Hit the Money Issue Head-On

The individuals who have the success equation figured out are often those motivated purely by financial gain. They are the Han Solos of the entrepreneurial world, who instinctively know the stakes.

This approach is straightforward: if you set your success bar at a billion dollars, you can measure your progress as a percentage of that goal. For most Han Solos, that percentage will be quite small—often significantly less than one percent.

However, this method simplifies life considerably when you have a clear understanding of your position. While money may or may not be part of your success equation, it undoubtedly plays a role in your survival.

You know what’s tougher than reaching an ambitious financial goal? Living with a much lower financial aspiration. Trust me; I’ve experienced both sides.

Choose a financial target that resonates with your idea of success. If money isn’t a priority for you, consider it a fortunate situation—you can always give it away later.

Happiness and Success: The Disconnect

On the opposite end of the success spectrum lies happiness. The saying “I just want to be happy, not rich” highlights a common misconception. In reality, these two concepts often exist independently of one another.

At their extremes, happiness and wealth can even be polar opposites. I've observed that excessive wealth can lead to unhappiness, while lack of sufficient funds can make happiness elusive.

Indeed, happiness and success frequently don’t correlate. I know numerous entrepreneurs—and successful individuals—who lack true happiness despite their achievements.

Defining My Version of Success

How do I define success? That's a complex question.

The core issue is this: if you measure business success based on personal definitions, you’re likely to fall short in both areas. Life is distinct from business; your startup is not a reflection of your entire existence or your online profiles.

While those aspects can be significant, they do not encapsulate your entire life. One key lesson from my journey through various successes and failures, including startups, is that you cannot approach the pursuit of success in business like you do in other life areas.

I have my own definition of success, which I’ll reiterate is multifaceted and continually evolving. In life, you can afford to have a flexible definition because it is lengthy and forgiving compared to the short lifecycle of a startup.

Thus, whenever I embark on a new venture—whether independently or collaboratively—I prioritize defining failure first.

To put it simply: I define failure first because I might not know what success looks like initially, but I’ll recognize it once I see it. I prefer not to spend months or years in uncertainty about whether my daily efforts are leading to success; that’s a surefire recipe for frustration.

Conversely, defining failure tends to be more straightforward. By accurately identifying what constitutes failure and steering clear of it, I increase my chances of recognizing success when it appears. This allows me to adapt and dream my way toward whatever that success may ultimately become.

This approach is the only method I’ve discovered to align the pursuit of business success with personal success, applying everything I’ve learned about the two.

If you find value in honest and actionable insights, I invite you to subscribe to my free newsletter at joeprocopio.com to stay updated on new posts. It’s concise and direct.

For more in-depth startup advice, consider a free 15-day trial of Teaching Startup. It's less than 1% of the cost of conventional expert guidance, available on your schedule, with no unnecessary small talk. Use the invite code MEDIUM for half off your first month after the trial.