When the world is suffering through an economic crisis it becomes a world that is even more challenging than usual for new businesses to make a name for themselves in. To stand out in such a time, to ensure some notice, make an imprint, both with possible fiscal entities that might aid such a new business as well as with potential customers, it becomes absolutely clear that one must stand out, be different than those around it. In such a case, the most important aspect of a startup company is its purpose. A clear mission statement is imperative. The new company must prove that it is there to do something new, that is important and that is not already done.

Purpose is the thing, not cost, color, status, or some other less concrete, or for that matter puritanical aspect, will suffice. The culture shift has put a divide between companies that are perceived as profit-mongering and those that are seen as ethical. To attract customers and boosters of all sorts, today’s new business model has to show a desire to be ethical, a purpose. Data shows that customers embrace these models. Employees will even work for less pay if they perceive that the company they are working for has a purpose they can believe in. This is particularly true of younger workers, like millennials. Investors want strong leaders that can galvanize a workforce around a potent idea. When a capitalist entity is allied with a mission to do something big and useful, be it for humanity, or for the planet, people are far more likely to glom on.

Key Takeaways:

  • Compared to their parents’ generation, millennials place more value on working for ethical businesses.
  • You will gain more if you connect with mentors with whom you share a deeper purpose.
  • As we battle the COVID-19 pandemic, investors are looking for strong leaders who can handle a crisis.

“When your business has an important mission at its heart, you will have more power to attract talent, valued mentors, investors and customers.”

Read more: https://www.entrepreneur.com/article/352286