What do you want to be remembered for? The “legacy” question often arises at this particular time of year as we remember the great names — entertainment (Prince), science (game theorist Thomas Schnelling), sports (Muhammed Ali) and politics (John Glenn), who passed away in 2016.
And then there are the two big names added just last week: Carrie Fisher and Debbie Reynolds.
But, for those of us still living, how do we handle the legacy question?
Facebook CEO Mark Zuckerberg and wife Dr. Priscilla Chan answered the legacy question with a pledge this year to celebrate their daughter’s birth. Saying they wanted to “advance human potential and promote equality for all children,” the couple announced that they would donate 99 percent of their Facebook stock, currently valued at $45 billion, to charity.
Of course, Facebook is hardly a startup, and if you’re leading one, legacy might be the last thing on your mind. After all, there are sales to be made, markets to be won and teams to be built, right? And you may still be young, and vital.
But, by sowing the seeds of legacy now, you’re not only building a better world, you’re also catalyzing business growth. In a Cone Communications/Ebiquity Global CSR study last year, 84 percent of global consumers surveyed said they seek out socially responsible products “whenever possible.”
So, it pays to plan your social impact. Since Zuckerberg and Chan announced their pledge, in fact, Facebook’s stock price has risen more than 18 percent.
What makes a legacy?
A legacy is not a quantifiable substance. Building one that lasts doesn’t involve following any single path or making a particular-sized pledge. But there are elements shared by every successful business leader who’s left a legacy.
One of those elements is a unique perspective. Gesche Haas, founder of Trailblazer Ventures, began the social network Dreamers/Doers out of her own need. Inspired by experiences she had had, Haas is building a community of women with the goal of supporting one another and maximizing their collective impact.
But perspective is nothing without a plan to implement your vision. So, apply a business mindset to your legacy. You wouldn’t copy someone else’s business with your company, so why would you do such a thing with your philanthropy? Find a neglected niche. Then, be realistic and give strategically.
A lasting legacy also requires flexibility….