The Why and How: Instilling Values into Your Startup
Written by: Ja’Mel Ashely Ware | 5 min read
In the ever-evolving entrepreneurship landscape, building a successful startup goes beyond having a great idea and a talented team. The core values of a company play a pivotal role in shaping its culture, decision-making, and long-term growth. It's crucial to understand the importance of aligning values with the 'why' of your business and the unique contribution it makes to the marketplace.
The 'Why': Identifying the Marketplace Void
Every startup should begin by asking itself a fundamental question: What is the void in the marketplace that you want to fill? This question serves as a guiding light, directing your attention to the gap or unmet market needs your business aims to address. In the context of creating a startup, it's imperative to identify the specific problem or opportunity that your product or service intends to solve or fulfill. Knowing this answer is essentially the "why" of your business - why it exists and what purpose it serves.
Values, in this context, should be closely tied to this purpose and reflect your commitment to filling the identified void in the market. If your personal values do not align with your company's desired outcome, you might have chosen the wrong problem to solve. Values undoubtedly act as the fuel to your passion and lead you internally to achieve your goals. Similarly, your business should be guided by these values, as you, the founder, are the visionary and the north star. Without clarity on the 'why' and the values to back it up, you may be building your startup on unstable ground.
The 'How': The 'But For' Test
The 'but for' test, originating from the legal realm, is a concept that applies to entrepreneurship. It asks you to consider what unique contribution your business makes to the market. In other words, if your company did not exist ('but for' your business), what positive change or impact would be missing in the world? This approach helps you understand the distinctive value you bring and how your presence makes a difference.
Your company values should be grounded in this unique contribution and reflected in your company's mission and vision. This process is not about listing adjectives; it's about uncovering what's missing in the world and filling that gap. Your company should add value to the landscape and distinguish itself from competitors.
Values should not be just words on paper. They must translate throughout your company's foundation to be felt by your potential consumers. By answering these questions when creating your company values, you're essentially aligning your values with your business's core purpose and unique value proposition. This alignment ensures that your values are not just a superficial aspect but a profound, meaningful part of your startup's identity.
As stated in 'The Importance of Founders Instilling Values into Their Startups,' "instilling values into your startup is not merely a feel-good exercise" but a critical step in creating a successful, sustainable, and purpose-driven business. By aligning your values with the 'why' of your business and the unique value it brings to the marketplace, you create a moral and ethical compass that keeps your company focused on its mission and the positive impact it aims to create.
As we delve deeper into the role of values in the long-term development and growth of startups, it becomes evident that values are not just words; they are the foundation on which your entrepreneurial journey is built. Stay tuned for coming essays where we will explore how these values can guide your decision-making, shape your company culture, and ultimately lead to success.
Remember, your values are not just something to discuss; they are the guiding principles that drive your startup forward.