The Entrepreneur's Eight Laws to Creating the Good Life

Photo by Jacek Dylag on Unsplash

In the world of entrepreneurship, the journey is often romanticized as a path of relentless pursuit marked by a singular focus on success defined by financial wealth. However, this narrative seldom accounts for the dark side of entrepreneurship, which includes the challenges of burnout, uncertainty, and the constant pressure to outperform (Stephan, 2018).

Due to my own early struggles as an entrepreneur and my role as an entrepreneurial leadership coach, I stumbled upon the field of positive psychology in 2017. My curiosity for the field quickly turned into a passion when I found that many of its concepts could help me and my clients find greater personal and professional well-being. This passion led me to apply and gratefully become accepted into the University of Pennsylvania’s Master of Applied Positive Psychology (MAPP) program a few years later. I felt called to dig deeper into entrepreneurial thriving during my time in the program, completing my capstone focused on this same mission. Upon graduation, this desire to help entrepreneurs find greater meaning and purpose in their lives grew exponentially, leading me to dig even deeper into the topic, ultimately resulting in my latest book, EntreThrive: The Entrepreneurs Eight Laws to Accelerate Financial Freedom While Creating The Good Life.

Drawing from my own experiences as an entrepreneur of over 22 years, my MAPP background, and the in-depth research that went into the insights from my book, I aim to shed light on how entrepreneurs can navigate these challenges to create a fulfilling and purpose-driven life, or what Aristotle referred to as the good life. I believe the concept of the good life transcends the traditional markers of entrepreneurial success. It is about crafting a life of meaning, purpose, and happiness, irrespective of the inherent challenges of entrepreneurship (Waldinger & Schulz, 2023). In essence, the good life isn't found; it's consciously crafted by living in accordance with virtue and fulfilling one's potential (Bragues, 2006).

Participating in the LoToJa bike race, a grueling 200-mile one-day journey, I learned invaluable lessons about endurance, support, and the power of drafting—riding close behind another cyclist to reduce wind resistance and conserve energy. During one particular year of riding in LoToJa, prior to the start of the last leg, I was really struggling mentally and physically as I pulled into the last feed zone. My wife Heather, who was competing on the same course with a five-women relay team, had finished her leg and, upon my request, selflessly hopped in front of me for those final 47 miles. Her draft allowed me to conserve enough energy to not only finish the race, but breakaway from other riders, resulting in a personal best.

The concept of drafting is a powerful metaphor for the entrepreneurial journey, highlighting the importance of having the right mutual support and tools to overcome challenges. It can also reflect the idea of breaking free from traditional approaches to growing a business, such as working 60+ hours a week and placing your most important relationships on hold as you focus on your professional aspirations. The following eight laws are meant to help entrepreneurs draft and breakaway from these traditional approaches and learn to create a good life, irrespective of the uncertainties and challenges that come with entrepreneurship.

The Eight Laws to Creating the Good Life for Entrepreneurs

Clarity | Your guiding truths illuminate your way. This law emphasizes the importance of having clear guiding truths that illuminate the entrepreneurial path. It's about aligning one's business with one’s purpose and values, ensuring that every action contributes to a meaningful impact in the world. According to researchers Ryff and Shir (2021), an entrepreneur’s business must be in alignment with their purpose and values, incorporating meaning into the impact they want their business to have in the world.

• Key takeaway: Align your personal purpose, the impact you want to have on yourself and the world, with the mission of your business.

Creativity | You believe in creating a better way and a bigger world. Creativity is the lifeblood of innovation. This law encourages entrepreneurs to embrace their creativity, not just for business development but as a means to enrich their lives and the lives of those around them. According to the renowned positive psychologist, Mihaly Csikszentmihalyi (2009), creativity may not lead us to fame and fortune, but it can turn our daily activities into less mundane, more vivid, and deeply meaningful experiences.

• Key takeaway: Block out periods of creativity and focus during your work week. Treat it like your most important appointment.

Grit | What you feel called to create fuels your staying power. Grit is perseverance and passion for long-term goals. It's the fuel that drives entrepreneurs through the ups and downs of their journey, anchored in a deep sense of purpose and calling. According to psychology researcher Angela Duckworth, grit is about having an “ultimate concern”—a goal you care about so much that it organizes and gives meaning to almost everything you do (Duckworth, 2016). This sounds quite like a calling. Callings give meaning to almost everything we do. Your “ultimate concern,” your calling, is the pinnacle ingredient of entrepreneurial grit.

• Key takeaway: Evaluate your personal purpose and determine if it aligns with how you feel about your work. What needs to change to help you feel more called to the work you do?

Connections | The strength of an entrepreneur's relationships often mirrors the success of their business (Evald, et al., 2006). This law underscores the importance of building and nurturing meaningful connections that support both personal well-being and business success. The relationships we invest in outside of the workplace, our personal ones should demand the most care and attention. Intentionally giving our time and attention to those we love the most can also in turn be our greatest source of positive energy to draw from when work challenges arise. In their groundbreaking book, The Good Life, Harvard researchers Waldinger and Schulz (2023) argue that the strongest tie to our well-being is the quality of our relationships.

• Key takeaway: Set a goal of creating what researchers call High Quality Connections (HQCs). HQCs are when we have meaningful one-on-one connections with people all around us, sometimes with those we do not know very well. Research shows HQCs can positively impact our well-being (Stephens, et al., 2012).

Faith | Your future is brighter than what you can see and feel. Faith, in this context, is about believing in the immense possibilities of the future beyond current limitations. It's a powerful force that propels entrepreneurs forward, encouraging them to take leaps of faith and embrace change. Entrepreneurial faith also requires one to have faith in themselves, often referred to in psychology as self-efficacy, a term coined by renowned psychologist Albert Bandura. Self-efficacy is a person’s belief that they have the skills and abilities to produce a positive outcome (Ackerman, 2023).

• Key takeaway: Evaluate your goals and categorize them into two categories, ones you feel capable of achieving and ones you do not. For those you do not feel capable of accomplishing, write out one thing you could do to help improve your capability in achieving the goal.

Habits | Ultimate performance flows from your unconscious choices. Success is often a result of unconscious choices and habits. This concept highlights the importance of cultivating positive habits that help build and strengthen our desired character strengths, as outlined by Martin Seligman and Christopher Peterson in their book, Character Strengths and Virtues (2004), and further adopted by the VIA Institute on Character (viacharacter.org). For example, this year, I am focusing on further fostering one of the 24 character strengths, self-regulation. My goal is to create positive unconscious habits, like waking up at the same time each morning, that will help me cultivate this character strength with choices that start consciously but over time, run on auto-pilot.

• Key takeaway: Go to viacharacter.org, take their key character strengths assessment, and identify one character strength you would like to cultivate more. Then, write one positive habit that would grow this strength and work it into your daily routine.

7. Vigor | The energy you carry carries you. The energy an entrepreneur carries is crucial for sustaining their journey. This law emphasizes the importance of maintaining physical, mental, and emotional health to ensure resilience and endurance. A life full of vigor requires intentionally aligning your body with the power of your mind. Unfortunately, when our body is in control of our choices, we give into activities that can have a negative impact on our well-being, such as harmful addictions. When our mind is in control of our bodies and aligned with our purpose, our choices lead us toward a better life.

• Key takeaway: Think of any hurtful habits you might be holding onto. Is your body calling the shots in this case? Is this habit aligned with your purpose? How can you put your mind in charge, aligned with your purpose, to help you overcome this negative habit?

8. Agency | The good life you desire is your responsibility to create. This law is a call to action, encouraging entrepreneurs to take charge of their lives and consciously craft their path to fulfillment. It also requires what Martin Seligman refers to as the three pillars of agency, 1) self-efficacy, 2) optimism, and 3) imagination. Seligman makes the case that when one’s life is void of these three elements, their ability to choose for themselves is limited and their ability to flourish is hindered (Seligman, 2021).

• Key takeaway: According to Seligman (2006), optimism is when we look at negative circumstances as temporary rather than permanent. Think of a few recent setbacks you have had. Did you choose to see them as temporary and believe you had the capability to overcome them? Evaluate your own use of agency and where you can improve.

In Conclusion

The entrepreneurial journey is fraught with challenges, but it also offers the opportunity to create a life of meaning, purpose, and fulfillment. By embracing the eight laws outlined above, entrepreneurs can navigate the uncertainties of their journey and intentionally craft their version of the good life. This journey is not about achieving financial freedom alone but also about living a life that is rich in relationships, health, creativity, and purpose. It's a dynamic journey marked by intentional creation, where challenges, joys, and setbacks intertwine to form a tapestry leading to one's ultimate fulfillment.

References

Ackerman, C. E. (2023, April 26). What is Self-Efficacy Theory? Positivepsychology.com. https://positivepsychology.com/self-efficacy/

Bragues, G. (2006). Seek the good life, not money: The Aristotelian approach to business ethics. Journal of Business Ethics, 67, 341-357.

Crisp, R. (Ed.). (2014). Aristotle: Nicomachean ethics. Cambridge University Press.

Csikszentmihalyi, M. (2009). Creativity: Flow and the Psychology of Discovery and Invention. Harper Collins.

Duckworth, A. (2016). Grit: The Power of Passion and Perseverance. Scribner.

Evald, M. R., Klyver, K. I. M., & Svendsen, S. G. (2006). The changing importance of the strength of ties throughout the entrepreneurial process. Journal of Enterprising Culture, 14(1), 1–26.

Peterson, C., & Seligman, M. E. (2004). Character strengths and virtues: A handbook and classification (Vol. 1). Oxford University Press.

Seligman, M. E. P. (2006). Learned optimism: How to change your mind and your life. Vintage.

Seligman, M. E. P. (2021). Agency in Greco-Roman Philosophy. The Journal of Positive Psychology, 16(1), 1–10. https://doi.org/10.1080/17439760.2020.1832250

Shir, N., & Ryff, C. (2021). Entrepreneurship, Self-Organization, and Eudaimonic Well-Being: A Dynamic Approach. Entrepreneurship Theory and Practice, 46(6), https://doi.org/10.1177/10422587211013798.

Stephan, U. (2018). Entrepreneurs’ Mental Health and Well-Being: A Review and Research Agenda. Academy of Management Perspectives, 32(3), 290–322. https://doi.org/10.5465/amp.2017.0001.

Stephens, J. P., Heaphy, E., & Dutton, J. E. (2012). High-quality connections. In K.S. Cameron & G.M. Spreitzer (Eds.), The Oxford handbook of positive organizational scholarship (pp. 385–399). Oxford University Press.

Waldinger, R., & Schulz, M.. (2023). The Good Life: Lessons from the World’s Longest Scientific Study of Happiness. Simon & Schuster.

About the author | Over the span of more than 20 years, Aaron Marcum (C’22) has founded and scaled award-winning multi-million-dollar companies that have positively impacted the lives of thousands throughout North America.

His entrepreneurial journey began in healthcare. It was in his second start-up, that Aaron's visionary leadership changed the trajectory of the home care Iindustry and positively impacted the lives of thousands of entrepreneurs and the millions of seniors that were under their care. He founded the Best of Home Care® award program and created an innovative benchmarking and performance platform, now the recognized standard in the industry. Prior to these groundbreaking programs, no framework existed to measure the quality of in-home care.

Aaron is the recipient of numerous awards recognizing his leadership, vision, and service. He has been a sought-after national speaker since 2006 and enjoys empowering his audiences to make positive changes in their personal and professional lives.

Aaron finds great joy in living his best life as a husband, father, Christian, entrepreneur, business partner/investor, executive leadership coach, and positive psychology practitioner. He has a Master in Applied Positive Psychology degree from the University of Pennsylvania, where he studied under renowned psychologists and well-being experts, including positive psychology founder, Dr. Martin Seligman. It was through this life-changing program that Aaron discovered his personal path to flourishing. His hope is that with the knowledge he has gained from his deep dive into positive psychology, years as a thriving entrepreneur, and now as an executive leadership coach, he can help other entrepreneurs eliminate unhealthy stress and find their personal path to flourishing.

Aaron’s passions lie in road cycling (he has completed Lotoja, a 200 mile one-day bike race four times) and fly fishing. He’s been married to his lovely wife Heather since 1996, and they are the proud parents of six beautiful children.