When it comes to looking at the metrics that dictate their success, most entrepreneurs have got it all wrong.
Last week while recording an upcoming episode of the Level 5 Podcast, Ken Andrukow, Eric Malzone, and I were chatting about a running theme we have noticed with entrepreneurs we have mentored throughout the years: most measure their success by how much money they are making.
Can you blame them? Social media is flooded with business coaches promising strategies to quickly generate a six+ figure income. Entrepreneurs are bombarded with messaging that tells them, “if you make more money, the happier you will be…” This lures entrepreneurs into setting a revenue goal and solely focusing on hitting that number.
Before we go any further, we do want to acknowledge that money certainly is important. People work to generate income that will provide for their living and luxury expenses. In addition to lifestyle, revenue is also essential to an entrepreneur’s ability to invest in growth strategies. A business simply cannot sustain itself if it is constantly in the red.
The issue lies not in the desire to make money, but in believing that the only way to measure success is by looking at revenue.
Think about the following:
- Would a million-dollar business be important if you were constantly sick, bound to your bed?
- Does having money replace love, intimacy, and friendships?
- How fulfilling is it to simply go through the motions without feeling like you truly have a purpose?
- If you made lots of money but had no time to do anything you love with the people you love, what exactly are you working to afford?
Health, love, freedom, purpose – a dollar amount is not tied to any of these things.
Yet, when asked what they are struggling with most, many of the entrepreneurs we have worked with say, “I need to make more money.” Why?
When entrepreneurs only focus on a preconceived revenue goal they end up sacrificing their health, relationships, and time. They jump from idea to idea, creating new businesses simply to hit a certain amount of money. This leaves them feeling depleted because they are not using their unique abilities and taking purpose-driven action; they are simply chasing money.
Money matters, but so does health, relationships, purpose, and time. Success simply doesn’t feel the same when any of these areas are out of alignment.
Where do you currently fall in the following five success metrics: money, health, relationships, purpose, time? The Entrepreneurial Assessment will help bring to light where you may be missing out on these essential freedoms. Knowing where you are is the first step in getting to where you want to be.