By Manoj Gupta

The world is going ga-ga about bootstrapped start-ups becoming unicorns and being funded billions of dollars.

This sounds exciting but starting a business is more like running a business marathon than a sprint. The fuel for it is long hours, and an unwavering belief that your product or service will change the world. But we all know how that pans out.  As per the stats - Start-up Failure Rates is 9 out of 10.

So, what do you do when things are not going your way...?

Although self-pity and blaming others can be easy ways out, but is it going to make a difference? Also, another classic question that pops up in the mind - "Why am I doing this?" That’s exactly where the soul and the purpose of the start-up comes in.

Behind all that lean, mean, profit-making machine jazz, the need to find a deeper purpose that transcends the bottom line.

Finding Your Start-up’s Soul: The Power of Purpose

In the last 30 years of my experience, I have seen plenty of start-ups fly and at the same time fall flat on the ground. That’s probably because many were looking to grow - too fast, too soon. They were even willing to let go of their principles for the sake of ‘profits’. The result…. they fizzled out.

The purpose-driven idea coupled with a disciplined execution strategy makes the difference. Here are some brands that have found their space and purpose in unexpected places.

A Method to the Chaos

Ever heard of the company called method products pbc?

The company makes environmentally friendly household cleaning products. Their products are stylishly designed and packed with plant-based ingredients, and their marketing is quirky and attention-grabbing. While they make their profits, it is essential for any business to run and grow. But companies who solely focus on profits rather than the planet or the communities, they find employees and customers leaving them.

Thinx Ahead

It's true, this company Thinx Inc.did come up with something ground-breaking: period-proof underwear. The product is a niche one that also raises awareness about a taboo subject in many countries. Not only does this product break down boundaries, but it also normalises menstruation, a necessity in modern times.

Bombas are pulling up their socks

For every pair of socks purchased, Bombasdonates a pair to a homeless shelter. The company's purpose is to balance vanity and charity by offering socks to those in need, while at the same time offering stylish and comfortable socks. These are just a few examples of start-ups making a real difference around us.

Summing Up….

As a Consciouspreneur®, I firmly believe that the key is in finding the soul of the start-up - and then putting mind and body into it:

• Reimagining the WHY: Why did you start this company? What problems has this solved so far? What are the hits and misses? Reconnect with the core purpose and find a guiding light to improve things.
• The competition lies within, not outside: Ask questions repeatedly within the team: what is our USP, what are we doing differently? What values are we bringing to the table? The bottom line is – identifying the differentiators can be a clue to your purpose.
• Teeming spirit in team: the start-up is way more than techies and marketing ninjas.  They are driven by passions, aspirations, and experiences.  Get the team aligned, understand what motivates them, and align their views with your vision.

A passionate team can elevate the endeavours to unimaginable heights.

Are you ready…?