What is the purpose of the business you run? Do you plan to change the world? Disrupt a rigid eco-system? Create a new rulebook for the industry? Merely earn some profits?
Right now, you’re probably feeling puzzled. You want to achieve everything above or more. But your vision is not clear…
Putting your business purpose in words is a tough task, but important nonetheless. Why? Because a well-defined sense of purpose will mobilize your start-up in a way that pursuing profits alone never could.
Allow us to illustrate this further with some numbers.
Why Purpose Driven Companies Prosper
- Feel that their organisation will grow this year (82%)
- Feel optimistic about their future prospects and stay ahead of industry disruptions (83%)
- Feel optimistic about their company's ability to outperform the competition in the long run (79%).
The question is - how do you articulate the mission of your start-up?
Nikos Mourkogiannis, author of the best-selling book 'Purpose: The Starting Point of Great Companies', states that successful businesses adopt one of the following approaches to defining their purpose:
- Discovery – you constantly seek for new ways to do things and aim to introduce new revolutionary solutions to the market. Examples: IBM, Intel, Sony.
- Excellence – your quality standards are absolute. You strive to deliver the best or deliver nothing at all. Examples: Apple, BMW, Warren Buffett.
- Altruism – you always go over and beyond to deliver impeccable service and wow your customers with extra delights. Examples: Wal-Mart, HP, Sam Walton (“anything to help the customer”)
- Heroism – you aim to change the world, dominate the industry and achieve spectacular growth. Examples: Tesla, Microsoft, Ford.
“To organize the world’s information and make it universally accessible and useful” – Google.
“Make transportation as reliable as running water, everywhere, for everyone.” - Uber.
These are powerful statements that sum up the purpose of these companies and lay down their branding basics.
They precisely state how they lead their business and why they chose to do it in the first place.