People start businesses for a wide range of reasons and drivers.
This can include a desire to make a difference, identification of a market opportunity, a pursuit of independence (financial, mental or physical), or simply to prove some sort of point. Whatever the reason, unless certain key fundamentals are in place, the journey may well become tedious, unenjoyable and ultimately unsuccessful – especially if you mindlessly persist with an indistinguishable product or service in a massively competitive market.
First and foremost, ask yourself what is your overarching purpose?
This is something that sits above vision and mission statements and addresses why you do what you do.
Acclaimed presenter Simon Sinek articulates this beautifully in his widely seen TED Talk called ‘Start with Why: How great leaders inspire action’ where he explains that “people don’t buy what you do, but why you do it”.
In other words the motivation for your company’s existence has to resonate with the consumer and needs to be a cause that is much more than simply growing revenue, market share and profits. The best brands create followers because of what they stand for!
Defining your purpose
Some time ago at Talent, we defined our purpose as creating value, change and growth by leveraging the power of the tech and digital community.
By value we didn’t mean offering the lowest prices but providing value that previously didn’t exist from a customer service perspective. By change we meant promoting and enacting social impact and ensuring we make a positive difference in communities where our brand operates. By growth we mean personal development by investing in our people to be better equipped individuals.
This has been achieved by forging stronger ties and connections with the tech and digital community through programs such as the Talent Unleashed Awards, our foundation, Talent Rise, and our highly innovative new platform, Talent Engage. As a consequence we are experiencing very different conversations and interactions with our clients and candidates.
And guess what? Business is booming, with Talent globally experiencing 24% revenue growth last year in a sector where growth has been difficult to achieve for most. I’d like to think that the market likes what we represent.
In summary your purpose must be coherent and clearly defined and very well communicated to every single member of your staff. Importantly it must be authentic.
Vision and mission statements, as well as value and culture, are without doubt very important but they must all be guided by the reason you exist as a business
– Richard Earl
Innovation is in our DNA.
At Talent, we are passionate about the startup sector – about giving the brave and the bold the opportunity to flourish, grow and unleash innovative ideas and solutions to help make the world a better place.
The Talent Unleashed Awards was established to challenge and inspire this next generation of entrepreneurs, through promoting bold ideas and brave leaders. Showcase your hard work and be globally recognised for your success and vision.
Enter the Talent Unleashed Awards now.
Missed ‘Startup Tales #3: Think Big/Hire Big!’? You can read it here.