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.

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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?”

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Three Main Reasons Behind the Birth of Some Successful Startups

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

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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.

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

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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.

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

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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.

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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.

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