Lastly, my week 1 homework tells me to create my definition of success. If everything goes wrong, what 1 thing will make this worth it?
Firstly, I think education is the main thing that will make me feel like this is a success. If I learn a lot through this process, it will be worth it. If others learn from it, that would make it worth it too.
Definition of Success – Money
A lot of people use money as a measure of success. Fortunately, I’ve never had that problem. Although I place value in a comfortable lifestyle, money doesn’t necessarily get me there.
However, before people jump on me, I should clarify a few things.
- I need money to survive. I think I would be a terrible off-the-grid type. My wife and I do not make a lot of money, and that is fine. We would probably be more comfortable if we made $10-$30,000 more each year. However, we budget and we don’t spend money on extravagant things.
- My situation is not everyone’s situation. I’m not condemning the desire to have more money. However, money does not motivate me for this particular project.
- I’m not quitting my day job yet. My income is needed for my household. In that sense, I am motivated to earn enough money to help us survive and save for the future.
Goals Versus Definition of Success
There’s a lot of overlap between goals and definition of success. There should be. In this case, my definition of success is for the mental side of things. The project is a success if I meet this definition, but the company might not be. I need separate goals as a way to project the company forward.
As you might recall, when I first announced this experiment, I created some goals. In summation, they are to earn $50,000 per year, create a wealth of content, and have most of my income be passive income.
Richard is the managing attorney for Law Plus Plus, a local small business law firm. As managing attorney, he helps small businesses and nonprofits startup, creating the contracts, and navigate the legal needs of businesses. Some of his practice areas include: corporate, contract, mergers & acquisitions, corporate litigation, and estate planning.