From hero to human: redefining success in entrepreneurship

In the realm of entrepreneurship, gone are the days when financial gain and market dominance were the sole definition of success. While entrepreneurs are traditionally seen as tireless super humans and heroic figures who fight battles and overcame obstacles, in recent years a new generation of entrepreneurs has emerged. 

With this shift, the sharing economy has made its way into entrepreneurship as well. In today’s world, successful entrepreneurship builds on purpose-driven businesses founded on human values and expressed through teamwork, partnerships and collaborations across networks, striving to create a lasting impact in the world. 

Conventionally, financial gain has been viewed as the first and foremost purpose of doing business. Praising the arduous path of the tireless super human aka the entrepreneurial hero has become a thing of the past. 

In a world filled with crises – global warming, pandemics, wars, and to name a few – doing business with a purpose has become the new norm. More than ever, businesses are viewed as vehicles for positive change that are expected, by default (no questions asked!), to openly strive to leave a legacy that extends beyond the bottom line. Whether through sustainable practices, philanthropy or innovative solutions, entrepreneurs recognize the power of purpose and making a lasting impact on their team members, local communities, the planet, and society as a whole. 

This can be seen through purpose-driven entrepreneurship as well as more and more entrepreneurially minded professionals taking the leap into startups– giving up the safety and convenience of their monthly paycheck, health insurance, and fancy titles in well-established corporations – in order to make their mark in this world.

Marko Rytkönen is a great example of an entrepreneurial mind who took the chance and replaced a steady paycheck and an impressive title in a global corporation to pursue a new path in a startup lacking titles and hierarchy. This is just one example of how making a profit, albeit still essential, is no longer the number one or sole reason for doing business.

Entrepreneurship is a way of life. Founders are often associated with tireless ambition and a relentless hunger to grow, not to mention succeed. 

According to the traditional entrepreneurial hero’s journey, growth comes with a price that is oftentimes paid in a currency called health, be that mental or physical – or, worse yet, both. 

The human entrepreneur understands the importance of sustainable growth. Employees are the most important asset of an organization, and their wellbeing directly translates to the productivity and success of the business. This is especially true for specialist work. With burnouts threatening as many as one out of four employees in Finland alone (according to the survey of Finnish Institute of Occupational Health), taking care of themselves and practicing what they preach is a non-negotiable for founders who wish to foster a work-place culture where work-life balance and the wellbeing of the people are at the forefront. 

Therefore, for the human entrepreneur, the desire to create meaningful impact comes with a disclaimer of doing so in a sustainable manner. At best, the result of this is a balanced lifestyle where business and pleasure come hand in hand, free-time is considered a necessity rather than a nice-to-have, and mental and physical wellbeing is something that must be taken care of. 

In 2023, however, this alone is not enough. Top performers and industry experts thrive in environments that support collaboration across teams, functions, and networks. They find meaning in solving complex challenges that allow them to utilize their unique skills and expertise while making their mark in the world and contributing to the organization’s success as part of a team. 

Research in the field of positive psychology shows that people thrive when they are allowed to focus on what they do best. When they thrive, they are more likely to perform better, which in turn leads to increased productivity both on an individual level and, if and when replicated, on an organizational level as well. 

When and where gaps in expertise occur, they can be filled through collaborative efforts by network partners, which extends the scope of business opportunities that are available for businesses.  

The new definition of success in entrepreneurship encompasses a wider community of people. The human entrepreneur is well aware of the fact that success is by no means achieved in isolation, but through collaboration and collective efforts. 

By identifying and promoting cooperation across networks, founders can unlock the full potential of their team and enable growth beyond its resources, keeping employees engaged and committed while focused on what they do best and feel the most passionate about. Partner networks are on the rise as the notion of ‘better together’ has become increasingly accepted.

Competition, high stakes, and leading with fear have been replaced by cooperation, partnerships, and joint ventures that place the wellbeing and performance of employees and stakeholders at the forefront of the daily operations.The role of investors, in turn, has become one of supporting and enabling rather than controlling and threatening. Human values, such as empathy, compassion, and integrity are valued more and more as the crucial role of psychological safety as a key factor for creating dedicated and driven, top performing teams has been identified. 

By fostering a sense of inclusivity and purpose, identifying individuals’ unique sets of skills and strengths, and providing opportunities for growth and personal development, entrepreneurs can attract and retain top talent and create a thriving work culture united by a common mission and purpose. The more united the people stand, the more massive the impact.

Lastly, the new generation of entrepreneurs understand that the journey is the destination. Lasting impact is created by thriving individuals through purpose-driven business and sustainable collaborative efforts built on a foundation of human values and team-members being able to utilize their unique skills, strengths, and expertise for the greater good.

This is what human entrepreneurship is all about: making the world a better place, as cliché as it sounds, together.