Please note! This essay has been submitted by a student.
What exactly is Maslow’s Hierarchy of Needs? Abraham Maslow was a psychologist who originally developed Maslow’s Hierarchy of Needs. To this day entrepreneurs believe in self-motivation to reach an individual’s end goals and success of their careers. Maslow’s Hierarchy of Needs is grouped by five categories which are; physiological being at the bottom, then safety, social, esteem, and self-actualization are at the top. The first and most important need for a person is physiological because it consists of the basic consistencies for human survival. Examples of physiological needs are water, food, and sleep. After physiological needs have been met we can move on to safety. Safety needs are items or feeling an individual needs to feel safe from physical, mental, or economic harm. Examples of safety needs could range from job security to shelter. After the needs of safety are met we are able to move on to the next need, which is social. Social needs consist of an individual’s inner feelings such as love, intimacy, and belongingness. After social, we move towards esteem. Once an individual has reached the category esteem, the basic needs have been met and this is when the esteem needs become more important to an individual. A few examples of esteem needs are self-confidence, recognition, and status. Finally reaching self-actualization which is the highest category in Maslow’s Hierarchy. This category pertains to what an individual’s full potential is. “What a man can be, he must be”. Maslow describes this as the desire for an individual to become everything that one is capable of doing.
Gary Vanyerchuk is the chairman of VanyerX it is a modern day media and communications company. Gary is also the CEO for VanyerMedia, which is an advertising company who services some of the top companies in the United States. Gary also does public speaking for companies and through his social media accounts. How does Gary Vaynerchuk play a role in Maslow’s Hierarchy of needs? When looking at Gary’s past he started with nothing, he was just an immigrant from Balarus, Russia who was barely making it. Gary failed in school and dropped out, so how did he make it to where he is now? Gary followed a plan and executed.
“It might surprise you to know that growing up with nothing does not diminish your chances of accomplishing great things in your life. On the contrary, growing up with adversity, in a competitive environment, can have a positive impact on your career. It all depends on how you use that experience”. Gary growing up in poverty all he knew was to use his experience and knowledge to never let himself be there again. His inner motivation was making money, he then partnered with his father in the business of Wine. Partnering with his father was one of the best moves Gary could have done. He was able to open doors for his own business ideas and learn how a business should be ran. After working with his father for sometime, he re-branded the wine business to a Wine library show and before you know it, he was making sales over the internet. With making sales over the internet, he was able to keep food on the table for himself, clothes on his back, and with getting enough sleep per night, he met his physiological needs to survive. With his company moving forward and his life moving forward this wasn’t enough for the young entrepreneur. He met his goal of making a business and getting paid for it and now this leads to his next need which is safety.
Did Gary make a business off his wine show to give him that security to possibly stop working? No, he did not. Otherwise we wouldn’t know who he is today, if he would have stopped there. After working with his father and help run a successful business in wine, he then left the business to his father and created VanyerMedia in collaboration with his brother. In 2009, Gary and his brother created VanyerMedia which provides digital marketing to big companies such as PepsiCo, Mondeles, and General Electric. Once Gary tasted the ability to make money, it only went up from there. Next is Gary working in the business full time and it easily supporting itself. With the company supporting itself it starts to give you a sense of security to create a living. It took Gary and his brother years to get to that stage. After making VanyerMedia successful they were bringing in copious amounts of money to not only satisfy their needs but their families as well and with this they met the safety need in Maslow’s Hierarchy of Needs.
After Gary meeting his safety needs we move onto social needs. This need is all about people. Even though Gary was making money and living a lavish lifestyle, Gary realized that he started with a new company, and had to start from scratch with a new team of people. Gary felt the need to have more stability. Gary then went forward and hired brilliant people and did great work with some amazing business partners. “Our people aren’t just our greatest asset; they’re family”. Gary really wanted a connection with his employees and surrounded himself with people who understood him and who shared the same values as himself. Gary understands treating people with kindness and empathy will get you farther not just in business but in life as well. Once Gary achieved that, he started looking higher, towards his next goal in making a successful business. As Gary achieved the trust from his employees, the want to work for him, and the want to make his vision come true, he truly succeeded in achieving the social need. Thus moving him to the next need which is esteem.
Esteem Needs have to do with the recognition received from others as well as with self-esteem. Once things get rolling on the business and people side, Gary begins to look at the company from an outside perspective. Looking for external validation. This can come in the form of awards, recognition from your peers or acknowledgement that you’ve built something special. This isn’t what Gary is looking for, he is looking for the praise of other big named companies making sure he is competing with them or surpassing them. To Gary this is more than just about having a business, it’s about recognition and confidence. As VanyerMedia began to grow, Gary started getting recognition from numerous amounts of people.
Self-Actualization Needs are the desires an individual has for self-fulfillment and developing their full potential as a person. This is the point where entrepreneurs start questioning the purpose of their business. This is where entrepreneurs begin to wonder is my business having an impact on the world, what will become of my legacy? Will it be enough, will the world be better for living in it. Entrepreneurs get inspired by others that have had a lot of success and put it all aside to create something that will have a bigger impact. They begin to ask themselves tough questions like, “What makes me happy?” or “Why am I here?” and “Can I do more?” They could even possibly modify their current business to accomplish this or leave to start something new.