Looking for a Business Idea? Start With Your Purpose

Here's a completely different way of developing a business idea. Instead of focusing on a problem worth solving, focus on the purpose that drives you.

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By Eloise Skinner

Have you ever tried to come up with a new business idea? For some entrepreneurs, the idea comes naturally—perhaps it came from a familiar industry, or there was an unsolved problem that the founder experienced first-hand. But not every aspiring founder has a clear idea of exactly what that business should do. So, where to start?

Many business schools will recommend a set formulation: First, start by identifying a problem in the world or in your life. Then develop a solution. There are other methods, of course—like assessing personal skills and abilities, using design thinking, undertaking market research, and so on. But one element often gets overlooked, or left as an afterthought.