The importance placed on money in our current society has been ever-increasing, as our society revolves more and more around it. There has been a significant body of opinion which holds that money is the only means of indicating one’s success in their career. This essay will illustrate my partial agreement with this view, and present alternatives for measuring success.
It is hard to deny that money is one of the most reliable means of assessing success. The main purpose of creating a business is to earn money by offering products or services to its customers. Thus, the amount of revenue that a business makes is indicative of how well the products or services they offer are received. Good examples to demonstrate this point would be companies such as Apple or Microsoft. Commonly known as tech-giants, these companies have had a dramatic impact on the world at large. The ubiquity of their electrical products is undeniable, and the products they have released in recent years all yield enormous profits and eclipse their competitions. In addition, with more financial backing, not only can businesses survive, but they can also have more opportunities to significantly expand. More qualified employees can be hired to encourage innovation, while more complex technologies can be integrated to augment productivity. Therefore, money is hugely beneficial in fostering success.
However, it is unreasonable to believe that profits can measure the success of a business by itself. Using money as a measurement can be hugely misleading in certain cases, as it focuses more on the current state of the business rather than on the long-term progress. This view overlooks the complexities of the modern market, heavily favoring companies that are reliant on a singular business strategy that has brought consistent results, rather than constant innovation and creativity, which are vital elements that constitute success in the modern era. Because of this, methods specific to individual views are preferred, such as in IT where metrics like the number of active users, downloads or ratings prove to be more effective. Moreover, contribution to society is also an excellent indicator of success, as it measures a firm’s impacts on a variety of levels, from environment protection to community development, creating a more comprehensive and thorough evaluation. Such alternatives form a more complete and exhaustive estimation of a business’ success than financial gains.
In conclusion, while money has its merits as a means of evaluating success, adopting other metrics that encompass a more broad image of success proves to be more beneficial. It is recommended that firms take into account the complex nature of success measurement, and consider multiple metrics to achieve the best results.