The psychology of prestige: why we play the social status game

The psychology of prestige: why we play the social status game

Every Entrepreneur Must Answer This Question, According To Elon Musk

In today's society, social status plays a significant role in our lives. From our ancestors to modern-day professionals, the pursuit of prestige has always been ingrained in us. But why do we play this social status game? The answer lies in our evolutionary history.

For our ancestors, being more popular and having a higher social status meant survival. Those with a higher status were more likely to receive greater group protection and longevity, thus increasing their chances of reproducing. This survival advantage has been deeply rooted in our psychology, influencing how we behave and think.

The importance of social status can be seen in various professions. Dr Sabina Siebert from the University of Glasgow conducted a study on barristers and discovered that when faced with competition from other professions, they protected their prestige through the use of status symbols. Professional dress, ceremonies, and rituals were employed to maintain their superior status. This finding highlights the role of status in maintaining one's position in society.

In the digital age, social media has become a platform where individuals can accumulate social capital. Eugene Wei, who has worked in media, technology, and consumer internet companies, explains that social media is built on the idea of offering an efficient way to gain and showcase social status. The number of followers, likes, and shares has become a new form of currency, reflecting one's perceived social standing.

However, the pursuit of status can also have negative consequences on our well-being. Philosopher Alain de Botton, in his book Status Anxiety, discusses the anxiety we feel about how others perceive us and whether we are judged as successful or failures. This anxiety can lead us to make decisions that are self-defeating, lower our self-worth, or are at odds with our values.

As entrepreneurs, it is crucial to introspect and answer the question posed by Elon Musk - distinguishing between believing in our ideas and pursuing unrealistic dreams. Musk emphasizes the importance of rigorous self-analysis to ensure that our entrepreneurial pursuits have merit. It is essential to align our goals and motivations with our personal values, rather than being coerced by a desire for prestige.

To navigate the social status game successfully, here are three actionable pieces of advice: