Educator and author Joanna Macy once spoke at a conference about three directions in which to look for your own purpose. We think these can apply to entrepreneurship too.
Take a look at each of these three directions and see how they apply to your goals and vision as a small business owner. How does it differ from the purpose of your business itself?
1) Work With Your Passion
Would you run your business for free? We’re not saying you should, but it’s a good indicator of how much you enjoy what you do. Approximately 15% of new business ideas are related to the entrepreneur’s hobby. Makes sense, right? If you start your small business around something you love doing and have passion for, chances are good that you’ll stay interested and engaged in the day-to-day tasks. You’re also more likely to stick with it if the going gets tough.
Of course, this doesn’t mean that your favourite hobby will automatically become a great small business. You may know a lot about your hobby, but it’s much different when it becomes a business. Make sure you do lots of research about the viability of your small business idea before you jump in.
2) Work With Your Pain
No, this doesn’t mean going to work even if you have a broken arm. Like passion, working with your pain can mean creating a small business around your desire to make the world a better place.
Social entrepreneurs, also known as philanthropist or non-profit entrepreneurs, measure success by the impact that they have on society. Highly passionate, the greater good of the community is their primary interest, and they create a business to provide solutions to social issues. The results can be very rewarding.
3) Work With What’s At Hand
Entrepreneurship doesn’t have to mean instant success, staggering riches, or flashy fame. Starting a small business with what’s at hand can be impactful and satisfying. How can you use your small business to respond to vital, yet everyday needs in your community? Some small businesses that fit this category are tutoring, meal delivery, home daycare, and that organic bakery your neighbours are demanding.