Before you found a startup, think about your personal goals

In one of my past startups, I had a co-founder who had a pretty clear goal for himself: He wanted to make $1 million for every year that he worked on this startup, and he wanted to leave a positive impact on the world.

I was struck by the clarity of that thought, and so I started asking other founders what their personal goals were. It turns out that a surprising number of startup founders aren’t really sure why they are running a company at all, let alone what their personal goals are.

In this world of metrics and goals, I was left astonished by that. This isn’t just about a cohesive business model or a solid plan for your product or service. As a founder, you need to go deeper; you must have a lucid understanding of your goals for starting a company.

The lure of entrepreneurship is undeniable: It offers the thrill of creating something new, the possibility of immense financial success, the chance to disrupt industries, or even the potential to change the world. Yet, the path is riddled with challenges and stress, which often make the comfort of a nine-to-five job seem immensely appealing.

So why take the plunge? Why walk the tightrope of startup life? The answer is probably tied to your personal goals.

If you’re looking to make a significant difference in the world, your startup could be the vehicle that drives that change. The world has witnessed the transformative power of startups like Facebook, Tesla and Airbnb. They began as small-ish initiatives driven by founders who wanted to alter the status quo. These entrepreneurs’ personal goals were not simply about profitability; they cared about creating a lasting impact.

But how do you measure such an impact?

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The key is to have quantifiable and time-bound goals. If your aim is to reduce carbon footprints, set a target for the amount of carbon emissions your product will reduce in a given period. If you want to democratize education, establish a target for the number of users your platform will reach in a specified time frame. A clear, measurable goal not only keeps you focused, but it also helps your team align their efforts toward a common objective. It also helps you know whether what you’re doing is actually working.

The financial aspect is equally important. As a founder, you must be clear about your financial expectations. Are you hoping to become a billionaire? Or do you simply want a comfortable life while doing what you love? Being clear about your financial goals can help you make crucial decisions about funding, scaling, and potential exits.

Any therapist will tell you (I know this because many have told me this over the years) that having clear personal goals isn’t just about knowing what you want. It’s about understanding why you want it. Founding a startup involves long hours, immense pressure, and a high risk of failure. To endure, you need more than a vision; you need a deeper reason, a “why” that fuels your passion and resilience.

Simon Sinek, the author of “Start with Why,” reminds us that people don’t buy what you do; they buy why you do it. Your “why” is your core belief, the very reason you get up every morning ready to face the challenges of startup life. It’s what attracts customers, employees and investors.

Yes, it’s true that the path of a founder is demanding and often unpredictable. But it’s also a journey of self-discovery, growth and potentially, world-changing innovation. When you’re clear about your personal goals, you’re not just working toward a successful business; you’re building a fulfilling life.

In the end, your startup is not just a company; it’s a reflection of your personal aspirations. The clearer your goals, the better your chances of navigating the tumultuous seas of entrepreneurship.

When the going gets tough, your vision will light the way, so be damn sure you know what it is, or you’ll be at an exponentially higher risk of burning out along the way.