In one of my past startups, I had a co-founder who had a pretty clear goal for himself: he wanted to make $1 million for every year that he worked on this startup, and he wanted to leave a positive impact on the world.
I was struck by the clarity of that thought, and so I started asking other founders what their personal goals were. It turns out that a surprising number of startup founders aren’t really sure why they are running a company at all, let alone what their personal goals are.
In this world of metrics and goals, I was left astonished by that. This isn’t just about a cohesive business model or a solid plan for your product or service. As a founder, you need to go deeper; you must have a lucid understanding of your goals for starting a company.
The lure of entrepreneurship is undeniable: It offers the thrill of creating something new, the possibility of immense financial success, the chance to disrupt industries, or even the potential to change the world. Yet, the path is riddled with challenges and stress, which often make the comfort of a nine-to-five job seem immensely appealing.
So why take the plunge? Why walk the tightrope of startup life? The answer is probably tied to your personal goals.
If you’re looking to make a significant difference in the world, your startup could be the vehicle that drives that change. The world has witnessed the transformative power of startups like Facebook, Tesla and Airbnb. They began as small-ish initiatives driven by founders who wanted to alter the status quo. These entrepreneurs’ personal goals were not simply about profitability; they cared about creating a lasting impact.
But how do you measure such an impact?