I am pretty sure that you are familiar with the Mr. Maslow and his ‘hierarchy of needs’ pyramid. In case you are not, I’ll try to summarize it for you. It is pyramid made of 5 levels of different needs and the lower level must always be met before we can effectively become concerned about the needs on the higher level. The 5 levels are as follows (starting at the lower one):
- Physiological (air, food, water, sleep, etc)
- Safety (security for the ‘self’, stable employment, etc)
- Love/Belonging (friendship, family, intimacy, etc)
- Esteem (self-esteem, confidence, achievement, etc)
- Self-actualization (morality, creativity, problem-solving, etc)
Trying to tackle ‘self-actualization’ needs when your ‘basic safety’ needs are not met, will not be effective according to Maslow’s theory. And it makes sense.
Now to switch gears a little bit, in my conversations with different people who have their own businesses, and from what I gathered from interviews with some very successful individuals, I have noticed that their business approach falls into somewhat of the similar hierarchy. And it seems to be related to how well the business (or the entrepreneur) is doing. [ This post is going to be quite long if I cover the rest of what I want to mention, so I’ll leave that for next week. ]
Until Monday,
V