Don’t Start A Business Just For The Money
Post crafted by Sarah Liddle
Don’t start a business just for the money.
I know there are a lot of people that don’t like Donald Trump, regardless, I’ll use him as an example. Donald Trump doesn’t accumulate properties just for the money, he began investing for the love of the game.
Why is it, that so many of us get into business not for the love of it, but for the money or the freedom it gives us (or appears to give us). From ten years of being in business, I know that if you focus on making money, you don’t make a lot, or it doesn’t last.
You have to enjoy what you’re doing, and if you want to make a lot of money – then focus on what you love doing. As cliche as it is, I do believe it’s true. But I also feel there are some guidelines missing from the equation.
Because just focusing on what you love can be sporadic.
I’ve come to believe that there are four wealth quadrants. Mastering them all may lead to nothing, while mastering one may lead to happiness (and money of course).
Invest: Clearly an obvious choice. When you focus on investing you focus on stocks or real estate (or possibly both). Think Warren Buffett and Donald Trump.
Invent: I love the inventors of the world because of their imagination. People that have invented things, are Sir James Dyson who invented the Dyson vacuum cleaners, I’d also qualify Elon Musk as an inventor. Inventing something means you come up with an idea from scratch, patent it, and sell it.
Innovate: Some people may say that Elon Musk is an inventor, and he quite possibly falls into both categories of inventor and innovator. However, a prime example of an innovator is the founder of IKEA Ingvar Kamprad who created IKEA. Innovating means that you improve on something that already exists but you do it better.
Entrepreneur: The entrepreneur earns their wealth through businesses. Either by starting their own or funding someone else’s. Either way, there is a lot of money to be made.
What does all this mean to you?
Focus on one area and become extremely skilled in that one area. If you’re an entrepreneur, aim to be the best and learn all you can about building businesses.
Also. There’s a common thread for all the individuals I’ve mentioned above, and I believe it’s the thread that will see you over any (and all hurdles) to achieve whatever you want to achieve. And that is, they all think for themselves.
So, in business, as in life, don’t just follow or copy the person that appears to be earning more than you don’t just chase after the money.
Think for yourself.
Do what you love.
And you’ll create something that is so uniquely you!