#1 Most Important Lesson I Learned at Harvard Business School

The most essential lesson I learned at Harvard Business School wasn’t even about business. It was about creating an enriched life.

As first-year students, we were all required to take a course innocently titled "The Entrepreneurial Manager." The course is about how to build a successful company.

Our professor, Shikhar Ghosh, was a true authority and a legend at Harvard. He had been the founder and chairman or CEO of eight entrepreneurial companies, all of them technology-based. Forbes called him one of the “Masters of the Internet Universe.” His class was engaging and inspiring, but what I remember most was his final lesson.

On the last day of class, he surprised us by sharing his wisdom and life philosophies — a more subjective and personal lecture than previous chapters in his curriculum, but one that would have a lasting impact on me. He stressed the difference between simply becoming rich versus cultivating an enriched life. The key to achieving the latter, which was much more preferable, he explained, was to spend money on experiences, not objects.

Think about it. Which would you rather remember: The latest iPhone you just bought thinking it would help you communicate better with people or taking time off work to have an illuminating conversation with your kids about how they view the world? The designer bag you splurged on or the gourmet meal you shared with friends?

As a parent looking to enrich my children, I often think of this lesson. Like most American youngsters, my kids frequently ask me to buy them things. "Dad, can you get me this candy, this toy, this iPhone, this thing that my friend has…?" It is an all too common request to which I’ve become very adept at saying “no”.

I don’t deny my children these requests because I’m a strict parent or want to punish them. Rather, it’s because my spouse and I focus on encouraging our kids to enjoy experiences over objects. Family get-togethers, hikes, music lessons, and bike rides are the moments that create lasting memories and enrich their lives — not just for a day or a week, but forever.

With kids off from school and so many parents now looking to keep them entertained (or merely to stop fighting with each other), it is all too tempting to just give in and buy them the latest game, toy, or gadget. But instead, it may be more worthwhile in the long run to find ways to get out and do something together as a family. It doesn't have to be anything elaborate or expensive. It could be as simple as going for a nature walk or playing catch in the backyard.

The essential thing is that you are spending time together and creating memories. These are the moments that will enrich your life and the lives of your loved ones. They will shape how your kids approach work, parenthood, and interacting with others when they, too, are grown.

So, the next time you are thinking about making a purchase, ask yourself: "Will this create lasting happiness or just temporary pleasure?" Chances are, if it's the latter, you would be better off spending your money on an experience instead. Forget trying to live like movie stars; go outside together and look at the real stars in the night sky instead. I guarantee it will be infinitely more rewarding.

What experiences have you enjoyed that have enriched your life? Share your stories in the comments below!

About the author: Itamar Frankenthal is an entrepreneur and CEO of Rose Batteries where he helps engineers create tomorrow's technology