When undertaking a particular venture, the main focus when building and developing your company is to maximize your overall financial return. As much as we can turn quarterly profit into the yardstick when measuring the business’s overall success, true entrepreneurs recognize that the end goal of a company needs to go beyond the fiscal annual profit. The reason why really comes down to the underlying questions entrepreneurs ask themselves before jumping into the deep end: Why did you decide to start your company?
Elon Musk once said that, “If something is important enough, you should try it even if the probable outcome is failure.” For him, and for every entrepreneur, the idea of starting a business did not come about of wanting or needing to become a millionaire. Instead, the idea was birthed from the fire, drive, and passion of a topic. For Elon, that was science. For Mark Cuban that was sports. And for you, well, you know your own reason for starting your company. Like with any activity, you want to make sure you started your company out of passion. It is that passion that will allow you to spend those late hours at your desk or accept those financial sacrifices as something for the greater good. If, however, the goal becomes a number game, then your company can severely lose track of the uniqueness that makes your company exceptional.
Now I am not saying that you should not have financial goals. In fact, I encourage your company to set financial markers, especially quarterly to help measure the overall health of your company. But when it comes down to the long haul, financial success can only take you so far. That is why your end goal for your company needs to be bigger than itself. It needs to be its own living and breathing entity. That type of mentality and success is what will push and motivate its workers through the darkest of times. It is that overarching idea that will spark creativity and ingenuity amongst your company culture where workers are not just employees, but game changers for your company’s future.
So what should be an entrepreneur’s end-goal? How do you decide on something that will continuously trigger the transformative nature of growth and development?
For some, business leaders need to go back to the reason of why they initially started their business. For others, they need to find a new wave of inspiration that can capture their interest. Whatever is the case, you want to make sure that it is a viable, but reaching goal that can push you to your limits. Elon Musk did this after PayPal with Tesla and SpaceX. Similarly, Steve Jobs did this after his leave from Apple. Now while both were financially successful from their new ventures and decisions, the idea itself did not start with them looking to become multi-billionaires. Instead, it started with their passion and hunger in creating something great. It is that game changing mentality that allowed them to push for success and build successful companies that are true powerhouses today.
As an entrepreneur, begin by reflecting on your personal and professional goals for your business. Ask yourself those overarching questions of what you want to do and what you want to see from your company. It is these answers that will guide you to your true company vision that will engrave your company’s legacy into the future.