7 Reasons Why Entrepreneur Success is Not About the Money and 1 Reason Why It Is
It takes passion and a strong mission for people to embark on an entrepreneurial venture and see it through to the end. The challenges are vast and the path meanders, twists, dips and climbs. When I speak to entrepreneurs I hear predominantly about their beliefs, their ideals, their passions, their purpose. Often in my coaching practice I work with people who are searching for these things within the context of their work. Other times they’ve got the vision pieces but lack the clarity and the tangible structure to put it all together into a financially sustainable business model.
Staying the path amidst the challenges requires starting foundation that is not about the money. Here are 7 Important Reasons why .
1. Passion/Belief – What moves you? Passion is the thing that compels you to hang on by your finger nails through the hardest of times. Belief in your mission is crucial to success. It is the undercurrent – deep and strong – of why you do what you do.
2. Meaning -Why this thing? We make choices in our life because of our core values. What has meaning for you is what will motivate you. Knowing your core values and getting deep clarity on that which has meaning for you, sets the stage for the business that you build.
3. Impact -Where can I make a difference? Impact is the outcome measure of your actions. What is it you are wanting to change? Who is it you are desiring to effect with your mission, your services , your products? Your impact statement will be a reflection of your Passion/Belief and Meaning on the outcome end of the scale.
4. Altruism- Doing good does good. Generosity of spirit creates a business that is much more than product/service out and money in. Doing good from your heart forms a strong backbone for a 21st century business.
5. Karma – You have come into this life with your unique set of challenges to overcome. As you move through your own curriculum and make peace with your demons, you free up your unique talents that are the skills leading you to fulfill your purpose in this lifetime. Those things that give you meaning, the impact you want to create, the beliefs that you have are all the end goal of your time here on earth.
6. Joy – How can you structure your life so joy is a daily experience? Life is short. Making choices in harmony with your values, your motivations, your desires and your dreams sets up the structure of waking up excited for the day. Joy is internal. It is perceptual. There is much about joy that has nothing to do with the experience and everything to do with the meaning you ascribe to the experience. Living with Joy allows great energy to flow through you – effecting all aspects of your life and your business.
7. Freedom – Living life on purpose. Creating a life by design. Stepping to someone else’s drum beat sends shivers up the spines of entrepreneurs. Most crave independence to choose, to decide, to create that is the antithesis of behavior expected in a traditional workplace. Only by stepping outside the box, by enlarging what’s possible, can one live a life of freedom.
Let’s get real about money. Money is not inherently anything. It is a symbol of value that has been mutually accepted throughout the majority of cultures worldwide. Money in your hand is nothing more than a coin or a piece of paper worth far less than the value ascribed to it. But we have decided in our world, that it has a value both financially and on a deeper level. Money is how we measure. Money is a tangible representation of the value of ones experience with a service or with a product.
Money is a necessity even if all 7 of the items listed above seem more important to you with regards to your heart and your values. They are not and here is why. You must pay for your housing. You have to eat. You require transportation. Your children need clothing. It is necessary to invest into your business. If you have charity goals and an altruistic mission, you will struggle to make even the barest impact if you cannot put food in your own mouth and a roof over your own head.
You get to decide how much money is enough for you. But don’t get so sucked up into passion/purpose/meaning/freedom to such a great extent that you forget that without a business that creates revenue for you, you will have none of it.
An Entrepreneurial Business IS about the money for this one very important reason. It’s that money is the currency of our society that is a necessity unless you are planning on living in your parents basement forever and trading recycled cans for coins to buy Ramen noodles.
When developing your foundation up through building your skyscraper, be aware that all of the wonderful, powerful, lofty aspirations of entrepreneurship come through creating at the very least, enough of an income to have a financially sustainable business entity and support your basic living needs. For the amount of effort you will put into to growing your business, I say, shoot for the moon. The more successful you are financially, the more you have power to fulfill all 7 of the other reasons not only for yourself, but for others as well.