When starting up a business, sometimes people can have the wrong focus, like I did before. I was focused on whatever was the hottest item. I would sell them but always ended up with high inventory that I would have to close out once the fad was gone.
My advice to entrepreneurs that are just starting up or are in the middle of transitioning their business model is this: Think about purpose, vision, and mission as three key elements in your business.
PURPOSE: Everything must have a purpose. Ask yourself why you are doing this. What is the purpose of the business? Do you want to help more people or improve the way kids can increase their fitness level? Don’t just focus on making money, because with a clear purpose and objective, money will come.
VISION: You should have a clear vision of your business. Vision is seeing how far you want your business to go. The more you can see, the bigger your business will become. So don’t be short-sighted. Right vision will be lead you in the right direction to your success.
MISSION: Mission is how you are going to reach your end goal; how you can excel in the business category. Every business decision needs to align with your mission. It is an alignment check list or a compass. Sometimes, when you are on the road, it may be easy to fix problems as they come, but each fix becomes a distraction. Always check your mission to ensure balance and that you are heading in the right direction.
For Mobo, our purpose is to keep creating fun and exciting experiences while improving fitness for kids in ways that they will always remember.