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Money is Not the Only Measure of Success

By: Dave Berkus

 

Money is Not the Only Measure of Success

I am sure you heard of Maslow’s Hierarchy of Needs that motivate our behavior, in which Abraham Maslow laid out a human’s needs—from the physiological, to safety, then love and belonging, on to esteem and finally self-actualization. A little too esoteric for you? Let’s make it more personal.

So, where are you in that hierarchy? Let’s assume for a minute that you have just sold your business, or come into money beyond your current needs…

If you have now passed through the mind-numbing process of a successful sale of your company and the money is in the bank, enough to satisfy your needs, if not much more, then you have arrived at the point where you can think about love, belonging, esteem and self-actualization.

But wait, there’s more. More to look forward to. And that is the subject of this short insight.

The cycle of life in business

During our business formation years, we pay much more attention to our growing enterprise than we know we should, surely at the expense of family and community. There are few exceptions—few among us who have built businesses and kept that work-life balance in check in the process.

So, if that day does come when you have sold the business or come into a financial windfall, I propose that there are few times in life when the opportunity opens to look outward, to participate in charity events, extended family vacations, community boards, and even coaching other entrepreneurs.

Work-life balance: a new perspective

If you ever have that opportunity to experience the simple power of having few personal worries, you will have known the freedom of choice that allows you to reinvent yourself, dividing your attention between people and organizations outside of your previous circles.

How empowering. And how many organizations need management skills and relationships such as those you could bring, along perhaps with a new focus upon philanthropy.

Back to Maslow, stretching his concept to include financial comfort… Beyond some point, whatever that is for you, money is not the only measure of success.

Published: December 20, 2018
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Source: Berkonomics

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Dave Berkus

Dave Berkus is a noted speaker, author and early stage private equity investor. He is acknowledged as one of the most active angel investors in the country, having made and actively participated in over 87 technology investments during the past decade. He currently manages two angel VC funds (Berkus Technology Ventures, LLC and Kodiak Ventures, L.P.) Dave is past Chairman of the Tech Coast Angels, one of the largest angel networks in the United States. Dave is author of “Basic Berkonomics,” “Berkonomics,” “Advanced Berkonomics,” “Extending the Runway,” and the Small Business Success Collection. Find out more at Berkus.com or contact Dave at dberkus@berkus.com

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