3♦️ Find your business Ikigai: What is your business for?

This tip applies to any business leader who feels a nagging doubt about their company's direction or their own personal connection to the business.

Problem or challenge

Many leaders focus solely on financial success, neglecting the deeper purpose and personal fulfilment that a business can offer. This can lead to burnout, a lack of clear direction, and difficulty attracting and retaining passionate employees.

Complexity

Your challenge lies in balancing purpose, passion, practicality, and financial viability. It's easy to prioritise one aspect (like making money) at the expense of others (like personal fulfilment) leading to long-term dissatisfaction for the owner and potentially hindering your business's success.

Solution

Embrace the concept of Ikigai, a Japanese philosophy that translates roughly to "reason for being." Ikigai suggests the ideal business (and life path) lies at the intersection of four key dimensions:

1. What you love: Consider what energises and excites you. What activities bring you joy and a sense of fulfilment?
2. What you're good at: Identify your skills and strengths. What comes naturally to you? What are you known for doing well?
3. What the world needs: Look for problems or challenges that need solving. What can your business offer to make a positive impact?
4. What you can be paid for: Your business needs to be financially sustainable. Can you create a product or service that people are willing to pay for?

Benefits:

By aligning your business with your Ikigai, you can expect several benefits:

• Increased motivation and engagement: When you're passionate about what you do, you'll naturally be more motivated and dedicated to your business's success. This enthusiasm can be contagious, fostering a more positive and productive work environment for your team.
• Improved decision-making: A clear understanding of your core purpose allows you to make decisions that are aligned with your values and goals. This leads to a more strategic and focused approach to business growth.
• Stronger brand identity: A company built on a strong Ikigai foundation can develop a more authentic and compelling brand that resonates with customers and attracts talent. Studies show that consumers are increasingly drawn to brands with a clear purpose beyond just profit.
• Greater personal fulfilment: Running a business that aligns with your passions and values can be incredibly rewarding. This sense of purpose can contribute to a more balanced and fulfilling life overall.

Why it works:

Ikigai works because it takes a holistic approach to business success. It acknowledges that financial viability is important, but it also recognises the need for purpose, passion, and personal fulfilment. This multi-dimensional approach fosters a more sustainable and rewarding business journey for both the leader and the company.

Measurement:

While measuring the impact of Ikigai can be subjective, there are some key indicators of progress:

• Increased employee satisfaction and morale: A happier and more engaged workforce is typically a more productive one.
• Customer loyalty and positive brand sentiment: Customers are more likely to connect with and advocate for a brand with a clear purpose.
• Improved financial performance: A company driven by purpose can attract talent, win over customers, and ultimately achieve sustainable financial growth.

My story, sources and references

Sadly I only came across this model in recent years. As I headed for retirement! It resonated very powerfully with me as it captured something I’d more or less learnt for myself over my years as a leader. Indeed I’d developed some of the thinking myself from the ground up in my own annual plans. I’d explored what I wanted to do with my life next and why. Which meant I had begun to realise the dimensions but I hadn’t quite drawn it together. So the model really made sense to me as capturing my own less developed thinking.

Take some time to reflect on your own Ikigai and how it aligns with your business. Consider these four key questions:

• What do I love?
• What am I good at?
• What does the world need?
• What can I be paid for?

By answering these questions and aligning your business with your Ikigai, you can create a more fulfilling and successful path for yourself and your company.

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