Starting a business is a challenging endeavor, fraught with danger or the potential for failure. According to Forbes, nearly half of all businesses fail within the first 5 years for a host of reasons; namely market fit, capital, and pricing to name a few. Why go through the trouble if there is a chance that it can all come crumbling down? Why start a business in the first place?
“When there's change, there's opportunity.” — Jack Welch
This is a fundamentally personal, and subjective, question that depends on a host of factors that play into our psyche and decision making; One’s personality, upbringing, socioeconomic background, desire, and fear all play a role in answering the question of the reason for starting a business. Answering the “Why” part in the question requires introspection into personal preference and rationale. We take action because of our core beliefs.
For me, personally, starting a business is apart of the ‘American Dream’ to go out on my own and forge my own path. It is about finding freedom and prosperity. Starting a business means being willing to sacrifice in order to grow, to learn, and to ultimately overcome challenges that hold me back from fulfilling desire. I have laid out the rationale behind my decision below:
- Mantra: I want to inspire through the impact of design.
- Vision: Tailored, talented, scalable services for local and remote clients.
- Mission: To provide value to clients through design-centric services.
- Values: Empathy, integrity, discipline, respect, and transparency.
- Strategy: To selectively seek clients who appreciate and value design.
Although these facets might not specifically translate to “Why” they are strongly rooted in my core cause and belief system. It’s a helpful exercise to define a holistic rationale from a top-down approach, starting with a mantra.
There is opportunity in answering this question for yourself, whether you are currently in business or thinking about making the leap.