Of Course, Women-Owned Small Businesses Have Purpose
Hey friend, welcome back to the fascinating world of women-owned small businesses! Woot- woot! Here, purpose isn’t just a buzzword—it’s the superhero power that propels woman entrepreneurs to greatness! Just like your favorite comic book heroes, these female business owners use the incredible power of purpose to make a real difference in their communities and beyond.
In this blog, we’re diving deep into what makes these businesses succeed, exploring how purpose transforms them from ordinary ventures into extraordinary forces for good!
So, grab your favorite beverage and get ready for the second blog post in the series about the 3 P’s of Woman-Owned Small Businesses. Every day is an adventure in this world, and purpose is the ultimate superpower!
What Are the 3 P’s for Woman-Owned Businesses?
If you haven’t explored the previous post in this blog series (Purpose, Passion, and Persistence for Woman-Owned Businesses) or need a refresher, I’ll give you a quick recap!
Purpose, Passion, and Persistence are the foundation of success for woman-owned businesses, guiding them through challenges and toward opportunities.
- Purpose rules over profit, guiding the business with meaning.
- Passion is the driving force that propels dreams into reality.
- Persistence fuels resilience against adversity.
These three P’s empower women entrepreneurs to thrive, innovate, and make a lasting impact. However, beyond the P’s, women-owned businesses require access to capital, mentorship, networking, and community support. And you don’t have a business without its challenges. From gender bias to funding disparities, with resilience, women entrepreneurs can overcome obstacles and pave the way for success.
Women leaders reach their full potential when they embrace their unique stories, build a supportive network, and remain resilient in the face of adversity! Female small business owners must advocate for themselves, prioritize self-care, and continuously learn to ensure the success of their venture while staying true to their values. It’s what makes women-owned brands stand out from large companies, shatter the glass ceiling, and have positive effects on the community and economic growth.
What Does Purpose Mean for a Woman-Owned Business?
Purpose is the why behind everything we do in business. It’s what gives our work meaning and significance.
– Arianna Huffington, Founder of Thrive Global
Woman-owned businesses are exponentially rising as the years go on, and it’s not for profit. In fact, according to Forbes, “Motivating many of these women entrepreneurs was the desire to make a difference – a staggering 70.5% of those surveyed.”
So, purpose isn’t simply a trendy buzzword; it’s the very essence that moves female-owned businesses forward with direction and a mission. It’s the driving force behind every decision, every action, and every endeavor, shaping the identity of these businesses. Purpose ignites a fire within women entrepreneurs, motivating them to go beyond the pursuit of profits and instead focus on creating meaningful change in the world around them. It’s the heartbeat that pulses through every aspect of their business, inspiring innovation, driving creativity, and fueling determination in the face of challenges.
Simon Sinek, an author and speaker, says it well: “When you align your business with a higher purpose, you not only inspire your team and customers, but you also create a sustainable competitive advantage.”
In other words, not only is purpose a driving force, but it also gives your small business a competitive edge and makes it stand out among others.
For woman business owners, purpose is a commitment to making a positive impact on society and leaving a legacy that extends far beyond economic impact. Purpose-driven businesses become agents of change, leveraging valuable resources, networks, and expertise to create a more equitable, sustainable, and inclusive world.
In business today, purpose is the force that transforms what started as an office of women into powerful vehicles for change and progress.
Examples of Purpose for Female Entrepreneurs
Complex topics are often better understood through real-life examples. At least, that’s how I function. Illustrating ideas in real-life examples makes them easier to grasp for people of all backgrounds and levels of life, from the new businesses still in the application process to the successful businesses that are facing new and unique challenges.
The two stories below may be fictional, but they represent these hard-working women who use purpose as a pivotal role in their journey. Discover how purpose serves as the driving force behind every decision, action, and endeavor for female business leaders.
Jenny’s Joyful Jams
Jenny’s Joyful Jams isn’t just about crafting delicious preserves; it’s a vehicle for social change in her community. Recognizing the lack of employment opportunities for individuals with disabilities, Jenny founded her jam-making business with a purpose: to provide new jobs and empower individuals of all abilities.
Each jar of jam sold supports Jenny’s mission of inclusion and equal opportunity. She hires and trains individuals with disabilities to work alongside her in the kitchen, working towards even more prominent leadership roles. While sharing her delicious jams, she fosters a more inclusive and supportive community where everyone can thrive!
Local Threads
Meet Sarah, the visionary behind “Local Threads,” a thriving boutique nestled in the heart of New York City. Sarah’s passion for supporting local businesses and creating better access to sustainable fashion drove her to launch her own store, aiming to level the playing field in the fashion industry. Through social media, Sarah’s boutique quickly gained traction, attracting fashionistas from all corners of the city!
Through her curated collection of locally made garments, Sarah not only offers New Yorkers access to unique, ethically sourced fashion but also empowers local designers to showcase their talent. With each sale, Sarah’s boutique inspires aspiring designers, proving that in the bustling streets of New York, purpose-driven businesses can truly make a difference.
Purpose vs. Profit
Business is not just about profit. It’s about creating a better world, one where people and communities thrive.
– Richard Branson, Founder of Virgin Group
When a small business is all about its purpose, it’s not just about making money. They’re all about creating a positive impact, whether it’s by tackling social or environmental problems, supporting local causes, or building strong connections with everyone involved.
And because of this, they usually end up with super loyal customers, employees who really believe in what they’re doing, and a really strong sense of purpose!
On the flip side, when a business only focuses on making a quick buck, it might miss out on the bigger picture. Sure, it might make some money in the short term, but it could struggle to keep those relationships with customers and lack community involvement. Plus, if profit is the only thing driving it, it might cut corners or ignore its responsibilities to society, which can really hurt its reputation and chances of long-term success.
In other words, businesses with a strong sense of purpose tend to stick around and make a real difference, both for themselves and the communities they’re a part of.
How to Discover the Purpose of Your Small Business
Sometimes, as a business that’s women-owned, you may have a deep sense of purpose driving you but struggle to put it in words. It’s a feeling, a passion that fuels your actions, but pinpointing it can be challenging.
Let’s take a journey of self-discovery to uncover the underlying mission that guides your business! Here are some tips to help you reveal that purpose and give it the voice it deserves:
1 | Reflect on your passions
What excites and motivates you? What activities or causes do you feel deeply connected to? Explore how you can incorporate them into your business.
2 | Define your values
Hone in on your core values and principles. What matters most to you personally? How can you align your business goals with these values?
3 | Research market needs
Look for gaps or opportunities in the market where your skills and passions intersect with the needs of potential customers. Explore how you can address these needs in a unique and meaningful way.
4 | Seek inspiration
Learn from other purpose-driven businesses and entrepreneurs making a difference in their communities or industries.
5 | Test and iterate
Don’t be afraid to experiment and try out new ideas. Start small, test your concepts with real customers, and gather feedback to refine your approach over time.
6 | Stay open-minded
Be open to new opportunities and possibilities. Stay curious and continue exploring different avenues until you find a purpose that means something to you and your business.
Remember, discovering your purpose is an ongoing journey. So be patient and allow yourself the time and space to explore and evolve!
Wrapping Up– The Power of Purpose!
So, there you have it! Women-Owned Small Businesses Have Purpose. Just like superheroes have their superpowers to fight crime and save the day, woman-owned businesses harness the incredible power of purpose to make a positive impact on the world.
So, whether you’re a budding entrepreneur or a seasoned business owner, remember the transformative power of purpose!
Remember to continue this inspirational series about the 3 Ps of woman-owned small businesses: Purpose, Passion, and Persistence. In the next blog post, we will uncover what passion means for a female entrepreneur.
Until then, keep using the power of purpose to grow, learn, and succeed in your hectic business world!