What is the motivation for someone to drop stability, save income and a “worry-free” life?
Many people and upstarting entrepreneurs think, they need to make a lot of money quickly. But what would you do with it? Should you focus on making money with your business?
Some aspiring entrepreneurs might be fooled by the notion of being rich, buying big houses, lots of cars, but on the way of getting there, they find out that this is not the true reason why they are doing this. What drives them is the fact that they want to improve status quo, they want to make innovations that make people happy, by enabling them to do things they could have never done before.
More things just mean more baggage, more things that you have to worry about, that clutter your mind and that distract you from the things that matter. Here I would like to state a quote of Prerna Gupta:
“I was drawn to entrepreneurship by the lure of freedom: control of my time, the ability to work on my own creations, no boss, and, of course, the potential for independent wealth. But the purpose of the money was never to buy fancy cars and houses, or to be richer than my peers. I viewed the money simply as a lifelong guarantee of these freedoms.”
But why would you want that freedom!? You can then choose what to work on, such as the things that you are really passionate about and that you know that need to be changed in this world. If you needed to work for a corporation to make money, you would not have the time to change the things you know that matter, you are just working for someone else’s goals.
So should you be focused on making money? Yes, please do, but be aware of why you need the money.
Most entrepreneurs start off without any money to fund their business, so they have to build everything from scratch, which is good. To really understand how business works, you need to at least once have it built from bottom up, to have done all the thousands of steps required to build a business, one after another. Otherwise you would just be another high-level manager.
As you can image, the disadvantage of that is though that it takes much longer to build the product and it takes much longer to get traction.
When doing your second startup you want to have made quite some money. You are capable, you know how business works and with money you can increase the impact of every hour spent by a hundred or even thousandfold. Money is an unquestionable metric of your capability to powerful people who are in the same spheres. You can hire amazing people and powerful people will come to you. You can use that money to accelerate your business massively in every way and use your contacts, credibility and money to form alliances with big partners. That makes is all much easier.
You would not need to waste your time, trying to get the product out for the least price possible and worry about where my next rent comes from. You could focus on the things that really matter in order to change the way governments work, the way countries work.
When I look around seeing all the young entrepreneurs disrupting massive corporations with zero resources without even having enough money to eat, it gives me goose bumps. Think about what would happen if they had $100,000 in their hands. What about $1 million, what about $100 million??
With that in mind, we are on the verge of a massive shift in the way this world works, where 20 years of experience don’t matter anymore, where the power shifts from the experienced to the young and capable and there will be a monumental disruption in the next 5 years unseen before. Experience or degrees don’t count anymore, the only thing you need is the innate urge to make a difference. Corporate executives with 20 years of experience can’t keep up with the incredible pace business is changing, but it is how we grew up.
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