Its one of the most significant and important things any aspiring business owner must do for themselves. It’s critical because it literally can mean the difference between success and failure. Not understanding why your business exists is a sure route to a company that lacks the passion and motivation to grow over the long term.

Pre start up is an exciting phase. Its full of ideas, brainstorming, hype and innovative thinking, but ultimately, the wrong idea can mean it never really gets started. The challenge is to start something that will fuel your inspiration. There are millions of (slight exaggeration) web design agencies, jam makers, landscape gardeners, software developers, interior designers, printers, estate agents, coffee shops and consultancies of one type or another. I could go on. The market is flooded and you need your life jacket before you start!

Instead, start a business that taps into your values not your ego. Consider a business that brings out your character not your persona. Be motivated by your passion not money and create something that has true meaning to yourself. Start something interesting. Start something that is going to make a difference to people’s lives.

Most customer needs are being served already. You don’t have to look far to go and buy a book or get your haircut. There are some real business challenges out there that can still afford you a good life yet at the same time contribute to solving some real problems. A start up business that helps reduce poverty, restores the environment, improves the health of others, develops people, and supports the eradication of discrimination. There are many more.

Creating your own wealth alone, we know, does not necessarily provide personal happiness. But making a difference to other peoples lives can, intrinsically for them and you, be a whole lot more meaningful and satisfying. Are you following a fake path or a path of meaning in your new start up?