Do You Know The Only 2 Purposes of Any Authentic Business?
The easiest, and the most fundamental answer to this question.
Humans like to complicate things.
This is a belief system that I live with.
Don’t believe me?
I’ll prove it to you.
Can you explain in simple words, “what’s the purpose of any business?”
Think about it.
Let me warn you, the low-lying answer that you may be thinking about is not the right answer.
By that, I mean, if your answer was “profits” or “to make profits” that’s the wrong answer.
The purpose of a business is not to make profits.
Profits are a byproduct of any business.
Businesses can’t function with the sole purpose of making profits.
If a business runs on the mechanism of just wanting to make profits (which unfortunately many businesses do), they end up making really bad decisions.
For example, a hospital trying to optimize for profits will end up creating systems/ processes/ policies which are always in the favour of the management, because making profits in the healthcare space can lead to a lot of decisions/ situations wherein the patient’s care/ wellness may take the backseat, because the first priority will be profits.
Something tells me, if you’re still resonating you probably could have already recalled a few cases where you may have witnessed this in one way or the other.
So, I come back to my original question.
“What’s the purpose of any business?”
Let me know your thoughts in the comments before I share my answer with you.
How long was your answer? I mean how many words?
I ask, because my answer to this question is just six words.
Yes.
Just six words.
Irrespective of any industry you choose, these six words will hold true.
The real (and the only answer) to explain to you, the purpose of any business is to…
“Gain new customers & retain old customers.”
That’s it.
You don’t start a business to build a team. You build a team so that the business gains new customers & retains old customers.
You don’t start a business to market the business across all forms of media to build awareness. You build awareness of the brand/ business so that the business gains new customers & retains old customers.
You don’t start a business to create new products and gain market share. You create new products to gain market share so that the business gains new customers & retains old customers.
You get the drift?
This is why I believe that (unfortunately) we humans like to complicate things.
Imagine all the content that you consume where every “business coach” is trying to tell you different ideas of why you should start a business because that’s the only way to achieve financial freedom.
Or some other person walking out of a luxury car, trying to sell you an opportunity for a lifetime that can change the trajectory of your life and life of all your loved ones.
While I can’t claim all of these people to be running scams, but; if I were you, I’d look for the simple fact whether their idea leads to you “gaining new customers & retaining old customers.”?
If the answer would be resounding yes, I’d consider listening to them, otherwise, I might as well read the recommendations stated below and continue my personal development journey.
What are you think?
Do you agree to this thought process that I just shared with you?
Do you resonate with the idea that the purpose of any business is just to “gain new customers & retain old customers”?
Let’s continue this conversation in the comments. Do drop your comments and extend your support.
Keep Going Keep Growing 🚀
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Share this with them, help them and earn your blessings.
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a party being organised by a company for all the team members for crossing $1M recurring revenue from their clients”