How to find your startups higher purpose.

The startup world is tough. It's estimated that only around 10% of startups are successful.

So, what separates the successes from the failures? One key difference is that successful startups have a mission that goes beyond making money. They have a higher purpose – a reason for existing beyond simply generating profit.

?There are countless examples of companies with a higher purpose. Take Patagonia, for example. They're a clothing company, but their mission is to "save our planet." Tesla's mission is to "accelerate the world's transition to sustainable energy." The benefits of having a higher purpose are numerous. Studies have shown that companies with a higher purpose are more likely to succeed, are more attractive to investors, and have more engaged employees. So, how do you discover your startup's higher purpose?

Here are a few tips:

1. Define your company's values. Your company's values are the foundation of your higher purpose. They should guide everything you do, from the products you create to the way you interact with customers.

2. Talk to your customers. Your customers are a great source of inspiration. They can help you understand what they need and how your company can help them.

3. Look at your team. Your team is full of talented individuals with their own unique skills and perspectives. Talk to them and see what inspires them.

4. Brainstorm with your co-founder. Your co-founder knows your company better than anyone. They can help you flesh out your ideas and find your company's higher purpose.

5. Search for a higher purpose that aligns with your company's values.

Once you've defined your company's values, it should be relatively easy to find a higher purpose that aligns with them. A company's higher purpose is important, but it's only one piece of the puzzle. In order to be successful, startups need to have a strong team (we can help with that), a solid business model, and a mission that resonates with their customers.?

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What about the competition? Does their higher purpose threat yours or enforces it?

When looking for a higher purpose, it's also important to consider your competition. What are they doing? Does their higher purpose threaten yours or reinforce it? For example, if you're a sustainable energy startup, you might see Tesla as a competitor. But their higher purpose of accelerating the world's transition to sustainable energy reinforces your own. In contrast, if you're a traditional fossil fuel company, you might see a sustainable energy startup as a threat. In this case, their higher purpose of saving the planet would be a direct threat to your own. So, when considering your competition, be sure to think about how their higher purpose affects you. When companies with a higher purpose are successful, it's usually because their purpose aligns with their values, their customers' needs, and their team's talents and passions. By taking the time to discover your startup's higher purpose, you can set it up for success.

?In addition to the benefits already mentioned, there are several more of having a higher purpose.

First, companies with a higher purpose are more likely to attract and retain top talent. The greatest employees want to work for a company that is doing something meaningful. They want to be a part of something bigger than themselves.

Second, companies with a higher purpose tend to be more resilient. This is because their purpose gives them a reason to keep going, even when times are tough.

Purpose-driven companies are also more likely to have a positive impact on society. Given that their actions are driven by a desire to make the world a better place. Finally, companies with a higher purpose tend to be more profitable. They can charge a premium for their products and services. People are willing to pay more for a product or service that they believe is really making a difference.

So more power to you and good luck. Now you have a purpose to follow.