How To Align Business Capital With Your Entrepreneurial Purpose

What is your entrepreneurial purpose?

What is your entrepreneurial purpose?

To put the question another way, why are you in business or going into business? The answer to this question will be a landmark when you make strategic business decisions and evaluate sources of funding for your plans. Your entrepreneurial purpose statement will reduce the chances of following an expensive and low return on investment (ROI) rabbit trail.

What is entrepreneurial purpose? A goal, milestone, achievement, objective, task, pinnacle, summit, hurdle, checkpoint, and finish line are all mile markers in your business life-cycle. But none of these are your entrepreneurial purpose. What customer need do you fulfill in nearly every moment of your business life? This is your entrepreneurial purpose.

It is not what you want to do but the discovery of what you are already doing in business. Your customers have told you what business you are in. Are you listening? We don't create entrepreneurial purpose. We discover it. The newly minted entrepreneur can answer the same questions from the perspective of the customer need they will fulfill after opening for business.

How can you identify your entrepreneurial purpose? The foundation of your entrepreneurial purpose is what you have already been doing in your business life. Look back and describe the activities and general direction of your business life. An executive coach might have a successful track record as an empathetic mentor. A non-profit executive might describe herself as a compassionate distributor of food to the less fortunate in her community. A personal trainer may see a pattern of vocal advocacy for durability. A restauranteur may have had success through exacting attention to the details of traditional recipes.

Your entrepreneurial purpose is the core function that has created the greatest return on investment (ROI) for you and your customers. Where do you create the greatest value? Ask trusted friends and advisers to describe your business. And most importantly look at what your best customers are buying from you.

Build your entrepreneurial purpose landmark. Your entrepreneurial purpose becomes a guidepost when you put it in writing and on display. Publish your entrepreneurial purpose for easy access by your stakeholders. Incorporate your purpose into the office design as a prominent piece of art for reinforcement and inspiration.

Writing has a way of cementing our thoughts. Our written entrepreneurial purpose becomes a solid reference point when we face difficult business choices or are tempted to wander off the path of our purpose. Staying on-purpose is critically important when making decisions to strategically deploy precious business capital.

Navigating by your entrepreneurial purpose. Your choices to spend or borrow money become clear when you look to your entrepreneurial purpose. All choices to spend money that are in-line with your entrepreneurial purpose are acceptable. You are only limited by a finite amount of business capital. Don't chase and fund options that are not in line with your entrepreneurial purpose. Business becomes a multiple choice exam where you can eliminate the answers that obviously don't match your purpose.

What if I get lost? Operating outside your entrepreneurial purpose may be contributing to slow or declining sales growth, an unhealthy debt load, delinquent creditor payments, low employee engagement and stakeholder dissatisfaction. Survival experts recommend returning to your last known point and reorienting yourself. Return to your written entrepreneurial purpose to get back on track.

The path to business success is constancy of purpose. You can capitalize on strategic opportunities, plan for competitive threats and maximize your return on investment (ROI). Stay on-purpose to create a healthier, more durable and less vulnerable company.

by: Michael Shelton

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