Mission-first businesses

Mission-first businesses find success more easily.

The scariest part of entrepreneurship isn’t what you think it might be. It’s not failure. Actually, it’s success.

This might sound counterintuitive. But think about it: If you’re constantly striving for something, at least you have that vision to work toward. Every day feels like a battle for survival, so you’re not thinking so much about the long game.

But once you achieve success, continuity and legacy become the central issues. If you want to build a company that stands the test of time, you’ll have to return to the impulse that got you started in the first place – whatever it was. Success in business isn’t purely about profit. It’s also about purpose.

But just because you’re not raking in profit yet doesn’t mean you shouldn’t be thinking about your purpose. Mission-first companies fare better both in lean times and once they’ve succeeded. That’s because their founders and employees are motivated by something other than money, and are hence less likely to jump ship when the waters get rough.

Jenn Hyman had plenty of reasons to quit her start-up, Rent the Runway, the online designer-rental service. For one thing, the sexism and chauvinism she endured when pitching her business to male venture capitalists were exhausting and demoralizing. At one point, a partner at a prestigious VC firm took her hand and said “This is so adorable. You’re going to get to wear such pretty dresses. This must be so fun for you.”

Anyone would be perfectly justified in being infuriated. But Jenn Hyman didn’t let herself get distracted by anger. She wasn’t meeting with these VCs to get rich. She was doing it because she believed in her company’s purpose, which was to make women feel great. Hyman’s mission was her armor against all the sexism, negativity, disappointment, and uncertainty. In the end, Hyman’s mission helped Rent the Runway hit a $1 billion valuation in 2019.

Staying true to your mission, and your values, makes decision-making a lot simpler, too. Knowing what you stand for helps you remember the business you’re in – and why you’re in it – once the choices and opportunities start swirling. As many successful entrepreneurs have learned, there’s power in being authentically yourself. The faster you isolate your mission, the faster you’ll find success.