Coming up with a new idea is easy.
People come up with new business ideas all of the time, yet so rarely do these ideas launch into palpable businesses, and even less often do those businesses find success.
While we so frequently witness businesses starting up, we so rarely see them succeeding into their desired future.
It's no surprise that many businesses fail. Starting and maintaining a company is difficult, especially with a plethora of variables that you are trying to control in order to ensure your organization's success.
The good news is that success is less complex than many people think.
Whether you are part of a seed-stage startup or a Fortune 500 company, there are two things that every successful business has in common.
From finding product market fit, through gaining market share and growing to the point of public liquidation, these two traits determine whether a business will thrive and establish itself as a market leader or fail.
Purpose and execution, it has timelessly been evidenced, are the two pillars behind every successful CEO, brand, and every successful business. Utilizing both purpose and execution in a strategic and thoughtful manner will put you in an ideal position to lead your company towards success.
Why Does Purpose Matter?
Purpose is defined as a definitive statement about the difference that you are trying to make in the world, and is the explanation for why actions are taken. Ultimately, purpose is the reason why your company exists in the first place; it's the WHY.
At the end of the day it's not money that fuels a company - it's purpose and the value your company creates for people.
Why does your company exist? Why did you create it? Why are you working there? Why do you believe in it?
These are the questions that you should frequently ask yourself to make sure that you stay aligned with your business.
Having a strong mission that you believe in and that you know can change the world - that's having purpose.
Nobody acknowledges this more succinctly than Louis Efron, CEO at Purpose Meets Execution and former Head of Employee Engagement at Tesla.
Purpose Meets Execution is redefining the way business is done today and in the future, by demonstrating that neither purpose nor execution suffice when they exist by themselves. As Efron said, "To truly change the world, you must embrace your organization's purpose and run a great business. This means keeping your promises to your employees, customers, investors and shareholders."
Purpose, Efron demonstrates, is necessary but insufficient for success. The second part is execution.
Why Does Execution Matter?
At the end of the day, results are what pays the bills.
Without proper execution, purpose will be all for nothing. No matter your intentions, your outcome is determined by your ability to make your intentions a reality.
Whether your company's goal is to cure cancer or send a rocket to Saturn - it is meaningless without the ability functionally execute on those goals.
"The only way to make a lasting difference to your customers and community is to grow your profits and reinvest in your business with an unwavering focus on fulfilling your organization's purpose - why your business was started in the first place," Efron said.
Purpose drives your intentions and agenda, which are ultimately brought to life through your execution.
How Do we Use Them Together?
Ultimately, you need both purpose and execution to succeed. Utilized in isolation, neither trait will lead to success.
This conclusion is more than just speculative.
Through experience working at and analyzing companies, Efron has been able to draw compelling correlations between successful businesses and business leaders and these traits.
Being able to uniquely and decisively create and reinforce your company's core purpose, and fuel it with an appropriate model of execution is what enables great companies to thrive.
Efron's business ties together these practices to offer a corporate diagnostic, training tools and strategic consulting to accelerate people engagement (employee and customer), talent attraction and retention and business results.