More Ideas and Less Burnout

Quick Insight

Two articles explain how purpose can be the source of business ideas and the motivation to avoid burnout.

Most business planning recommends “identify a problem of potential customers and create a solution.” This isn’t the best way to start identifying business ideas according to the Entrepreneur article “Looking For A Business Idea? Start With Your Purpose".

The author recommends starting with purpose. A successful and fulfilling business is one where purpose intersects profitably with solutions to problems.

Looking at customer problems with the lens of your purpose can help you identify new ways to approach the problem that are unique to you. Identifying your purpose can help you decide which problems to address. From the opposite direction, looking at how you enjoy serving existing customers can help you better identify your purpose.

Why is purpose important? As the author notes, “having a sense of purpose can provide the energy and drive you need to continue working on your business, day after day, year after year.” I begin my entrepreneurial finance class telling my students to tap into their purpose to find the commitment to persist through the tough entrepreneurial journey.

Research supports this. A Harvard Business study found that entrepreneurs motivated by a sense of satisfaction and personal identification were less likely to burn out compared to those motivated by status, money, or external rewards.

I wish you better ideas and higher motivation from purpose. I wish you well.

- Rob Stephens

Further Insight

CFO Perspective Resources

  • Course: ACE - Strategic Planning for Small Businesses - Small business strategic planning should quickly lead you from defining where you are going to deciding how to get there. Getting there takes a well-built strategy and implementation plan. Get planning and management tools with the basics of how to use them.
  • Course: Entrepreneurial Finance - Small Business Financial Management Basics - Get a financial overview of the entrepreneurial journey from startup to operational decisions to exit planning. You’ll hear from a business banker guest speaker who explains what lenders look at when deciding whether to make a loan to a small business.

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