Some people think that the only way to judge someone’s success in business is by the amount of money they make. Is money a true indicator of the success of a business? In what other ways could success in a business be measured?
The original essence of any business is systematic profit-making. Because of that, it is thought by many people that the true indicator of success is the size of the bank account.
However
, the truth is that it is not unequivocally since any performance metric will be changing over time. Therefore
, it is not possible to draw conclusions about companies’ or individual entrepreneurs’ achievements based only on the amount of money
. It is absolutely necessary to consider other key indicators such
as brand, revenue sustainability and customer loyalty.
First of all, when somebody talks about any business’s success by mentioning assets, they mainly mean fixed-time value, without taking into account its time-varying nature. Consequently
, such
an approach can be deceptive if the organization or individual entrepreneur is doing well only at a certain moment. As a great example, the Motorola company
was producing push-button cell phones, and by earning large profits, according to
the criterion, it was quite a prosperous company
. Nevertheless
, when touchscreen phones appeared on the global markets, Motorola became insolvent.
Furthermore
, the prosperity of any business should be evaluated not only by its current earnings but also
by expected prospects. This
can be done in several distinctive ways taking into consideration its founding date, number of loyal customers and future cashflows. For example
, the Siemens company
has been in existence for more than 150 years, and still, their products are in great demand. The company
could be called eminent, otherwise
, it would have been closed long ago. Correspondingly, it is possible to utilize metrics apart from the money
for the prosperity of a company
or an individual entrepreneur.
In conclusion, the amount of money
is not the exclusive measure of success as that metric indicates only a short period in time. Alternative indicators can be found, such
as the lifetime of the company
and the number of its loyal customers. As a result
, the prosperity of a business can be measured by the amount of money
coupled with
other indicators of its performance.Submitted by nikolaymatlakhov on
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