question is that great entrepreneurs are in business to both make money and serve a higher purpose. The key is balance. When one motivation becomes too great it begins to harm a business.
Great entrepreneurs balance their business mission with their spiritual mission because both are essential and linked to one another. Rarely will a business without a strong sense of purpose survive, especially during the beginning stages because it is a team’s desire to genuinely make a difference that inspires it to weather the trials every business goes through.
A company’s mission also helps it maintain focus throughout its life. As a compass for the company, it provides a strong sense of direction to you as a reminder of why you got into business and what direction you ought to head. The mission provides a useful benchmark to evaluate opportunities and set goals.
It is often helpful to explore your intentions on paper. Putting pen to paper helps put your thoughts in order and helps you see connections you aren’t making in your head. Try getting a journal and a good pen and write about your intentions, your wants, dreams and needs. Don’t think, just write. Start a page with a question and just keep going until you fill a few pages. Try this exercise for a week or two and then go back and read through what you have written with an eye toward patterns. Look for repetitive words and themes.
Here are a few ideas to get you started:
“I have always wanted to…”
“If I knew I could not fail, I would…”
“I will be good at my business because…”
“I want to offer my product or service because…”
“In five years, my business will…”
“I am best at…”
“I can make the biggest difference in the world by…”
“I can serve the most people by…”
Goal Setting
If you think of your mission as a compass, you can consider your goals the map. Goals are the step-by-step plans that will make your dreams come true.
It’s a lot easier to get what you want if you know what you want. Though your personal goals may not be spelled out explicitly in your business plan, they will color all aspects of your plan and thus your business. What are your personal and business goals? Are you in it for the freedom? Do you want financial security in the long haul? If so, what does that security look like? What is your exit strategy? Do you want to eventually go public? Do you want to establish a business that can be sold for a large profit? Do you want to have a thriving business legacy to leave to your children? What about franchising or establishing multiple locations? (See, we just threw a lot of questions your way. You may not want to answer every one of them. But answering at least one of these questions is important for you. Good. Now, back to our narrative.)
Odds are you didn’t decide to start a business because you like the long hours and personal/family sacrifice that go along with such a venture. Instead, the odds are that you see payoffs for your time and effort and the ability to make a difference to society. Those payoffs are a good place to start your review of mission and goals. What do you want out of your business?
Your main goals should be measurable in time, dollars, quantity or comparison. You might have goals of a certain amount of profit (dollars) for a certain number of items (quantity) by a certain date (time). Your goals might include a particular ranking in the market (comparison) or a percentage improvement (comparison) or a number of days without injury (time and comparison). If you can’t measure it, it’s not a goal. For example, wanting to be the best in the business is not a good goal unless you can measure “the best” in dollars, quantity, or other concrete comparison.
You will also have steps you can take to achieve your goals. These steps can be considered support goals or tactics. Support goals are more strategic than primary goals. For example, if your goal is to decrease injuries by 20 percent, your support goals might include holding a worker safety seminar, implementing a worker safety plan or establishing fines for unsafe conditions (or rewards for safe performance).
Remember that the business plan is only an overall guide, not a step-by-step accounting of business practices. This is not only due to a need for brevity, but also due to the fact that business plans often make it into public hands (especially in the case of a public offering). Don’t put anything in your plan that you wouldn’t want to see in the newspaper. Better safe than sorry.
Whatever goals (primary or support) you decide to set for your business, be sure to write them down. Add your goals to your journal for a few weeks before you start writing your plan. Do your journaling the way it best suits you. If you struggle with the all-consuming blank page, try writing in your journal whenever you get a new idea. Buy some brightly colored pens and choose a journal with a picture or texture that inspires you. If you are the type to just get down to business, set aside time each day to sit down with a good, sturdy journal and a reliable black pen. Whatever your style, take the necessary step of exploring your dreams and goals on paper.
When writing in your journal, be as specific as you can. Use all your senses. What will your perfect business look like? How will you feel about it? What sounds do you hear (peace and quiet, a busily ringing cash register)? Really put yourself in the place and time you are striving to reach. Think about the steps you will take. Think about the outcomes. Think about alternatives and what-ifs. Think about what life will be like five, ten or even twenty years from now.
Don’t worry about the business plan when you are goal-setting or exploring your dreams. That comes later. Thinking too far ahead at this early stage can derail the process as fear turns to procrastination. For now, just let your mind fly. You will likely use some of the material you put down in a goal/objective section of your business plan (not all plans include such a section) or as part of your mission statement. Even what you never put in your plan will be useful.
So, after all this journal writing, are you ready for brevity?
Mission Statement
Can you now summarize your mission into a single sentence? That is the aim of a mission statement. To succinctly put forth the main reason why you are in business. The mission statement should briefly describe what you do and what makes you special. Investors, friends, and family will use this one sentence to form an impression of the opportunity.
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Rich Dad Tips
• Most people start a business only to make money, not recognizing that money for money’s sake is not a strong enough mission. Money alone does not provide enough fire, drive or desire.
• The mission of a business should fill a need that the customers want, and if it fills that need, and fills it well, the business will begin to make money. Think first to serve people and then to make money. Often the more people you serve the more successful you become.
• Listen carefully to your inner thoughts and deep dreams during the mission writing process. Great plans come from simple, clear and grand missions that inspire your heart and soul.
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