Every entrepreneur or business owner strives to achieve success and make money in his/her venture. And many people believe that a company exists only to make money. But this is a wrong assumption. We have to delve deeper to know the real reasons.

Businesses don’t exist just for profits and money making. There is definitely something bigger behind every successful business, not just being profitable. But no doubt, earnings are a very important outcome of a business’s existence. According to David Packard of Hewlett Packard, the core purpose of his company is to make technical contributions for the progression and interests of humanity.

In his statement, there is no mention about the profits, but, is HP not profitable? If your business exists for a reason beyond profit, it is going to be profitable. One of the reasons why many startup businesses fail
even before they get started is that they have a sole motive of making money. On the other hand, the basic reason why businesses exist is to help out customers in solving existing problems or providing solutions to the ones that arise. This is what great entrepreneurs and businessmen know, i.e., to have such big ambitions.

A company is known by virtue of its principles, standards, practices and success.

The core purpose (vision) of some the world’s most successful business ventures are:

Sony: Our mission is to experience the joy of advancing and applying technology for the benefit of the public.

3M: To solve unsolved problems innovatively.

Wal-Mart: To give ordinary folk the chance to buy the same things as rich people.

Telecare: To help people with mental impairments realize their full potential.

Nike: To experience the emotion of competition, winning and crushing competitors.

Merck: To preserve and improve human life.

Walt Disney Company: To make people happy.

Business enterprises, whether profit or non-profit, are meant to help humanity. So, where do you find your business standing if it is talked in terms of vision or a mission? When your business works for a great core purpose, it will inspire people attached to it. They will feel as if they belong to something really great. And no company can be successful without its people’s commitment.