The theory of hierarchical needs was introduced by Abraham Maslow, a psychologist by profession. The theory is often represented by a pyramid consisting of 5 layers; and depicts how people should overcome those needs which are more basic, physiological (at the bottom of the pyramid) before moving on to those that are more complex, difficult to achieve and offer self-actualization (at the very top of the pyramid).

A concise representation of the pyramid is as under:

You would often start at the lowest level of the pyramid and gradually move up, once the needs of that level are met. At self-actualization, you realize personal potential, self-fulfillment and seek personal growth.

Seems fairly simple, isn’t it? And yet, as Maslow says, very few individuals reach the stage of self-actualization. The amount of time people spend on the first 4 set of needs (also known collectively as the deficiency needs) is so…