We often hear references made to the “cut-throat” competition in the business world. We all know that there is a built-in degree of competition necessary to survive in business, but should you make this the major and overriding focus of your life? Are you ever tempted to compromise your basic values just for profit (usually short-termed)?

Edward (Francis Charles Publius) de Bono, Maltese psychologist, writer, and a leading authority in the field of creative thinking, said,  “Companies that solely focus on competition will ultimately die. Those that focus on value creation will thrive.” Graham Roberts-Phelps added, “Being good enough is not good enough—give customers a reason to be faithful.” Overall, the businesses that last seem to be those that understand that the creation of customer value must be the reason for the firm’s existence and certainly for its success.

The most successful businesses in terms of sustainable results seem to be those who have found the proper mix of passion, profit, and value. These businesses have a passion for what they do, and it is that passion that fuels what they do and makes things happen. Your passion is one of your most important assets in today’s environment. It gives you staying power. You stay committed to providing value to your customers even when, perhaps especially when, it is difficult to do so.

We cannot, of course, totally ignore the profit aspect. It is what pays the bills and enables us to keep the business open. It is necessary, therefore, to learn what is of value to our customers/potential customers and what they are willing to pay for that value.

If you are creating value, you have a much better chance of getting rewarded. Value, like beauty, is in the eye of the beholder. You might think you have the greatest product or service in the universe, but if the consumers do not see how it is of value to them, you will not make a profit.

We must remain aware, however, that the market doesn’t always drive the right thing, so an awareness is required of any differences between market value and intrinsic value. Market value is what people are willing to pay, which, as shown by the popular fads that come and go, is often wildly inflated during the short-term. The business that is in for the long-haul does better focusing on intrinsic value, what something is really worth. Although the quick, fast profit might be appealing, be especially cautious when market value and intrinsic value are out of sync. Those market corrections can be especially painful.

The most successful businesses over the long-term have been able to stay in the zone where passion, profit, and value intersect. In a rapidly changing world, you must be continuously finding ways to blend these three components.

Keep in mind that money is a means in life, and should not be the entire focus of your life, whether business or personal. Once you have enough to cover your basic needs, true success comes from doing what you love and service to others. (Remember Maslow’s Hierarchy of Needs?)

Hopefully, each of us can find that proper zone where passion, profit, and value intersect. We will then, and perhaps only then, find that we are long-term successes in business and in life.

Peggy White is Executive Director of the Pulaski County Chamber of Commerce.