3% of all business owners make 84% of all private biz income. Why? They’re not covering for unknown weaknesseses.
What Do You Want to Be Known For?
An empowering vision.
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This article was published on January 08, 2011. So far, 3 people have left their thoughts. Share your own thoughts.
What are you building with your business? Do you know? If not, it’s never too late to get this answer. Stop for a moment and get it, because every decision will fall from this one if you have it answered. People who try to make money rarely make very much of it. People who answer this question understand it is where significance begins.
We sometimes confuse what is good for us with what works for big business. We see Giant Corporation, Incorporated focused on return on investment (ROI) to it’s shareholders and think that we should do that. They are a lousy example of what you want to be known for. They have a legal responsibility to focus on making money, we don’t. And I can tell you that people who focus on something bigger than making money always make more of it.
What do you want to be known for?
And it’s even true with a very few Giant Corp. companies. As Raj Sisodia found in his book Firms of Endearment , 28 of the Fortune 500 have declared to their shareholders that they are about something bigger than making money – they want to be know for something else. You would think that might distract them from making money, but you would be wrong.
In his book Good to Great, Jim Collin’s identified 11 companies that beat the S&P 500 profit standard by at least 300%. Raj’s 28 Giant Corporations that focused instead on something bigger than making money do 1,072% better than the average S&P 500 company.
This relationship between focusing on something bigger than making money and actually making a lot is even more clear with small businesses. Why?
Making money is not an empowering vision.
People make money for two reasons:
1) Survival – survival is a very strong instinct. It is not surprising that most people make just enough money to pay their bills. And the only way that they can motivate themselves to make more is to constantly increase their lifestyle so they can ensure there is always more money going out than coming in. Staying in this Cycle of Poverty, even when you’re making millions, is a great way to ensure you will always be motivated only by survival.
I have a former client who lives that way. His house is beautiful and his cars are gorgeous, and he doesn’t sleep at night. He is in survival mode all the time. He bought the 80’s lie “He who dies with the most toys wins”, and is a hostage to his business and his lifestyle.
2)Significance – An empowering vision – People who see money as a means to an end that is bigger than the toys it can buy are much more likely to make a lot more of it.
You should have as the objective of your work to move from SURVIVAL right through SUCCESS (the imposter of toys) to SIGNIFICANCE.
What do you want to be known for?
I address this in Making Money Is Killing Your Business. Answer that question and you’re likely to get up tomorrow a lot more motivated regardless of the economic climate. And you’re likely to be a lot more successful because you have committed movement in a purposeful direction.
Get out of my way. I have somewhere I have to be.
It’s a lot more motivating than, “I made 6% more this year.”
What do you want to be known for?
Add Your Own
Thoughts
Jen Orvis
01/09/11
Great Question C !
I want to be known for approaching encounters with others in a way that empowers them to be more than what they think is possible.
I hope to challenge the way people think and allow them to see things far beyond money. The best part is once the energy and focus exceeds money, and resides in significance individuals make more money!
In business money is a symptom of focusing on things much sweeter.
Thanks for asking!
Waleed
01/13/11
Great question!
I want to have significance in many areas of my life. But, if I had to only be known for one thing it would be that I am a great dad.
Nothing else I do has the potential that being a dad does.
Thanks for posing the question. You didn’t answer it yourself…what would you want to be known for?
Drew
Chuck
01/15/11
Drew,
Great questions back to me!
I want to be known for living well by doing good. I can unpack that for at least three Guinness’ with measurable specifics. It involves working with poverty business owners in three other countries, having a specific number of people say “his life had an impact on mine”, starting an L3C to support our poverty work, having seen the life as fascinating, and in general, having focused on serving others instead of myself.