Get All Access for $5/mo

The Untouchable Asset That Everybody Strives For It takes a certain something to run a business where making money is your top priority.

By Jeff Boss Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Purpose is a funny thing. It's an intangible asset that everybody understands yet nobody can touch, and when we reflect upon why an event occurred we sometimes come to the conclusion that "it was meant to happen."

Looking through the entrepreneurial lens, it takes a certain level of passion, meaning and fulfillment to lead with purpose, to run a business where cash is not king.

John Mackey, co-founder and co-CEO of Whole Foods and author of Conscious Capitalism, said he believes that "businesses are at their best when reaching for a higher purpose that ranges far beyond any simplistic notions of the profit motive or self-interest claims." Additionally, he claims to know "hundreds of entrepreneurs and, with very few exceptions, most of them did not start their businesses primarily to make money."

Related: 7 Steps to Find Meaning in Your Work

Of course, financial parity is certainly a valid reason for starting any new endeavor, but so is filling an emotional void, realizing a personal goal or providing an unmet social need. It could be that you saw parallels in one world that were replicable in another, such as Brian Martelli, co-founder and co-chairman of the SEAL Future Fund, who was motivated by the similarities of "preparation, problem solving and dedication to purpose" between his former Wall Street career and special operations. Or, take Zach Iscol, founder and CEO of Task & Purpose whose former career of service in the Marines led him into the world of non-profits and improving other peoples' lives.

Leading with purpose is at the center of social entrepreneurship, as it is purpose that pulls you and passion that ignites you. To help find yours, start with these four areas:

1. Character is who you are and what you stand for when nobody's watching. To pinpoint exactly what your values are -- or what you espouse them to be -- try the legacy test: Imagine attending your funeral (I know, not exactly inspiring). What do people say about you? How do you want others to remember you? What memories do you want to pass on?

2. Competence is what you can do -- the skills that make you, you. What are you good at? What should you probably never do again? To identify your strengths and weaknesses and find your entrepreneurial purpose, try creating a Ben Franklin close: Get out a piece of paper and write the area of interest you're solving for at the top (in this case, it's competence). Next, draw a vertical line down the center, labeling the left side "strengths" and the right side "challenges." Write out as many of each that you can think of on both sides of the line and when you're finished, go back through and rate the significance of each one.

Related: How You Give Back Provides Purpose to Your Personal Brand

For instance, if you identified 13 strengths, then your strongest skill would be number one and your weakest would be number 13. Repeat for "challenges." Finally, weigh the magnitude of each strength against each challenge. The key here is to "push away" the obstacles comprising your challenges by pulling from your strengths.

3. Commitment is measured by how frequently you engage an interest. Do you get up at 5 a.m. to read because your 2 year old makes you build train tracks with him when you get home from work? If you do, then that's commitment. If you're unsure, try tracking your daily routine for a week to see where you spend the majority of the time. Does it match what you think you're committed to?

4. Compassion is a deep-rooted concern that propels you forward and ignites a call for action. A compassionate entrepreneur, for example, is one who starts a business to solve social problems that the greater public will benefit from rather than just a few individuals.

There's no secret formula for getting "there" other than consistent trial and error. One's knowledge, network and circumstance can be used to find purpose and passion but, realistically, you can use anything. The key is to find what works for you and just go with it. The beauty of leading with purpose is that you erase the connotation of "work" from your vocabulary, and instead just live (while also paying the bills).

Related: The 4 Elements of a Legacy Brand

Jeff Boss

Leadership Team Coach, Author, Speaker

Jeff Boss is the author of two books, team leadership coach and former 13-year Navy SEAL where his top awards included four Bronze Stars with valor and two Purple Hearts. Visit him online at www.jeff-boss.com

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.