Discovering Your Entrepreneurial Why and The Path to Purpose and Profit

Do you want to discover your entrepreneurial why and the path to purpose and profit? Then sit back and relax. In the bustling startup scene of Silicon Valley is a woman entrepreneur by the name of Jane and she found herself at a crossroads. Despite leading a rapidly growing tech company, she felt something was missing. It wasn’t until she reconnected with her passion for environmental sustainability that everything clicked.

Want to learn more about storytelling? Start by downloading the first chapter of The Storytelling Mastery.

By realigning her business goals with her personal values, Jane transformed her company and inspired her team. This story isn’t unique—many entrepreneurs are discovering the transformative power of finding their “why.”

Purpose-driven entrepreneurship is not just a trend; it’s a movement that is fast reshaping the business world. Companies with a clear mission are outperforming their competitors because they are more able to engage consumers on a deeper level and create lasting impact.

This article explores the vital connection between purpose and profit, demonstrating how storytelling can amplify this relationship. So, get ready for the conversation.

The Rise of Purpose-Driven Business

Purpose-driven businesses are gaining momentum as consumers increasingly seek companies that align with their values. According to a 2022 report by Deloitte, 73% of consumers believe that businesses should take a stand on social issues.

This shift is driving businesses to reconsider their missions and integrate purpose into their core strategies.

See Business Storytelling: Exploring How Business Stories Are Different From Telling Personal Stories

In a Forbes article, “The Future Of The Purpose-Driven Brand”, Chris Martin, the CMO of FlexMR, a hybrid research agency & tech firm that empowers brands with agile insight says as follows: “The disconnect between the consumer expectation of brand purpose as a driver of net positive behaviors, and the common reality of it as simply a reason to be, is more apparent than ever.”

He added that modern consumers are more adept than ever at spotting corporate greenwashing — inauthentic claims to environmentally friendly operations. And that it won’t be long before consumers start scrutinizing brand purpose, too.

The Power of Storytelling in Business

Storytelling is the bridge between purpose and profit. It’s a powerful tool that engages customers, employees, and stakeholders by conveying a company’s mission in an emotionally resonant way.

A Harvard Business Review article highlights that stories can increase recall, engagement, and trust.

Consider companies, which built their brands around the “One for One” model, where each purchase helps someone in need. This simple yet compelling narrative has resonated globally, transforming these brands from, sometimes, small startups into major players in their industry.

See also The Power Of Storytelling As A Persuasive Tool For Businesses: Harvard Business Review

Here are five examples of different brands that have successfully leveraged the “One for One” model to power their business narratives:

1. This Bar Saves Lives: Every 12 seconds, a child dies from severe acute malnutrition. To address this crisis, This Bar Saves Lives donates a packet of life-saving food with each purchase of their nutritious and tasty bars. Enjoy a healthy snack while providing essential nourishment to a child in need.
2. The Little Bee Co: No baby should go without proper clothing and protection. For every diaper bought from The Little Bee Co., a cloth diaper is given to an orphan. Each diaper is color-coded to represent different groups of children in need.
3. 141 Eyewear: Looking for new glasses? Check out 141 Eyewear for trendy, eco-friendly specs. With each pair purchased, another pair is donated to someone in need, combining style with a generous cause.
4. BoGo Light: Equipped with solar panels and efficient LED lights, the BoGo Light offers a durable and renewable lighting solution. For each flashlight purchased, another is given to a family, school, or charity of your choice, spreading light where it’s needed most.
5. People Water: People Water’s Drop for Drop initiative provides clean drinking water to those in need. For every bottle of People Water sold, an equal amount of clean water is donated to communities lacking access to this essential resource.

Their story of giving back to these companies has become a core part of their identity, driving both social impact and sales.

Discovering Your “Why” with storytelling

Finding your entrepreneurial “why” begins with introspection. It’s about understanding what truly motivates you and how that can align with your business goals. This process often involves exploring personal passions, past experiences, and future aspirations.

Simon Sinek, in his book Start with Why, emphasizes that leaders who inspire start by understanding their purpose. He argues, “People don’t buy what you do; they buy why you do it.” Reflecting on this can guide entrepreneurs in crafting a mission that resonates both internally and externally.

See also Simon Sinek: The Number One Reason Why You Are Not Succeeding – What You Should Instead

Our interviews with different successful entrepreneurs reveal common themes in discovering their “why.” Check out Obehi Podcast episodes to learn more.

Many entrepreneurs point to pivotal moments where personal values intersect with business opportunities, leading to profound shifts in direction.

Aligning Your Purpose with Profit

Aligning your purpose with profit is not only possible but also advantageous. A study by Cone Communications found that 91% of consumers are willing to switch to a brand that supports a good cause, given similar price and quality. This highlights the potential for purpose to drive consumer loyalty and financial success.

Practical strategies for integrating purpose into business operations include developing mission-aligned products, engaging in ethical supply chain practices, and fostering a culture of social responsibility.

Companies like Warby Parker demonstrate this by providing eyewear to those in need for every pair sold, reinforcing their mission while expanding their market presence.

Also, purpose-driven companies often enjoy higher employee engagement and retention. A Gallup study indicates that employees who find meaning in their work are more productive and committed.

What that translates to is that by clearly articulating a purpose, businesses can attract talent that shares their values, thereby creating a motivated workforce.

Introducing “Own Your Story”

Remember this. When it comes to purpose-driven entrepreneurship, the ability to articulate and share your story is crucial. Our signature training program, “Own Your Story: A Five-step Transformative Journey to Reshape Your Professional and Business Narrative for Success in Less Than 90 Days,” is designed to guide entrepreneurs through this process.

The program emphasizes self-discovery, helping participants uncover their core motivations and translate them into a compelling business narrative. Through a structured five-step journey, entrepreneurs can learn to harness storytelling techniques that resonate with their audience, ultimately driving engagement and growth.

See also Unleashing the Power of Your Unique Story in Business

Participants will also gain tools to refine their brand story, align it with their business objectives, and communicate it effectively. This transformative journey not only clarifies personal and professional aspirations but also enhances market positioning.

Conclusion on Discovering Your Entrepreneurial Why and The Path to Purpose and Profit 

As we navigate a world where consumers and employees increasingly prioritize purpose, understanding your entrepreneurial “why” should be seen as paramount to your business. Purpose-driven entrepreneurship offers a path to both fulfillment and financial success, leveraging the power of storytelling to forge connections and inspire action.

So, make sure to embark on this journey which requires reflection, intention, and a commitment to aligning values with your business practices. For those ready to take the next step, our “Own Your Story” program offers a roadmap to discovering and sharing your unique narrative.

Want to learn more about storytelling? Start by downloading the first chapter of The Storytelling Mastery.