Inc. Magazine
Running your own business can wear you down mentally, not just physically. Many entrepreneurs face anxiety, stress, or depression. Shifting focus from chasing money to helping others brings more purpose, better mental health, and often, greater success. Intrinsic goals like growth and connection make you happier than chasing fame or wealth.
Science Says This Is How the Happiest People Motivate Themselves
Author: Jeff Haden
Running your own business is hard. And can be hard on you.
Physical fatigue is one thing; anxiety, stress, and even depression another. One study found that almost half of entrepreneurs surveyed said they were dealing with at least one mental illness, and approximately a third struggle with two or more. Another survey found 75 percent of small business owners were concerned about their mental health, and 56 percent actually diagnosed with anxiety, depression or stress-related issues.
While building a company always involves a series of ups and downs, there are ways to mitigate the impact. Focus on improving the health big three: diet, exercise, and sleep. Focus on improving the other big three: your primary relationship, money, and agency.
And possibly just as importantly, consider reframing your goals. As HubSpot co-founder Dharmesh Shah says, “Stop thinking about making a million dollars, and start thinking about serving a million people.” Shah writes:
When you only have a few customers and your goal is to make a lot of money, you’re incented to find ways to wring every last dollar out of those customers.
But when you find a way to serve a million people, many other benefits follow. The effect of word of mouth is greatly magnified. The feedback you receive is exponentially greater—and so are your opportunities to improve your products and services. You get to hire more employees and benefit from their experience, their skills, and their overall awesomeness.
And in time, your business becomes something you never dreamed of—because your customers and your employees have taken you to places you couldn’t even imagine.
Serve a million people—and serve them incredibly well—and the money will follow.
Easier said than done? Sure.
But that’s how most successful small businesses are built. If you run a service business with just a few employees—or just you—your “million customers” is relative, but you get the point: Providing genuine value is a proven path to entrepreneurial success.
Extrinsic vs. intrinsic goals
And here’s the thing: That shift of focus can also pay dividends in terms of your mental health. According to a recent meta-analysis of over 100 studies published in Journal of Personality and Social Psychology, pursuing extrinsic goals like image, fame, and money is linked with feelings of ill-being. The researchers call it the “dark side of the American dream.”
As you can probably guess, intrinsic goals like growth, relationships, community, and health are linked with feelings of well-being. Granted, that sounds like some sort of Mother Theresa Effect (a psychological phenomenon I just made up), where doing good makes you feel good.
Except it does. According to the researchers, intrinsic goals tend to satisfy basic psychological needs like growth, independence, and connection. (For example, other research shows feeling good about the impact you make on others makes you feel good about yourself.) Extrinsic goals “satisfy” external validation goals—”satisfy” because external validation is only occasionally satisfying, and never lasting—and tend to lead to anxiety, insecurity, and even depression.
In part, that’s due to the nature of the comparisons involved. Learn and grow, and the comparison you make is between the person you used to be and the person you’ve become. On the extrinsic side, comparisons tend to be outward, not inward… and there will always be someone wealthier or more accomplished.
But what if you want to be happier and more fulfilled, yet also accomplish extrinsic goals?
Extrinsic goals with intrinsic rewards
A study published in Journal of Research in Personality found that achieving goals involving personal growth, relationships, and community involved led to increased feelings of well-being.
Intrinsic goals make you happier in part because the pursuit of those goals tends to create virtuous cycles. Work to be a better parent, for example, and you’ll feel better about yourself. Your kids will feel better about themselves. Knowing they feel happier and more self-assured will make you feel even better about yourself—and will make you work even harder to be a better parent.
And it will make it easier for you to pursue business success, both because you feel better about your family life and because you won’t be worried about your family life.
That’s a great example of an extrinsic goal with personal, intrinsic meaning.
Say you want to earn more money so you can buy a fancier car. The research shows pursuing a material possession-related goal will make you less happy. But if you want to earn more money because you want to save money for your kids to go to college, or help your elderly parents, or to give back to your community, now you’ve given that same goal intrinsic meaning.
Now it means something. Not to the people who will see your car. Not to the people you hope to impress.
To you.
And to people who matter to you.
Or say you want to get in better shape. The research shows pursuing appearance-related goals will make you less happy. But if you want to get in better shape because you want to feel better, or set an example for your kids, or prove something to yourself, then pursuing that goal is more likely to make you feel you happier.
Because now you’ve given that goal intrinsic meaning—now it means something to you, and to the people who matter to you.
Want to avoid the unhappiness trap that comes with pursuing extrinsic goals?
Add a little intrinsic motivation.
Then you get the best of both worlds.
And since your goals will have greater personal meaning, you’ll be more likely to achieve them.
Credits: TCA, LLC.