Every business should at least have a PURPOSE and ASPIRATION beyond making money.
Three friends (The Hipster, The Hustler & The Hacker) come together to start a company that will satisfy a market need. They come up with product idea and test it in the market to see if they can achieve a product-market fit. Days lead to months without any signs of progress and more drama ensues between the co-founders like a whole season of Big Brother. Amidst all the failed trials, the hacker snaps and asks the hustler and the hipster, "Why are we doing this again? We can sell the I.P's (Intellectual Property) we've made, I'm sure it can fetch a couple of $100,000's. I'm sure that's better than enduring this endless pain into the abyss".
Lets pause for a moment , step back and ask ourselves "why did the founders really start this?" and "where were they going with this idea?"
An inspiring and well conceived vision consists of two major components
Close your eyes and picture yourself already living in a future that you've always aspired to be in. What would it look like? Who would be there with you? What would the environment feel like?
Visionary companies have a clearly articulated vision statement of how this moment will be.
However, the start-up story doesn't have the vision in mind, or at least the full version. All the start up has is a rough idea of the future. It is later on when the founder(s) understands that the vision is not just an idea, but a force larger than them or any one person, that the vision starts to take shape. In the early stages, where many companies are trying to get off the ground, the furthest the visionary can see if they'll meet next months bills or how much sales they'll make. They can't see the forest (big picture) for the trees (small picture).
Some founders put off articulating the company vision until they have attained business success. This is also a recipe for disaster because they can and will be swayed by other miniscule forces that pushes them off their company's path. Creating a vision takes time and a good way to start is by having a broad vision.
A broad vision:
A core ideology defines "what you stand for" or "why you exist".
The core ideology simply asks ,"why are you climbing this mountain?" Are you climbing this mountain so that you can see the world, or so the world can see you? Another beautiful question to ask would be " Are the people I lead climbing this mountain just because I said so (Compliance) or are they committed to see the world we will create together?"
This answer lies in whether the vision is a "shared vision". At its simplest level, a shared vision is the answer to the question, “What do we want to create?” A shared vision is a vision that many people are truly committed to, because it reflects their own personal vision.
When people truly share a vision, they are connected & bound together by a common aspiration.
In Built to Last, Jim Collins and Jerry Porras break down core ideology into core values and core purpose.
Core values are the enduring tenets and beliefs that are not t be compromised and continue to guide the company even after the founder is gone. Think of business that has stood the test of time, say 100 years. The founder is no longer there to motivate and guide employees. How does the company remain headstrong committed to its path? Simply, its core values. Think of Disney after Walt Disney. Sure, they went through some rough years trying new things like live action films and lost money but went back to the drawing board and understood how Disney can replicate their animation success to live action films and they did it.
Core purpose is the set of fundamental reasons for a company's existence beyond just making money. "Why are we here?"
When properly conceived, purpose is broad, fundamental and enduring. A good purpose should serve to guide and inspire the organization for years, perhaps a century or more.
We could also use this core ideology during this Corona Virus pandemic to remind us that we shall overcome. Sometimes life is like a dark tunnel, we can't always see the end of it, but if we just keep moving forward holding on to our reasons for existence, we shall come to a better and brighter place.