Wants and Needs: Identifying Priorities

How do you define success? What do you need to make your dream a reality? Maybe it’s a house, a car, more freedom, or maybe it’s working with what’s right in front of you. The taste of success can make you want to start planning your next vacation. The issue here is that reaching success is just the beginning of laying a foundation. Often, people might skip this step and go straight to the dealership. 

While going beyond your means can be a rush at the moment, it is very fleeting. It’s important to establish the things necessary to maintain productivity and further accomplishments (needs). Everything else is secondary (wants) and should not interfere in any way with the foundation. This takes a disciplined mindset but more so it requires one to see the bigger picture that can be reached with achievements.

The concept of “living within your means” is critical to sustaining the lifestyle you have and then expanding on new areas as you grow. Essentially, if you make the most out of the means you already have, eventually it will open up doors to more freedom and resources. Of course, this theory is contrary to the inspirational social media posts we see daily talking about luxurious material objects. 

Yet, while it may not sound as exciting, this is the reality of achieving sustainable success. This is also why 70% of lottery winners typically end up broke. Even after successful people begin to earn their wealth, they continue to live as if they didn’t have it yet. Why would they do that? Because they are adjusting their means to their end goals instead of wasting resources on wants that will later inhibit the accessibility of needs. 

When we look at the characteristics of a business, every brand wants to be the best, every leader wants to have a say, and every employee wants to make an impact. Assessing the wants and needs of a business is crucial. Budget decisions are a perfect example, the team must assess what is critical and what is a burden to the company's resources. At the individual level, no matter what position you’re in you’re inevitably aiming for better or just thinking “it would be nice”. 

This topic can be complex so let’s break it down:

Want It? Or Need It?

People will have differing opinions of whether something is a want or a need for many reasons. Some value certain things others don’t, some need things others want, and the argument goes back and forth. Take for example the clothes you buy, do you need clothes? Yes, do you want specific ones and would be willing to pay more for them?

Absolutely, but is that a need? This is not to say that you shouldn’t purchase the things you prefer but if you are on a tight budget and buying that designer jacket means you have to spend less on groceries you need to re-evaluate. 

Invest In Long-Term Gratification

Typically, we want to materialize success or achievements as soon as possible, just like as a kid when we easily pick out things we want. What’s rewarding is not what achievement or reward means at the moment, it’s the chain of achievements that it brings after. If a company meets a sales quota much earlier than expected should it stop there? No, the originally perceived barrier has just gotten bigger and should be the new means the company operates in.

Simply put, sacrificing immediate gratification will have more of a payoff in the end. It will eliminate the guilt that comes with splurging at the moment when it is outside the means. 

Operate In All Areas Of Means

This theory does not relate solely to money and budgeting, it is a lifestyle that we must embody through everything. The way we think should be constructed on the basis that our current reality has room for improvement, and action must of course be taken to reach it. Accessing this mindset may seem easier said than done. However, it is not a dramatic change to make, it is just never being complacent.

No matter the level of success achieved, there must always be a debriefing you have with yourself to ensure the next steps you take are not going to eventually set you back. 

Conclusion

Trusting that sacrificing instant gratification will lead to a better reality is a very hard concept to follow. It is a natural instinct we are fighting against and honestly, it feels great to embrace success. However, one achievement should not be the goal because if every successful person, brand, or company stopped at their first achievement the world would be a very boring place. Take time to search for more, be proud of yourself of course but see each achievement as a reminder that you are capable of more.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

5 Qualities Every Successful Entrepreneur Must Have

Entrepreneurship doesn't come with an instruction book that tells you how to act in every situation or what are the steps to achieve your goal.

There is no perfect answer for this path, as well as it does not matter if you were born with the qualities to be a successful entrepreneur, as long as you work to develop these qualities. 

While there is no specific personality profile that describes a successful entrepreneur, there are certain characteristics that are particularly important when starting and leading a business.

Let’s take a look at 5 qualities every successful entrepreneur must have.

1.Adaptability 

The business environment is constantly changing, and for entrepreneurs, this means that new challenges and opportunities will present themselves at every turn.

Being able to adapt yourself and your business concept to the changes that surround you will make the difference between success and failure.

2. Motivation and Passion

Feeling passionate about what you do is paramount when it comes to entrepreneurs. Think about it, entrepreneurship is taking risks, accepting challenges, and looking for opportunities almost all the time.

So if you want to live this hectic and fast-paced life, you better be passionate about your goal, otherwise, you won't get too far. Loving what you do gives you the motivation to overcome any obstacles that may arise.

3. Team Building

You know what they say; You don't need to know everything, you just need to delegate the tasks to people who are better than you at it. And this is a key decision on the path to success for entrepreneurs.

As an entrepreneur, you must be aware of your strengths and weaknesses, so you can find a team that complements your talents and contributes to a common goal.

4. Risk Tolerance

While entrepreneurship is often associated with risk, for better long-term results, you also need to take steps to minimize it. Experts in the field say that it is paramount for entrepreneurs to manage the relationship between risk and rewards, so would be easier to understand when it is worth taking the risk and when it is not.

5. Comfortable With Failure

Quite related to risk management is having a certain comfort level with failure. Only 1 in 4 companies do not fail when they start. The reasons are due to a lack of strategy, motivation, or external factors that you cannot control.

However, setting yourself up for failure does not mean giving up trying because you are scared of failing. Actually, the possibility of success, as small as could be, is often enough to propel entrepreneurs forward.

All in all, entrepreneurship is a constant challenge, offering numerous opportunities. There is no single way to be an entrepreneur, however, there are certain qualities and behaviors such as adaptability, motivation, and leadership that would make you a better candidate for the entrepreneurial role.

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