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Why your business needs a ‘mission statement’

Thu 08 / 12 / 16

Why your business needs a ‘mission statement’

 
Juliette Dyke, a Startup Coach for aspiring entrepreneurs, writes about finding your business purpose in her new blog. 
 
So you’ve made a big decision.
 
You know that it’s time to take action and start your dream business, but where do you go from here?
 
Many would-be entrepreneurs (myself included when I started out) might think that the first and most important thing to do is create a website and start marketing.
 
However, I would say that it’s even more crucial to know exactly ’why’ you’re starting your business, before you move on to the nitty gritty of actually running it.
 
Stepping out of your comfort zone to leave the 9 to 5 world behind and become an entrepreneur is one of the scariest and most exhilarating things you’ll ever do. 
 
Therefore knowing the purpose behind your business is like laying a foundation stone that will give you stability through the inevitable ups and downs. It will give you something to lean on, and to aim for.
 
It will act as the inspiration, drive and passion behind everything you do, and sustain your long term business success.
 
As Leadership author and speaker Simon Sinek says, “People don’t buy what you do, they buy why you do it”.
 
So how do you figure out what your business purpose is? Here are 4 easy steps to creating your ‘mission statement’:
  1. Create 3 lists. One of your strengths, one of your skills, and one of all the causes that you feel really passionately about e.g climate change, animal welfare, poverty, education etc.
  2. Check your motivation. Is your desire to start a business ‘intrinsically’ or ‘extrinsically’ motivated? These are terms from positive psychology which describe whether you’re motivated by enjoyment, interest or service (intrinsic) or wealth, status or fame (extrinsic). Studies have shown that the more ‘intrinsically’ motivated you are, the happier you are.
  3. Think about your legacy. Sorry if this sounds a bit morbid, but it can be tremendously helpful in clarifying your sense of purpose and what you want to be remembered for. Ask yourself this: If I had one year left to live, what messages of love and wisdom would I want my family, friends and the world to hear?
  4. Now bring it all together. Pick one from each list and complete the following sentence: “I’m going to take my strength in X, and my skill for X, to make a difference by X”. For example, “I’m going to take my strength in creativity, and skill for problem solving, to make a difference by creating and selling eco friendly beauty products that save the planet”.  
Keep trying out different combinations until you land on one that feels right, and don’t worry it’s not set in stone! Your business purpose will naturally evolve over time and you can keep adjusting as your business grows.
 
Starting a business is as much about the journey as the destination, and by figuring out your ‘why’ from the very beginning, that journey should feel good as well as do good.
 
 
Juliette Dyke is a Startup Coach for aspiring entrepreneurs who want to leave their 9 to 5, and create a business and life that makes a difference in the world. Find out more on her website or get in touch by emailing hello@thecoastalcoach.com. 
 
 

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