How to Define the “Why” Behind Your Business
Last week, I was having celebratory drinks with a friend right around the time applications to Factory45 were closing.
“So…” she asked. “How did it go?! Did you have a lot of awesome people apply?”
When I told her yes, that I doubled the applicant pool and grew by 156%, her next question was:
“What’s next then? Are you going to blow this thing up or what?”
I took a sip of my drink, giving me time to try and come up with an answer that wouldn’t disappoint her.
“I don’t think so…” I said. “I like keeping things relatively small and manageable. I like having work / life balance and not being overwhelmed by a ton of other commitments.”
As the words came out of my mouth, I knew how they sounded.
Unambitious, at best.
Lazy, at worst.
My friend, on the other hand, runs a women’s clothing brand and is gunning for an IPO.
Her and her business partner dream of ringing the bell at the New York Stock Exchange, having hundreds of employees to manage, and working out of a big corporate headquarters.
Me? I just want to be able to go to yoga at noon on a Tuesday.
While there was once a time that I dreamed of running a 7-figure business, the “why” behind my work has changed over the years.
And having been on both sides of the spectrum, I can tell you there isn’t a right or a wrong motive for doing business.
What can get you in trouble is deciding to start a company and not having a “why” at all.
Thanks to Sheryl Sandberg, the “Lean In” movement, feminism and the amazing work that female executives are doing to boost leadership, women business owners are being pushed to want it all.
Yes, we hear, you can be a CEO and be a really great mom.
And while I believe that’s absolutely true, it doesn’t mean that you have to want it.
Is it okay to start a business so your family has an extra $1,000/month in spending money? Yes.
Is it okay to start a business so you can quit your full-time job and be at home when your kids are done with school? Absolutely.
Is it okay to start a business so you can work remotely and travel the word? Of course.
And YES, it’s also okay to want to be the next Tory Burch.
At the very beginning of the Factory45 program, I ask all of my entrepreneurs to write down the “vision” for their company in a one-page business plan.
Lately, I’ve been thinking about how we should all be asking ourselves to write down the “vision” for our lives, as the owners and creators of our businesses.
As you take this big step and make the commitment to embark on entrepreneurship, ask yourself:
What is my “why?”
What are the personal reasons for wanting to start a business?
Is it for fame, for glamour, for wealth, for freedom, for security, for flexibility, for fun?
As time goes on, your answer can change. But it’s your “why” that’s going to keep you moving past the hurdles and the hard times.
It’s your “why” that’s going to define you as an entrepreneur.
And whether you’re the entrepreneur who comes home at 10pm every night, fulfilled by a hard day’s work, or the entrepreneur who works 30 hours a week and has afternoon dance parties in her home office, only you know what will move you and drive you forward.
Define your “why” and you’ll be that much closer to defining your business.
Photo credit: Bench Accounting