THE BLOG
01/22/2016 09:25 am ET Updated Dec 06, 2017

Launching a Business: What's Your Purpose?

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Starting a business is hard. At times it feels like there are challenges at every turn. Sometimes it's actual challenges such as, how do you find time to work your business when you have a full-time job? At other times it's mental challenges such as, do I have what it takes to start a business?

These types of challenges are completely normal and your ability to overcome them and achieve your business goals will come down to your answer to the question, what's your purpose?

Before you open the doors to your business, you should be clear on your purpose. Why does your business exist? Here are three questions to help you create your purpose statement:

How does your product or service help to improve your customer's quality of life?
All products and services should help to improve your customer's quality of life in some way. It should enhance their life or solve a problem. It could be that you are making them aware of a problem they didn't know they have.

What's your competitive advantage?
Why would someone choose your product or service instead of what is already available? Being able to clearly identify your differentiating factor will be key to creating success, especially if you are entering a market that has many other options readily available.

What's in it for you?
Let's be honest, starting a business is not all about what you can do for others. If you are not getting something out of the deal, what are you in it for? Are you starting a business so that you can have more control of your life, is it about the money, the power, respect? What would make starting a business a win-win situation for you as well as your customers?

When someone ask you the question, "why did you start your business," how will you answer?

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