Ever heard about the story where two men who build two houses. One builds his house on rock and the other on sand. But when the rain falls and the floodwaters rise, the beachfront property washes away while the rock-anchored house remains.
Success often depends on the foundation. There are three components to the foundation of every business that a leader cannot afford to bypass:
1. Mission: Without a clear mission statement, your start-up will never rise to the level of its potential. A company with money is no match against a company on a mission. It is best to limit the mission to a single sentence and to begin with the word ‘to.’ Since your purpose statement springs from your passion, linking the mission statement with personal purpose statement ensures that the mission of your business will be an outgrowth of your personal passion.
2. Vision: Having clear, addictive, and motivating vision is crucial to your venture. Think of a vision statement as an idea that is almost unrealistic. Your ability to transfer this vision to others will become the currency of your growth. It’s your magic wand in getting people to join your journey. It includes both the what and the who of your vision.
3. Values: Entrepreneur magazine calls values “the North Star guide to your startup.” If you’ve fifteen core values, then you need to start over. If you call them “core,” then you shouldn’t have more than five. These values need to be simple and are more for your team than for your customers. For Example, Brilliance i.e, value the question “Why?”.
Do not postpone drafting your values until after launch. Your values shape how your people act, react and live inside your business. By fortifying a three-part foundation before you start, not after, you’ll always be ready for the rain.