The First Step Before Starting any Business or Side Hustle
90% of all startups fail. One of the reasons is lack of desire and purpose and not knowing what we value in life. Steve Jobs mentioned the importance of passion in an interview and said without passion “any rational person would give up” when the journey gets difficult.
In this article, we will explore 3 simple exercises to get clarity on your purpose before starting any business or side hustle.
This is part of a series to guide aspiring entrepreneurs to get started on their journey. This series walks you through simple practices to go from not having an idea, to building the very first version of your product. You can find future parts of this series on Medium or my website.
1. Finding Your WHY with 4 Questions
Getting to know yourself is the first step in understanding what type of business you want to start. To set you on the right path, take a few minutes to answer the following questions.
2. Vision Planning
How does your life look like 6 months, 1 year, and 3 years from now?
Thinking about your life in the long term gives you a better understanding of the actions you need to take in the present time. Here is a sample worksheet. You can get an empty version of this worksheet here.
3. Wheel of Life
Once you have a better understanding of your purpose and long term vision, consider the 9 categories of life on the following worksheet. For each area, circle a number between 1–10 (1 unsatisfied — 10 very satisfied) based on your current situation.
Fill out another wheel of life again but this time think about the aspects of life that are most important to you so you can make improvements in those areas in the future. This exercise helps you organize important pieces in your life.
You can download the circle of life worksheet here.
Use these prompting questions to help you fill out the Wheel of Life:
- What are your career ambitions?
- Are you on track to meet your career goals?
- Do you like your work?
- Do you feel challenged at work?
- Are your skills/expertise being properly utilized?
- Do you make enough money to live?
- Do you worry about whether or not you can pay your bills?
- Do you carry a lot of debt?
- Does your current job pay you enough money?
- What is your goal salary? Do you have a plan to get there?
- How is life at home?
- Are you close with your family?
- Has something stressful happened in your family recently? (death, divorce, accident, injury, etc.)
- Are you excited to go home at the end of the day?
- Are you in a relationship?
- Do you want to be in a relationship?
- Do you feel like you have enough romance in your life?
- Do you socialize enough?
- Do you work too many hours?
- Do you get weekends off?
- Do you have a close group of friends?
- Do you leave your home for activities often?
- When was the last time you took a vacation?
- Do you partake in weekly organized sports/activities?
- Do you feel like you have enough time to have fun?
- Do you exercise regularly?
- Do you lead a healthy lifestyle, physically and mentally?
- Do you suffer from any chronic health issues?
- Are you growing as a person?
- Are you setting and achieving goals?
- Do you feel like you are growing as a person?
- Do you feel stuck?
This series is made possible thanks to the League of Innovators (LOI) which is a national Canadian charity with a goal of building entrepreneurs and helping them from discovery to acceleration.