The passing of Labor Day has signaled the end to summer and perhaps, for most, the end of summer holidays, leisurely passing time in the vacation mode. It is time to ease our way back into the business of our business. September allows us to transition to a more focused back to work mode. It is a time to consider what it is that we have accomplished so far this year in our work and what it is that we still want to or will accomplish before the end of the year.
It is the perfect opportunity to reflect on the quote from Simon Sinek about purpose and the place profit has in examining our purpose. For some entrepreneurs, profit is the all-encompassing measurement of our entrepreneurial success. For some it is as if profit is synonymous with purpose. However, as Sinek points out: “Profit isn’t purpose, it’s a result.”
If what Sinek says is true then it is best to look at what your purpose is in business. Is it, as he says, to provide “real value” to others? If so, what is real value? Only our specific target market can speak to what they see as valuable. That is why it is very important to get to know your target market to the point where you see that market not as a group but as a person, who, at least to you, has a name, gender, marital status, a specific income, certain worries, concerns, and lives in a specific place. If you pass over this step in doing your target market research, and developing the target market profile, your intention to be of service or to provide real value will be diminished. And mostly likely, since profit is a result not a purpose, your profit will also be smaller than you had hoped.
Fortunately, we have the time now in early September to make changes in our business that can impact our bottom line for the year. If you find that your target market isn’t defined enough, now is the time to do that. There is plenty of information about doing so on the internet.
What is your response to the Sinek quote? And what exactly is he pointing to, from your point of view? I look forward to reading your comments about this topic.