One of my most significant business WHYS is to halt the international epidemic, self-doubt, self-deprecation, and self-hatred experienced by women. I, too, have felt this way in the past, and I frequently encounter it in others; friends and colleagues have brilliant ideas that will incubate but will never hatch due to the lack of self-belief that’s required to succeed.
While people establish businesses for many reasons, the most successful and sustainable enterprises are typically predicated on one or several of the following.
1. To solve an unmet need in the marketplace
Many businesses are born from an idea that fulfills an unmet need in the marketplace. When you come across these types of companies, you often get that “Gee, I wish I’d thought of that!” feeling! And, you probably have had an equally brilliant business idea but never pursued it.
Every single human being has had a million-dollar idea at some point in their life.
One of my favorite examples is Sara Blakely, founder of Spanx and the youngest self-made female billionaire in the world. Sarah invented body-shaping pantyhose because she was frustrated with having nothing to wear under a pair of tight, white pants.
Sarah started her business as a side-hustle while still working at her 9-5 job as a fax machine salesperson. She worked her buns off, building her company on nights and weekends for over 2 years before she felt confident enough to quit her job and work on Spanx full-time.
Sara is just one of the millions of people who have started successful businesses based on solving a personal problem that was also an unmet need in the market. The impetus for her company was also centered around a bigger purpose: to help women feel great about themselves and believe in their potential.
That brings us to the second reason you might start a business…
2. You have a burning desire to make a positive impact in the world
Businesses are often born from having a unique talent or a burning passion. They might be the result of overcoming a major life obstacle or some inspired desire to make the world a better place.
Perhaps your business will be born out of overcoming a personal obstacle and by turning those life lessons into a profitable brand that has substance and soul.
Your Soul Brand emerged from this concept and grew from a space of personal transformation and a deep desire to positively impact the world.
3. You can improve or evolve an existing product or service.
Sometimes, people start businesses because they see the possibility of taking an existing product or service and making it a hundred times better.
In the early 80s, Richard Branson noticed that air travel wasn’t an enjoyable experience. He was inspired to create the kind of airline that he would like to fly on. An airline where they served snacks that didn’t taste like cardboard. An airline with seating that had more legroom and an overall air travel experience that offered more entertainment choices, inspired flight attendants, good cabin lighting, and much more.
Focus for a moment on the thinking that went into these business ideas: taking an existing product or service and making it better. This implies that you iterate. Improve. Evolve. It’s an organic process that’s deliberate and supported by your belief in yourself and in endless possibility.
As you can see, these remarkable entrepreneurs were – and still are – both profit and purpose-driven. They were – and still are – fully committed to ensuring that their ideas make a real difference to their customers and the world.
While purpose is paramount, we need not lose sight that the whole point of running a for-profit business is to make money. And, to be clear, we LOVE money, along with all the possibilities it affords both us and others.
Ikigai
The Japanese concept of Ikigai is derived from two words: iki, which means “alive” or “life”, and gai, meaning “worth” or “benefit”. It’s a great way of explaining the balance required to conceive, incubate and hatch and sustainable business idea.
History has taught us that making money for the sake of money alone isn’t enough. Humans deeply need other, more soulful reasons to stay engaged and motivated in their business lives.
It’s the soulful element that allows us to iterate, motivate, and sustain our businesses over the long term.
Humans are hard-wired to work on things that are bigger than themselves. Teams need to know that their work- goals have a higher purpose. Last but not least, customers gravitate to companies that care about more than the bottom line.
It will be you and your unique abilities and passions that will leave an incredible blueprint for the world.
What are you waiting for?
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