More Than Money: Defining Success in Business

Published: Apr 10, 2023  |  

Founder of ICON Wealth and Legacy Partners

What is the definition of success to you?

For many entrepreneurs, success is not just about financial wealth or achieving fame. Instead, success can be a more holistic and personal concept that encompasses various aspects of life, such as family, relationships, health, personal growth and making a positive impact in the world in which we live.

To many entrepreneurs, a successful life is one where they have achieved a balance between their personal and professional lives. They prioritize spending quality time with their families, maintaining strong relationships with their loved ones and taking care of their physical and mental health. They also strive to continuously learn and grow, both professionally and personally.

Financial success may be an important aspect of an entrepreneur’s life, but is it the only measure of success? Many successful entrepreneurs also value making a positive impact in the community they live in and the broader world, whether through philanthropic efforts, creating jobs and opportunities for others or developing innovative products and services that solve real-world problems.

Overall, success can look different for every entrepreneur and their family but it often involves achieving a balance between personal fulfillment and professional achievement, making a positive impact in the world and prioritizing the things that truly matter in life.

Many successful entrepreneurs prioritize creating a positive impact on society or solving a problem that they are passionate about. They may define success as achieving their vision or mission and making a difference in people’s lives in their surrounding communities.

One notable example is Elon Musk, the CEO of Tesla and SpaceX, who is committed to creating a sustainable future and reducing humanity’s dependence on fossil fuels. Musk has often stated in his speeches that his ultimate goal is to “help make life multi-planetary” by enabling humans to travel to and colonize Mars, which he believes is critical for ensuring the survival of the human species.

Patagonia’s founder, Yvon Chouinard is another successful entrepreneur who prioritizes creating a positive impact on society. Patagonia is committed to sustainable business practices and environmental activism. The company has implemented numerous initiatives to reduce its environmental impact, including sourcing sustainable materials, reducing waste and investing in renewable energy.

These examples demonstrate that successful entrepreneurs can make a positive impact on society while also building successful businesses. By prioritizing their values and using their businesses as a platform for change, they can create a more sustainable and equitable future for all. “DOING WELL by DOING GOOD

I recently spoke with Brett Brown. Brett is both the fifth generation leader of his family’s Single Family Office and the founder and Managing Partner of Double Jump Capital, a late-stage video game royalty fund. He explained to me that his definition of success is not a singular metric or achievement of a single goal but instead daily improvement across various areas: personal, family, professional, social/global and more.

In line with this point of view, Brett and his family pursue positive change through effort, innovation and investment in priorities that emphasize a long-term view with the greatest potential impact on their community and the world as a whole. Making a difference personally and professionally is what Brett strives for every day.

 Success often means something different to each entrepreneur, but based on my experience operating ICON for the past 18 years of my career, I’ve found that many of the successful people I have met and worked with have an overwhelming focus on making a difference in their community.

What difference will you make today when you start your day?

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