Chase Value, Not Status
Embracing Value-Oriented Goals for Success in Business and a Fulfilling Life
We think the primary focus of a business should be to deliver value to its customers. Of course, a business also has to make money. Without a profitable infrastructure, that business will soon close its doors, but the long-term health of a venture relies on much more than profit.
We see a big focus today on the “serial entrepreneur” mindset: the celebrity status of being a social media influencer, the cult of personality around this character that’s created—having multiple revenue streams, in business simply to get rich. When status, wealth, and profit are the primary goals, those come at the expense of value.
There’s nothing wrong with working toward building wealth, but a business that focuses on this goal is neglecting the service it has promised to deliver to its customers. People give money to businesses in exchange for value, not to make the owners rich! It may be possible to scam enough people long enough to amass wealth in this way, but this is not a sustainable model.
On a more fundamental level, is this something you can be proud of? Everyone has a different set of personal ethics, but we think there is enough overlap to say that commerce is about exchanging value in your community. Your customers are offering their hard-earned money for solutions to their problems. You should be offering the best solutions you can in exchange.
If you are passionate about delivering a product or service that can genuinely improve the lives of your customers, and enough people stand to benefit from it, there is a sustainable business plan there that will also provide for you.
And this approach is good for the bottom line as well. A (profitable) business that has happy customers has the best chance of surviving in the long run. A reputation for excellence is still the most valuable thing an entrepreneur can possess.