What Is Success In Business And What Does It Mean To You
Success does not consist in never making mistakes, but in never making the same one a second time. ~ George Bernard Shaw (Tweet this)
Individuals start businesses for different reasons. No matter what the reason, your goal will be having a successful business. What is success? According to Google, the definition of success is ‘the accomplishment of a specific purpose or aim.’ Depending on what your goals are, success can come in many forms.
Although most start businesses for monetary gain, this is not always the case. Wealth is not the only way of achieving success. Before you start setting goals, it’s important that you focus on what success means to you.
How the definition of success differs in the business world
Each business owner is a unique person, who comes from a unique background. For some, success is having money in the bank; while for others, it’s finding a stable work-life balance. There are various factors that affect the way we look at success.
For instance, your expectations have a lot to do with the way you view your achievements. You may accomplish a task which is impressive to others, yet your high expectations may cause you to feel disappointed. It’s important to set your expectations high in order achieve great things, but do not forget about the more modest achievements along the way.
For example, you may have been raised with strict parents, who expected a lot from you. Due to this upbringing, you may put a lot of pressure on yourself in order to succeed. This may cause you to view your more-modest achievements as nothing to be proud of. Someone else may come from a background where even the smallest achievement was rewarded. For them, that same achievement might be a big deal. The takeaway: It is important to be pleased with your own achievements, no matter how big or small.
Success is liking yourself, liking what you do, and liking how you do it. ~ Maya Angelou (Tweet this)
How you view success, has a lot to do with your core values and beliefs. Depending on your value system, your definition of success will reflect these values.
For instance, if your value system is based on happiness and stability, then being extremely wealthy may take a backseat. You could be extremely wealthy, yet unhappy. If this is the case, you may not feel successful at all.
Some of the most common views of what is success
Success is in the eye of the beholder. How you define success, may not match the next person’s view. Success does not need to be limited to one factor.
You may define success as: being financially comfortable, while being able to spend time with your family.
The following views of success can potentially open your eyes to the reasons WHY you’re starting a business.
To many, success means that they’re happy. They may not be making millions, but they have enough to provide for their family. They’re doing something that they love, and to them, that’s worth more than any monetary value. Others focus on how much they make.
A study conducted at Princeton University found that money may predict happiness to a certain degree—that is, when one’s salary is up to approximately $75,000. The lower an individual’s income fell below this number, the unhappier they tended to feel (this was also due to a number of other factors). However, any annual income above $75,000 didn’t appear to make a difference in terms of one’s happiness. If interested, you can learn more about their findings here.
2. Reaching a goal
Starting a business will require you to set goals for yourself. When you’re working towards any goal, achieving that goal can be viewed as a success. Your goals will often reflect your definition of success.
- What is it you are striving for?
- Do your goals revolve around income?
- Do your goals focus on a cause?
- Do you aim to have more time with family?
Your value system will strongly influence the goals that you set for yourself. When you have a better understanding of what success means to you personally, you can set goals that help you achieve those areas.
3. Doing what you love
It is unfortunate, but there are many individuals who experience low levels of work satisfaction. Therefore, you may start a business to be successful in terms of the way you’re spending your time. If you are currently working in an office, you may not be fond of this career. If you’re spending 40+ hours a week doing something you hate, this can have many negative effects.
Starting a business, allows some to achieve success, by striving for more. Your passion may lie in making furniture, not office work. If you were to maintain a steady income from furniture, you may not be rich in terms of wealth, but you may feel rich in terms of how your time is spent.
Basically, you have obtained the freedom to do what you love, and love what you do.
4. Making a difference
Whether you’re supporting a cause or aiming to make a difference in someone’s life, this can be a deciding factor when focusing on success. For some, they develop their businesses so that they can help others grow into leaders, who then make positive changes in the world. This type of success can come in many different forms.
You may aim to make a difference in the personal growth of others, the environment, or various organizations. Whatever your objective is, you’ll feel successful when you know that you’ve made an impact.
5. Maintaining balance
For many, balance is a measure of success. Being able to run a business that’s viable while still having time for family, exercise, friends, and hobbies can be considered the greatest form of success.
Success may not come in the form of money or time at home, but how you feel. You may feel successful when you interact with your customers. Your state-of-mind can greatly influence how you reflect on certain situations. In order to feel satisfied with your accomplishments, you need to have a positive state-of-mind.
Whether you’re starting a business to make more money, spend more time at home, or simply are looking to make a career change; make sure you’re doing it for the right reasons. When you are focused on a business for the right reasons, you are much more likely to succeed.
What is success and what does success mean to you? Success does not depend on making the right decisions, it depends on taking decisions and making it right.
Do not let others force you into being a business owner. In order to run a successful business while achieving true personal success, you will need to be passionate about your business.
What is success? Only you can know, but when you focus on what success means to you, then you can set goals that allow you to achieve great things. Remember, you do not need to make a million dollars to be successful—unless that’s your thing.
So, in the comments below, tell us, what is your definition for SUCCESS…!!!