but a feeling of fulfillment and individual ID) were less inclined to report encounters of burnout than business people with a feeling of “over the top enthusiasm” (i.e., persuaded by the work in light of the status, cash or other outside remunerations).

According to a down-to-earth viewpoint, incorporating a solid corporate reason into my own startup has given me clearness at each later phase of the interaction — in pitching to forthcoming financial backers, in figuring business procedure, and in giving me a dream for what’s to come.

On a more close to home level, having a feeling of direction can give the energy and drive you to need to keep chipping away at your business, for a long time, after quite a long time after year. When the underlying fervor of another venture blurs, and you’re left with the troublesome, reliable work of building your business, you’ll have a strong establishment of significance, mission, and reason to help you.