If you’re into boring business speak, investors might phrase this as, “What will the world look like if you’re successful?” and expect to find the answer in your business plan as your company's vision. But I believe this question is far more personal, complex, and crucial. In fact, it ranks #2 in my "10 Things to Consider Before Starting a Business" series!

Dreaming for a Better Future is Born from Necessity

Several years ago, I noticed a Hispanic man finishing a concrete pour for a neighbor’s patio. As the sun set and the temperature remained above 90 degrees, he took a break before washing his tools. I greeted him and offered him a bottle of water. We made small talk, and I asked about his journey to Idaho.

He shared that he had immigrated from Mexico 40 years earlier with his parents and siblings. “My father had a dream,” he said. His father dreamed of moving north to work in the fields so his children could attend public school. With a high school diploma, they could find trades, leave the sugar beet fields, and provide a good living for their families. Stable livelihoods would enable his grandchildren to afford university, allowing the third generation to become whatever they dreamed.

As I listened, I realized that this man’s father (and mother) were not just dreamers, but visionaries who were looking 60 years ahead. They transformed their dream into a vision and instilled it in their children. Though it would take three or four generations to become reality, their vision fueled and guided their mission.

I'm convinced that this man took a deep personal inventory of his prospects and living conditions before developing a plan to come to America. He instinctively knew that things had to change and recognized the opportunities the American Dream could offer. He had his mission, but at some point, he transformed it into a grand multi-generational vision. With this clear vision, he was able to execute a plan that had a set of defined outcomes.

Dreaming is the Process by Which We Find the Path to Our Highest and Best Use

I played his story in my head and eventually had an epiphany: it's much easier to create a vision, mission, and values from a personal context rather than an organizational one. Building a company that reflects your identity is more fluid than trying to fit yourself into a company's set of guiding principles. Entrepreneurs experience this dreaming process every day and find their highest and best use when they create a company that has vision and purpose.

Almost every strategic planning class focuses on defining your vision first, followed by your mission. This process aims to help you imagine your ideal world and then outline how to move the real world toward that ideal. However, this approach can be incongruent with the original question. You can't determine "What will the world look like if you are successful?" if you don't know what you're trying to be successful at. Many strategic planning efforts go off the rails because of this simple mistake.

Blue Sky Thinking

Picture this: your future self, living the dream! Are you a dynamic business owner or a titan of industry? Are you raking in millions from institutional investors or securing private equity with finesse? Are you self-funding your strategy?

When you retire, are you lounging on a beach, cashing in those monthly checks, or are you diving into philanthropy? Maybe you’re still working a few hours a week, handing over the family business, or perhaps you’re running for office and spearheading community projects.

This vision is your North Star, guiding every decision you make. Dream big or small but always push yourself beyond your comfort zone. Remember the tale of the humble immigrant who set his vision three generations ahead. And hey, don’t shy away from your grand plan for world domination if that’s your goal!

I’m a dreamer too. I take risks and I have been heavily criticized for my entrepreneurial spirit. I am a problem-solver with a creator mindset. I take on high risk, high value and highly visible projects. I win some and lose some. But I have learned to be patient and find joy in my work.

Here’s a nugget of wisdom: when sharing your dreams with others, almost 100% of the people you confide in will tell you you’re crazy. Because 90% of people will think it’s a dumb idea. The other 10%? They’ll think it’s brilliant and want to steal it. Unless you’re talking to your own mother, it’s best to have at least a basic strategy and communication framework in place. As you craft your communication strategy, brace yourself for a lot of “No” before you get that golden “Yes.”

Organizing Your Thoughts

Here are my vision and mission statements:

Vision: “I see healthy and vibrant Small & Medium Business (SMB) communities, everywhere in the US.”

Mission: “I am the consultant Entrepreneurs trust to help them start, grow, and optimize their business.”

Take a moment to reflect on how your vision and mission might shape the way you’ll finance, operate, and eventually exit your business. These three components are the essence of why it’s crucial to have a clear vision. Write them down.

Imagine your vision requires significant capital and you want your work to endure. You’d likely need to form a C-Corp, finance through equity, and establish a board and leadership roles to ensure a smooth exit without disrupting operations.

Now, if you aim to work with your family and eventually sell your business to your kids, you might opt for an LLC, finance through the SBA or traditional loan programs, and operate as a family-owned business.

Envision Your Future without Fear and Barriers

Envisioning your future and dreaming about what the world could look like is a top priority before starting a business. It’s vital to free your mind from reality and perceived barriers to uncover your true motivations. If you have a partner, create a space where you can be creative with them. But be cautious with those who aren’t invested in your success. When you’re ready, you can share your vision with the people around you. But not yet, there are still eight more chapters to go.