Sometime back I wrote about the reasons why you shouldn’t be an entrepreneur. Couple of days back a friend came to meet me to understand the legalities of starting a business. Being my normal self, I started to ask him questions which soon became tough and he became uncomfortable. Obviously, my aim was not to demotivate him but to make him think of scenarios and foresee some of the things that entrepreneurs face during their startup phase. The idea was not to get answers from him but to make him think hard and then later on go back home and find answers to those.
Interestingly, during our conversations it came out that he wanted to do business only because he wanted to make money. To me that sounded a little weird. When I asked him this upfront, he replied, “Of course I want to do business to earn money. Why else would a person run a business?” Honestly speaking, that came as a shock to me. Then I asked him, “What if a similar company offers the same expertise and service at a lower cost, how would you convince your potential client in such a case?” He went blank. He looked at me for an answer. I gave him a hint, “So what is it that you are offering? What is the value you are creating?” He still didn’t have any answers.
Then he asked me “if money is not what you are there for, why are you doing it?” I answered, “Apart from a few other things, creating value for my clients and creating jobs is why I am there. Money is a by product. Its a result of good work that I do.” And for doing good work, the motivation is not money, never. It can be ‘one’ of the reasons but not the ONLY reason is what I believe. That’s not how great companies are built! Great ideas are born out of need, necessity amongst other things and then there’s a vision and value statement that shapes those ideas into organizations. Those who stick by it are able to build organizations that sustain themselves, otherwise, for whatever reasons, they go down.
And those are not just words that I said above. I have a very close friend who shut down his business sometime back. You would be surprised to know, he was doing really good. Had good cash flows, a name in the industry, grown from 6 to 16 people in the last 1 year or so but then all of a sudden shut down. Reason: he realized he wasn’t creating any value for anyone. His aim to earn money had been fulfilled and he wasn’t sure why should he continue? He couldn’t find a reason and eventually shut down. And then… got back to job.
I am no expert in this field but I believe everything that we do in life has to tie up with our life goals. Be it starting a business or doing any job. That’s when everything starts to fall in place and we live a happy and content life. If that’s not happening, probably there’s something wrong somewhere and needs attention, maybe urgently. Figure that out.
Would like to end this with a statement written on the very first page of Jim Collins’s world famous book: Built to Last
We’ve met executives from all over the world who aspire to create something bigger and more lasting than themselves – an ongoing institution rooted in a set of timeless core values, that exists for a purpose beyond just making money, and that stands the test of time by virtue of the ability to continually renew itself from within.