Why Does Your Business Exist?

Posted December 1st, 2010 in Selling Online by Patrick

At the end of the day, every business is trying to make money. But what is your ultimate purpose – why do you exist?

Before you think we’ve been smoking the patchouli, John Warrillow of the Globe and Mail recently explored this issue with Randy Komisar, venture capitalist and best-selling author of The Monk and the Riddle.

In his interview, Komisar asserts that there are but two types of entrepreneurs: mercenaries and missionaries. According to Komisar:

Mercenary entrepreneurs – are typically younger and ambitious but missing a larger goal. They possess excellent qualities to succeed but may not be focused on delivering any genuine value: “getting a product out… a lot of hype… raise a lot of money and sell out.”

Missionary entrepreneurs – have a bigger cause beyond just making money. They are building “something sustainable to have the kind of impact (they) want and accomplish a greater purpose.”

Komisar goes on to explain this goes beyond black and white – it’s not necessarily a philanthropy vs. profit discussion. Most highly successful companies have clearly outlined missions explaining their greater reason for being.

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