Finding Your Ikigai in Business

Hey founders!

As we wrap up another week, let’s dive into something that’s been on our mind – Ikigai (pronounced “ee-kee-guy.”). It’s a Japanese term that roughly translates to “reason for being.”

And for the Tribe community, it’s a way to figure out the right path for your business, career, and life.

Before we dive in, a quick story:

The Problem with Most Business Ideas

We get pitched hundreds of business ideas every year from friends, family, and colleagues. There’s just one problem:

95% of the time, those ideas never get off the ground. 

Why? 

Because it doesn’t solve a problem the person actually has or –– more importantly –– they lack the skills or background to solve it. 

Let’s be real here. You don’t need to know how to do everything in your business. But you should have some familiarity with the core elements of your business. 

If you’re thinking of starting a tech company but can’t code, what’s your plan? If you want to start a marketing agency, do you know how to… market? And if you’re starting a lawn care service, do you know your way around a lawn mower? 

The point is: do you know what needs to be done to do a good job?

Most people don’t succeed in business because they pursue the next, best, trendiest business.

But if you want to deliver a solid product or service, then you should pursue a business idea where you have the proper skills, background, and experience. And at the root, that is what’s important. 

Enter Ikigai

This brings us to the concept of Ikigai. Again, this roughly means your reason for being.

And in business, this is the most critical question to answer: Why does your business exist? 

There are 4 key elements to examine:

1. What the world needs

2. What you can be paid for

3. What you love

4. What you are good at

If you can find something that checks all four boxes––jackpot. But let’s break this down a bit more practically.

Start with What You Know

The biggest mistake founders make is jumping into an industry or market they know nothing about. This is a receipt for frustration and… failure.

Instead, start with what you know. Leverage your existing skills, experience, backgrounds, problems, and backstory. 

For example, let’s say you spent years in sales. Maybe your business idea should involve something where sales skills are critical. If you’ve got a design background, think about a business where you can tap into your creative skills. 

It’s about playing to your strengths. 

You can always learn or hire for the gaps, but starting with a foundation you’re familiar with gives you a huge advantage.

Finding Alignment with the Market

Next, let’s talk about the intersection of what the world needs and what you can be paid for. 

The second biggest mistake founders make is they start building a business without first identifying a problem. 

Fundamentally, a business should solve a specific problem:

• Tribe solves the problem of community for earlier-stage founders.

• Slack solves the problem of disjointed workplace communication

• Airbnb solves the problem of finding affordable, unique, and flexible accommodation.

When you find a problem, you inherently identify something the world needs and something you can charge to solve. 

Now, go do some market research. Talk to potential customers, analyze your competitors, and really dig into the potential demand for your business idea.

The more aligned your business idea is with a real market need, the more likely you are to succeed.

Balancing Passion and Pragmatism

Now, let’s address the elephant in the room—passion. 

We hear it all the time: “Do what you love, and you’ll never work a day in your life.” That’s great if you can manage it, but it’s not a necessity.

What’s more important is that your business meets the other three elements of Ikigai—what the world needs, what you’re good at, and what you can be paid for. 

If you can find a business that you’re passionate about, that’s fantastic. But don’t stress if it’s not your absolute dream job. 

As long as your work aligns with your skills and provides value, you’re on the right track.

Pause & Reflect

As we head into the weekend, we’ll leave you with a bunch of questions for you to reflect on: 

• What skills do you already have that could form the foundation of a business?

• What market needs align with those skills?

• Are you aiming for a business that you love, or one that you’re good at and can be paid for?

Remember, finding the right business path is a journey.

You will make adjustments along the way. You’ll pivot. Things will change. 

And you’ll slowly gain the experience and insight you need to win. 

As we wrap up, let’s keep the conversation going. 

What’s your Ikigai? How are you finding alignment in your business? Drop us a line or start a discussion in Slack.

That’s it for this week. Have a fantastic weekend, and remember—you’ve got this!

– The Tribe Team

P.S. find your purpose