In 2008, when three friends were struggling to pay rent but decided to size an opportunity and rent their living room to conference attendees, they never imagined that following a vision would take them to build a global brand in more than 220 countries, 150 million worldwide users, and more than 2 billion in profit.
Having a clear and compelling vision is crucial for all of us, but if you are an entrepreneur, even more so.
Let’s examine in more detail why it is so critical for an entrepreneur to have a clear vision and some ways to create a compelling vision.
These three friends started renting an air mattress and breakfast in their living room. They created an essential website to advertise the service, and soon enough, their business idea became a vision when they realized that many people were facing similar problems when they tried to find affordable and unique accommodations.
Airbnb is one of the largest hospitality companies in the world. Has revolutionized the travel industry, helping people become hosts and earn extra income from their homes.
One of the more essential reasons is that a vision serves as a roadmap for your business idea, guiding decisions and actions in the short and long term.
So, let’s explore some ways that entrepreneurs can create a compelling vision:
- Define a Clear Purpose: The first step is to define the business’s purpose. As an entrepreneur, you should ask yourself why you are starting a company and what problem you are trying to solve.
For example, a business idea founded on improving access to education for underserved communities might have a vision of “Empowering every individual to reach their full potential through innovative educational solutions.”
- Set Ambitious Goals: A compelling vision should be ambitious and aspirational, challenging stakeholders to think big and pursue bold goals. As an entrepreneur, you should envision where you want the business to be in 5, 10, or 20 years and set targets to drive growth and innovation.
For example, a start-up in the renewable energy sector might envision “Leading the transition to a sustainable future by reducing carbon emissions by 50% within the next decade.”
- Communicate a Strong Value Proposition: A compelling vision should communicate the value the business brings to its customers, investors, partners, and society. As an entrepreneur, you should articulate what makes your product or service unique and why stakeholders should choose to support or invest in the business.
For example, an insurance start-up could communicate a Strong Value Proposition by “offering personalized and affordable insurance plans tailored to individual needs, with efficient and transparent customer service.”
- Align Stakeholders Around a Shared Future: A compelling vision should align all stakeholders around a shared future, creating a sense of unity and purpose that motivates everyone to work towards a common goal. Entrepreneurs should involve employees, investors, partners, and clients in shaping the business’s vision and soliciting feedback and buy-in to ensure everyone is committed to realizing the vision.
For example, a start-up in the tech industry might have a vision of “Building a diverse and inclusive workplace where innovation thrives, and employees are empowered to unleash their full potential.”
Entrepreneurs and start-ups need a compelling vision to inspire stakeholders, attract investment, and drive growth. By defining a clear purpose, setting ambitious goals, communicating a strong value proposition, and aligning stakeholders around a shared future, entrepreneurs can create a vision that resonates with investors, partners, and clients and sets the stage for long-term success.
When running a business, even if you have a clear idea of what you want to accomplish or the problem you want to solve, you still need to have a compelling vision based on your purpose and mission, reflecting your priorities and values. If you don’t have it yet, you’re not alone; most entrepreneurs need to be trained to do so. Contact us. We can help you clarify your business idea and, most importantly, elaborate on a clear vision and mission that reflects everything you want to achieve.
Question: Why should we have a compelling vision?