- Considering your purpose can be an important component in developing your business idea
- Purpose-driven entrepreneurs are more likely to be satisfied and less likely to be stressed
- Considering your own goals and ambitions along with the problem you’d like your company to address
Summary by Dirk Langeveld
Entrepreneurs are traditionally encouraged to come up with a business idea that identifies and solves a problem, or that offers a product or service that is cheaper, faster, or otherwise an improvement on what is currently available. Eloise Skinner, writing for Entrepreneur, says coming up with a purpose is also an important factor when developing a business idea.
Skinner says entrepreneurs should contemplate what they’d like their business to accomplish, what their personal purpose is, and what sort of goals and work drive your personal ambitions. This process is helpful for those starting a company, but can also be used by existing businesses looking to reformulate their current business.
- Purpose-driven entrepreneurs are more likely to be satisfied in their work and less likely to be satisfied
- Your purpose can also help influence other parts of your business planning, including your potential market and what other ideas will work toward the same purpose
- The “Five Whys” method can help you drill down to a deeper purpose
