ENTREPRENEURIAL HACK OF THE WEEK #49
Success, Significance, and Legacy:
3 stages of a fulfilled and blessed life
As a business professional, the pursuit of success often takes center stage. However, many entrepreneurs and leaders recognize there’s more to business than just the bottom line.
Exploring the concepts of success, significance, and legacy in business is essential, each with its unique value and impact.
Recently, I talked to one of my sons about legacy and how you can’t just skip over the steps or sidestep life’s pain and create a short path to legacy.
We don’t just wake up leaving a legacy. We accumulate one every day through our actions and our choices. It is not accomplished by a single event.
My mentor and close friend had an index card behind his desk with the three words: Success — Significance — Legacy. He reminded me that he was deeply invested in impact, being present, and growing his relevance even after surpassing 80 years of age.
Chasing success
Business success is often synonymous with profitability, growth, and market dominance. While these are undeniably important, pursuing success should encompass more than just financial gains.
True success in business means achieving personal and professional goals, positively impacting society and others (paying it forward), and fostering a thriving and energizing work environment.
We all seek belongingness and meaningful connections. We want to add value and have others see value in us.
Successful businesses set clear objectives, implement efficient strategies, and adapt to changing market dynamics. They also prioritize the well-being of their employees, fostering a culture of collaboration, innovation, and work-life balance.
Success is not merely about the destination; it’s about the journey and the positive influence a company can have on its stakeholders.
Building significance
Significance in business goes beyond success. It’s about making a meaningful and lasting impact on the world. A significant business stands for more than profit; it stands for purpose. A deep commitment to social responsibility, sustainability, and ethical practices drives businesses that chase significance.
To build one’s significance (relevance), businesses and individuals often engage in philanthropy, support societal and charitable causes, and prioritize economic and social prosperity and opportunity for all.
They understand that their actions can shape not only their industry but also society at large. A significant business inspires employees, customers, and partners by exemplifying values that transcend the balance sheet.
Leaning into legacy
For entrepreneurial ventures, legacy in business takes the concept of significance a step further. It’s about creating a lasting imprint beyond the founder’s tenure.
A legacy-driven business seeks to build a foundation for future generations, ensuring the continuity of its values, vision, and impact. Successful entrepreneurs often turn to venture philanthropy, civic leadership or establish a donor-advised fund, family office, or foundation.
Businesses that lean into legacy usually invest heavily in leadership development, mentorship programs, and succession planning. They understand that building a legacy requires a strong, enduring organizational culture that can thrive without constant supervision.
Such companies leave a mark not only through their products or services but also by nurturing the potential of their people.
For individuals leaning into legacy, there is often a restlessness, anxiety, and an urgency around leaving your mark or thinking about how you might be remembered. This is where you usually reflect on your biggest regrets, missed shots on goals, or do-overs.
One of the best pieces of advice I have received is to “live your life in the windshield, not in the rearview mirror.” Thinking back, it is probably a much healthier place to be.
Pursuing success, significance, and legacy in business represents a continuum of ambition and purpose. As business leaders, it’s crucial to balance these three dimensions, recognizing that they are not mutually exclusive.
While success is essential for survival and growth, significance elevates a business’s role in society, and legacy ensures its impact endures through generations.
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Karl R. LaPan is the director of UF Innovate | Accelerate, the place-making, entrepreneurial support organization within UF Innovate dedicated to working with entrepreneurs, innovators, and business builders. Through two award-winning, globally recognized facilities, UF Innovate | Accelerate delivers industry-leading entrepreneurial programs and services designed (1) to accelerate the growth and development of its client companies and (2) to increase the likelihood of success of the business ventures it serves.
Originally published at https://www.linkedin.com.
