You may want to start a business for a lot of reasons, all of them are totally acceptable, of course, but I am especially interested in those people that want to create something else than a profitable business.
This is the reason for that blog. I have my business already, I have clients, services and made enough money to have a comfortable life. Instead of focusing on developing that business, get more clients and make more money, something inside me is not happy.
Because is not about money, is about something else, I call this The Business Purpose.
How can you create a business that matches with your essence, with your lifestyle, your aim to improve the world and help other people doing what you most like?
This is a huge question, actually, this is the main question behind this blog.
But there is something that I think every Independent Entrepreneur should pay very close attention in order to start a meaningful business.
I call this the Personal Busines Quadrant and is based on 4 factors: Passion, Knowledge, Opportunity and Uniqueness.
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Passion: Find your purpose
This factor is one of the most relevant to me in building your personal business. I know some people probably will think that contemplate this variable in the process to identify a business is too naif.
“Business is about money, you don’t do money with your passions.” Old school business mindset, try to eliminate ASAP those stereotypes from your brain.
The new entrepreneur reality has a totally different paradigm, and of course is based on a traditional business structure like profitability, OBVIOUSLY. Will see this a bit later on the Opportunity factor.
But now more than ever before, people is looking for something else than money when building a business. I can tell you about myself, I have a modest business where on a very comfortable way I could be working from home making enough money to support my lifestyle. But I realise one day this is not enough , I have a need inside me bigger than money ambition. I needed to feel accomplished and achieve my full potential. And that made me build a meaningful business.
Is that feel familiar to you? I bet it is.
A business with Passion is a Business with Purpose
Let me tell you something, when you are running a business, online or offline, big or small, you will find difficult moments where you will struggle. That’s part of the journey. Some people look for motivation to overcome those moments, motivation is just a powerful ignition for the short term.
Motivation propels you like the fuel propels a rocket to go out of the atmosphere, not further that that. You need something else to keep moving.
When those hard moments arrives, and trust me, will arrive. You will need a Purpose to keep pushing your business day after day in the long term.
How to identify your passions and give purpose to your personal business?
Here are a few questions to help you identify it and look to the right direction:
- What do you talk most of the time with your friends?
- What would you do on a day off?
- What would you buy on Amazon if somebody gives you a $500 gift card?
- Imagine you have a rich dad, he will fund your business, so money is not a problem: what do you do?
Knowledge: What gives you an unfair advantage?
The next section in the quadrant is the Knowledge that you already have, this is your background, your expertise or even your talents. Your knowledge is something that you do better than the average people.
Everybody have a background, everybody has an advantage in some particular aspect. In my case, when I started my first entrepreneurial project (I am ashamed to call it a business), I made any single mistake an entrepreneur can do, I know all the pains that you have trying to build your business and now, more than 7 years later I can use all that background to understand other people’s pain and deliver solutions.
Whether if you believe it or not, you have a knowledge that gives you an unfair advantage to the average people, you need to identify this knowledge and organise in the quadrant with the other segments.
Opportunity: find opportunities in the market
We are building a business, so that means we need to solve a meaningful problem. This is an important part of the quadrant because here is where you connect with the market.
You need to identify a trend in the market, look for future needs that people will have in your industry, take advantage of a new technology, a problem that nobody is solving right now, etc…
Uniqueness: stand out from the crowd
You need to bring something fresh to the market, is people everywhere doing stuff and most of it is great. The worst thing that could happen is to be another voice on the internet.
I personally believe in the power of a Personal Business because you have a person-to-person connection, developing a relationship and deliver value in so many different ways and finally they convert to customers because they trust in you.
Whatever your market is, you have to be unique and different to your competitors. This is the way for establishing a true connection with your Audience and create true fans, otherwise, you can create loads of traffic to your site, some percentage will buy you something but then will leave and forgot you. Because out there is just too many people selling things.
If you want to create a meaningful business you nee to think long term, so long term. There are a few aspects that you can’t ignore in the process of building your business.
Find something that means something to you (passion), something that solves a problem to other people (Opportunity), serve your audience sharing your knowledge and connect building a unique personal business based on you.