Start with Purpose to Build a Sustainable Business

“ Those who have failed to work toward the truth have missed the purpose of living. ”

― Buddha Siddhartha Guatama Shakyamuni

One of the first things that every socialpreneur should do when starting their business is write purpose and mission statements. In fact, you might say this advice applies to every entrepreneur. Through the process of writing each of these statements, you'll consider and answer questions that will help you navigate many critical decisions that you'll make as your business grows.

A purpose statement answers the question - "Why does your business exist?".

When answering this question, think beyond the obvious need of generating wealth for yourself and your family. The need for wealth creation and financial security is a given for most of us. Instead, think about naming the larger benefit that your business delivers to your customers, your neighborhood, community or even the society at large.

Clarifying why your business exists with a purpose statement helps you build a more successful enterprise by helping you sharpen your focus and -

• prioritize where and how you invest time, attention, money and resources;

• attract the right customers, partners, supplier and team members; and

• is a great source of motivation and inoculation during inevitable setbacks.

At first glance, the benefits may seem soft. However, if you take a step back and ponder each bullet for a moment, you may recognize each benefit is an element for achieving excellence - having a clear goal with focus, surrounding yourself with the right people, and having passion for what you are doing. In other words, a purpose statement contributes to the foundation for achieving excellence.

Purpose statements for topics such as sustainability may be more apparent. However, entrepreneurs in most other fields can also look externally to find the purpose of their organization. Some great examples are :

"Create a society where everyone has access to affordable, highly qualified professional representation that leads to fair and equitable resolution of legal disputes."
- Paralegal service

"Inspiring clients to feel confident and express their individuality."
- Handmade & custom accessories

"Ensure immigrants find the perfect place to live where they can be happy, have a greater sense of being settled and realize the rewarding feeling of being at home."
- Real estate agency

"Helping young people to understand they have no limit to their options which allows them to dream and reach for their full potential."
- Youth focused not-for-profit

"Helping clients realize their dream of singing."
- Vocal coach

When you are ready to draft the purpose statement for you business or not-for-profit, use this checklist to help :

• Is it succinct?
• Is it inspirational?
• Does it explain your motivation?
• Does it point to a cause that is larger than you or your business?
• Does it describe the impact your business has on the lives of your customers?

If you answer yes to each of the above items, you are likely on the right path to an excellent purpose statement.

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