Success in Business and Success in Life
so far, we have discussed entrepreneurship and small business from a number of angles. As you contemplate taking such a direction yourself, we urge you to broaden your perspective. As aptly expressed by author and very seasoned entrepreneur Norm Brodsky,
Building a successful business is not an end in itself. It is a means to an end. It is a way to create a better life for you and those whom you love, however you—and they—may define it. You need to do the life plan first and then keep revisiting it, to make sure it’s up to date and your business plan is helping you achieve it. That habit, I can assure you, will prove to be the most important of them all.45
LOOKING BACK AT AN ENTREPRENEURIAL LIFE
When an entrepreneur makes that final exit from the entrepreneurial stage, his or her business achievements become history. Reflecting on their lives and businesses at that point in their journeys, many entrepreneurs have come face to face with questions such as these: Was it a good trip? What kind of meaning does it hold for me now? Can I feel good about it? What are my disappointments? How did I make a difference? Such questions lead entrepreneurs to reassess their values, priorities, and commitments. By anticipating these questions well in advance, an entrepreneur can identify his or her most basic concerns early in the journey. Without reflection, the entrepreneurial journey and its ending are much more likely to prove disappointing in the end.
Assessment of entrepreneurial performance requires establishing criteria. Obviously, no single standard can be applied. For example, a person who measures everything by the dollar sign would determine the degree of an entrepreneur’s success by the size of his or her bank account. However, we believe that most entrepreneurs will eventually think about achievements in terms of personal values and goals, rather than textbook criteria, popular culture, or financial rules of thumb. In all likelihood, a number of basic considerations will be relevant to the entrepreneur’s sense of satisfaction.
In anticipating this time of looking back, an entrepreneur should think in terms of a legacy. A legacy consists of those things passed on or left behind. In a narrow sense, it describes material possessions bequeathed to one’s heirs. In a broader sense, it refers to everything that one leaves behind—material items, good or bad family relationships, and a record of integrity or greed, of contribution or exploitation. An entrepreneurial legacy
includes both tangible items and intangible qualities passed on not only to heirs but also to the broader society. You can appreciate, then, the seriousness with which the entrepreneur needs to consider the kind of legacy he or she is building.
WINNING THE WRONG GAME
It is easy for entrepreneurs to get caught up in an activity trap, working harder and harder to keep up with the busy pace of life. Ultimately, such entrepreneurs may find their business accomplishments overshadowed by the neglect or sacrifice of something more important to them. It’s possible to score points in the wrong game or win battles in the wrong war