Have you ever come across the infamous phrase, “the sole purpose of a business is profit”? Sadly, this is one of the major guiding principles for businesses today, promoting a kill or be eaten mind-set, turning the business world into a gang culture.
I personally do not agree with the above notion. I believe that the sole purpose of a business is to solve problems and not to make profit.
Let me put it to you this way, as a business owner or executive, why will you take time out of your busy schedule to enquire about a product or service that has been presented to you? What will be the prevailing question in your mind? I personally will be thinking, “What problem will this solve for me?” a failure to answer this question will mean the loss of my custom. In the same vein, this is how prospective customers will think. So rather than thinking about how much money you can make, why don’t you first consider the following: what problems will you be solving and what contributions will your ideas make to world? These constitute the vision of your business.
Steve Jobs is one of few business leaders that epitomised this notion. Although he was kicked out of Apple – the company that he started, he went on to create another company called NEXT. The vision of the company was to use technology to improve how university students studied. As a result of the clarity, preciseness and nobility of the vision, some of the key employees in Apple left a stable job to follow Jobs. Even a creative designer, who never works with start-ups, even if they could afford him, decided to take on the project of designing the company’s logo. The business went on to create software that achieved the vision Jobs intended.
When Steve left Apple, the business began to decline and Microsoft monopolised the software market. This is because Apple had intelligent and experienced people who were profit driven but did not have a vision for the company. Until Steve was re-united to Apple as its Chief Executive did the business regained its former glory and became a big player in the mobile phone industry; a story told as the greatest turnaround in corporate America. Steve Jobs’ story is one of few examples of why a business should start based on a vision and not on the drive to make profit.
As a business consultant that works with both start-ups and SMEs, one of the key questions I ask my clients is, “what is the vision of your business?” If the vision is not clear, then it is obvious that the business will always face challenges and possibly fail, because it does not have an identity, it only exists.
I founded TAOO CONSULT because I want to see businesses that we work with make positive contributions to the world as a result of the services we provide. This is the life blood of our business, this is why we exist and it is why our slogan is: building a brighter future.
Tolu Oyewole is an experienced business oriented individual with excellent leadership qualities. He previously owned a pixel advertising company that catered to the marketing needs of SMEs. He served as the Managing Director of a social enterprise that specialises in delivering life coaching services to young people living in Barking and Dagenham. He also sits on the Board of a multi-million pound Charity Organisation as an Independent Executive, advising them on Youth affairs. He has successfully coached several start-ups and aspires to assist operative businesses maximise their potentials and achieve set goals as a Management Consultant and a Business Coach.
To find out about TAOO CONSULT, visit our website: www.taooconsultant.com