According to a 2023 HubSpot article, over 90% of startups fail. This signifies that 9 out of 10 entrepreneurs who determine to start out their very own business is not going to be successful in this endeavor. The reasons for these statistics are complex and manifold: lack of funds, market mismatch or poor execution, to call just a few. But today let’s look at one factor that is often ignored: purpose.
Specifically, how your version of purpose can play a decisive role in the rise or fall of your startup.
Two forms of goals
Purpose, when it involves startups (and life), can be divided into two types:
- Purpose of the big P: This is a daring, goal-oriented goal. It is the pursuit of enormous success, equivalent to creating a seven-figure business, becoming a billionaire or gaining universal recognition. Big P’s purpose is rooted in external outcomes—impact, legacy, and money. While this is inspiring, it is also elusive and often depends on aspects beyond your control, equivalent to time, market conditions and easy luck.
- Little p Purpose: In contrast, the small p goal is process-oriented. It’s about finding joy and achievement in the on a regular basis tasks of building your business. This is not related as to whether you hit the jackpot, but reasonably focuses on doing work that excites and energizes you. A small p goal is abundant, achievable, and inherently satisfying.
The variety of goal you pursue can have a huge impact on your startup’s journey and its ultimate end result.
Why a big P goal can derail your startup
Many founders begin their entrepreneurial journey in pursuit of the Big P. They are driven by visions of massive impact, financial success, and transformational innovation. However, this pursuit can expose your company to several critical risks:
- Burnout
When your goal is completely tied to a lofty goal, it is simple to lose sight of the day by day grind of building a startup. The goal of Big P is to focus on the destination, not the journey – and that is where the danger lies.
Startups are stuffed with ups and downs, successes and failures. If the process doesn’t light you up, these inevitable challenges can result in burnout long before you reach your goal. You’ll find it harder to remain motivated during difficult times, making it more likely that you’ll hand over before you succeed.
On the other hand, a small goal – having fun with the process – acts as a safeguard against burnout. When the work itself excites you, you’re more prone to persevere even when the odds are against you.
- Long hours
Let’s face it: startups require long, grueling hours. Many founders work 60 to 80 hours a week, sacrificing weekends, evenings, and personal time.
If you’re solely driven by Big P’s purpose, those long hours can look like a grind. It will be harder for you to muster the stamina to survive, especially when progress is slow or results are not immediate.
But when you commit to a small p goal, long working hours will turn out to be more bearable and even enjoyable. You do work that lights you up, and that keenness fuels you late nights and early mornings.
We earn a commission if you make a purchase, at no extra cost to you.
- Inspiration and cooperation
Startups are rarely a solo endeavor. Whether you lead a team or work with co-founders, your ability to encourage others and work well with them is crucial to success.
When chasing Big P, it is simple to fall into the trap of focusing solely on the end goal, neglecting the process and energy you bring to the table. This can make it difficult to encourage others or build meaningful collaboration.
In contrast, working towards a small goal makes you more committed and enthusiastic about your work. This energy is contagious – like a moth to a flame, people are drawn to your excitement. They will wish to cooperate, share their knowledge and learn from you. Inspiration flows naturally when you are truly passionate about what you do.
- Money is not your reason
Let’s be honest – most individuals start startups with the hope of monetary success. But if money is your only reason, you’re setting yourself up for disappointment.
Why? Because startups are unpredictable. Even with the best business model and execution, there is no guarantee of a large payout. If your sole focus is on achieving the Big P Goal, you will likely feel lost and frustrated when things don’t go in line with plan.
However, a small p goal changes the focus. It’s about finding meaning and pleasure in the process itself. Even if your startup doesn’t meet its financial goals, you can still walk away feeling completed and pleased with the work you’ve done.
Final Thought: Redefining Success
Success in the startup world is often defined based on external metrics – revenue, market share and valuation. But these indicators are fleeting.
By aligning yourself with a small p goal, you redefine success on your own terms. You focus on work that lights you up, collaborations that encourage you, and the joy of building something meaningful.
And here’s the irony: when you focus on small goals, big victories often appear. Your energy, enthusiasm and commitment create the conditions for success, whether financial, personal or skilled.
Application
If your startup is failing – or you’re feeling burnt out – it’s price asking yourself: Are you chasing the wrong goal?
The Big P goal may look impressive, but it is often unsustainable. On the other hand, a small goal is abundant, accessible and fulfilling. By focusing on the process, you is not going to only enjoy the journey, but you may even have a greater probability of success.
So take a step back. Analyze your why. And remember: it isn’t just about the destination. It’s about finding joy in climbing.
