Setting clear and purposeful goals is crucial for any business’s success, but for many entrepreneurs, the process can often be misaligned, leading to roadblocks down the road. According to Jog Bondoc, a Registered Financial Planner, business goals must go beyond superficial desires like “getting enormously wealthy” or “being your own boss.” He warns, “If your objective in opening a business is centered on ideas like getting enormously wealthy, being your own boss, spending less hours at work, then you might want to consider holding your horses first and rethink your ‘WHY’ in trying to start a business,” as told to Financial Adviser PH.
Bondoc emphasizes that successful businesses are built around a clear vision—solving real problems. He asks important questions that every entrepreneur should consider when crafting their business strategy: “Is my idea a solution provider to a current problem or a pain point?” and “Am I passionate enough in serving this market that I won’t easily give up when the business situation gets tougher?”
The key to building a successful business is to focus on uncovering and solving pain points, not just on profit and status. As Bondoc advises, “Focus on uncovering and helping solve someone else’s pain points and customers will pay for your value.” Understanding the market’s problems and needs creates the foundation for a business that resonates with its target audience.
Moreover, Bondoc highlights that business goals should be deeply tied to passion and genuine interest. It’s easy to start a business with high hopes of wealth and freedom, but sustaining a business through challenges requires more than just a desire for financial success. It takes dedication and persistence, especially when things get tough.
Ultimately, Bondoc encourages entrepreneurs to revisit their goals regularly and make sure their objectives align with both their passion and market demands. Only by truly understanding the “why” behind a business can entrepreneurs ensure they’re setting themselves up for long-term success.
