Welcome to our continued series in which we reveal the 12 factors that are required for you to create a successful Purposeful Entrepreneur™ business, with factors 3 and 4.

3. People: Finding Your Tribe  

The “tribe” or target market served by the business must be identified very specifically, even as the business is forming. The success of the business will be directly related to how clearly the market is defined. Many entrepreneurs struggle to define their niche even without considering their purpose and how it may relate to the niche. A business must have both a horizontal and a vertical niche in order to stand out as unique. For the Purposeful Entrepreneur, defining the ideal people to be served by the business takes on yet a third dimension: will these people benefit as the target of the purpose we have identified as the foundation of the business? Do these people share the problem, challenge or issue around which the owner’s purpose is based? If so, they are the right market. If not, they probably are not (but further inquiry will be needed).

This factor answers the question, “Whom do we serve and what do they tell us?” for the new business.

 4. Presentation: Allowing the Vision to Take Form

Once the purpose, passion and people are clear, the business is ready to “present” itself to the world! Presentation involves all of the logistical steps to start-up (business name selection and filing, legal entity, contracts, internal bookkeeping and phone systems, product creation, and the like). But it also includes the shifts in mindset required to become a self-employed entrepreneur instead of an employee. For the Purposeful Entrepreneur, this step is about action…and the challenge is that not all steps will become clear at once – the plan for the business unfolds in stages. It is only possible to see the second step once the first one – the one in front of you – is taken.

This factor answers the question, “How do we organize what we do?” for the new business.

To assess your business on all 12 factors, take the Purposeful Entrepreneur Compass assessment here.

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