Finding Your Why

Successful businesses are born out of a clear purpose: their raison d’être. This purpose is the compass for their journey, the reason they exist, and the change they aim to effect in society. A true purpose statement is more than words; it is a lifestyle. It is the heartbeat of every operation and influences every decision within the organization. An organization without a crystal-clear purpose—a defining ethos—is unlikely to achieve true and lasting greatness.

One way to define your purpose is to ask yourself: “What gap would exist in your industry or among your clientele if your business hadn’t existed or ceased to cease?”

Main Reasons Behind the Birth of Some Successful Startups

1. They had a need that nobody was addressing, so they decided to address it.

Ring by Jamie Siminoff: Originally called Doorbot, Ring was created by Jamie Siminoff because he couldn’t hear the doorbell from his workshop. He developed a smart doorbell that allows homeowners to see and speak with visitors from their smartphones, providing convenience as well as enhanced security.

2. They were frustrated with the current solutions and decided to make something better or cheaper.

Dyson by James Dyson: Frustrated with his vacuum cleaner’s loss of suction, James Dyson developed over 5,000 prototypes before creating the world’s first bagless vacuum cleaner.

3. They saw an untapped market potential that no one saw and decided to exploit it.

Netflix: Founded by Reed Hastings and Marc Randolph, Netflix initially tapped into the untapped market of DVD rental by mail with a no-late-fee model, which was a stark contrast to the prevalent video rental stores like Blockbuster. Later, it pioneered the online streaming market, recognizing the potential of the internet for on-demand entertainment.

So, why does your business exist? What reasons ignited the birth of your business? What problems are you aiming to solve? Remember, purpose transcends the mundane activities of what you do; it’s the profound ‘why’ that governs your actions. This ‘why’ is the invisible divide separating trailblazers from mere participants.

The following is an excerpt from The Strategy CODE: Blueprint for Winning in Today’s Business Landscape by Dr Maxwell Ubah (out 2024 Q1).