“Meaning is essential to human beings. We continually need to make sense of our outer and inner worlds, find meaning in our environment and in our relationships with other human beings, and act according to that meaning” —Fritjof Capra, The Systems View of Life
“Money is not the goal, it is a consequence” – unknown author
This is something which creates conflict for all business newcomers – why be an entrepreneur if the money isn’t the reason? Does focusing on more than the bottom line of your balance sheet add to your company’s value? Richard Branson, a man behind 400 companies of Virgin Group certainly thinks so. Virgin’s commitment to environmental and societal causes has contributed to the employee’s happiness and the success of his business.
Creating money requires a big dream (something you’re passionate about) and a set of beliefs that makes you think you can achieve it. If you pursue something just for the potential big payday, every entrepreneur can guarantee you one thing – you will fail miserably! When you start something strictly for money, your heart is not into it, which makes it impossible to persevere through the difficulties and challenges you will face. Within your business, you need to foresee the difference you are making – and you need to believe it. Saying that money needs to be a consequence of your action, not the paramount goal.
The sad thing is that having significant money actually doesn’t feel that good – there is no such thing as enough money. This is why dreams are more than important. Working towards a dream feels fantastic, and as you hit each milestone, it makes you fulfilled beyond your wildest dreams. All of a sudden, you are achieving success at something that can be your life’s work. When your vision becomes your life work, it gives you a sense of meaning that no amount of money can provide you.
Supporting evidence and practices
According to the ‘Expectancy Theory of Motivation’ by Victor Vroom of Yale School of Management, three things must occur for a person to have high motivation for achieving their goals: 1) You must believe you can do what it takes to achieve your goal. 2) You must believe you know how to achieve it (you have the proper methods). 3) Finally, you must believe the rewards of a particular goal are personally meaningful. Another word for expectancy is faith — the belief in your ability to seize or create a future outcome.
When former P&G global marketing director, Jim Stengel, collected 10 years of data across 50,000 brands, he found a direct relationship between a brand’s ability to serve a higher purpose and its financial performance.
Businesses with ‘higher ideals’ – those focused on improving people’s lives – grew three times faster than their competitors.
In 2012, Edelman’s global good purpose study found 89% of consumers are more likely to buy from companies that support solutions to particular social issues. For more than half, the purpose is the most critical factor influencing brand choice when quality and price are equal.
In the beginning, Airbnb struggled to survive instead of living great idea, have a beautiful looking Web page and be backed up by the investors who believed in their business. Then AirBnb’s change purpose and proclaim “belong anywhere”. It’s a refreshing and inspiring purpose with clear benefits for its users, striving to create the type of warm interpersonal connections that are groundbreaking in its category. Airbnb has overgrown and is now valued at $31billion (the year 2018), and had total revenues of more than $1 billion for the first quarter of 2018.
To consider: Clients hire you to get a problem solved. They may need a well-designed website, better accounting or more leads for their business. The point is they need a problem solved. So, it’s better not to charge them by the hour of work; but to make a charging system in a way that your clients will instantly see the value your company adds and what they are paying for, in exchange of your company’s product or services.
Books
- Flow – the key to unlocking meaning, creativity, and true happiness; https://www.harpercollins.com/9780061339202/flow
- Man’s Search for Meaning, https://www.amazon.com/dp/080701429X?tag=s7621-20
Additional resources and links
- https://addicted2success.com/success-advice/6-reasons-to-chase-your-dream-not-the-money/
- https://www.forbes.com/sites/forbescoachescouncil/2016/09/22/how-to-identify-and-build-the-purpose-behind-your-business/#5186c8d2485b
- https://medium.com/thrive-global/how-to-make-millions-of-dollars-as-an-amateur-188cb461191e