Focusing on money as a starting entrepreneur is futile

When I was working for corporate companies, all I ever wanted was a decent salary and enough time off to relax and enjoy life with friends and family. I got all that, but when it came to running my own business, it soon became clear that what I wanted had to be scaled up and projected into the future.

What we want as entrepreneurs is often a tricky question to answer because it can bridge many different topics for which most beginner entrepreneurs are certainly not educated in. Those being the topics of psychology, motivation, human behaviour, social economics and many other contributing factors.

What I do know is that everyone starting out their own business career either wants more money or more time. The thing is, we have to remove ourselves from the boundaries of both time and money in order to see the value of them and do what is right for our ideas.

What do I really mean by that? Well, the first obstacle is always going to be money. The more money you have, the greater the opportunities you have. This however is not the first thing you think about when you take the plunge into business. It’s often the case that the pursuit of money is for more immediate issues such as paying bills, mortgage or rent, putting food on the table and sustaining a living.

Unfortunately many entrepreneurs get caught in this first cycle and never get out of it, and end up running a small business to sustain a living forever. It’s almost like they traded one job for another job. The important of focussing on what you really want will drive you beyond this point into the realms of pursuing real fulfilment in your life.

What you want are all those dreams you had when you were a child. All those toys your wanted, the experiences you wanted in life and many other experiential desires that to yourself are priceless, but to others have a finite value to them.

As an example, you could dream of taking your teenage son around a race track in a Ferrari for a day. That experience to you could be priceless, but for the track manager, it might just cost a few hundred pounds to hire the car and track.

You see, money is just the mechanism we have to exchange value, and until you can understand and detach yourself from money as money, and see it just as the exchange of value, then you can move forward in your thinking.

As you start to expand your notions on money and value, you’ll soon realise that your focus on money as a starting entrepreneur, is futile. You’re better off getting a job. The real focus for an entrepreneurs is to solve a real problem in the real world with the best solution you can imagine. If you can do that and be the best in the market at doing so, the money will take of itself.

Question yourself, do you really know what you want from your business and why you are thinking about starting one? Having spent lots of time with successful entrepreneurs of new and old, there is one thing that is clear, they all focus on the bigger picture, not money, because they understand that the money is just a by product of true success.

So why am I so passionate about online success as an entrepreneur? It’s simple, 15 years ago, the internet had just started out and no one thought it was going to be so fundamental in its effects on the business world.

Many traditional businesses shrugged it off thinking that there was no need to embrace this new media. As the years progressed, it soon became evident that the internet simply wasn’t going to disappear, so inevitably businesses began to explore this media.

At first they explored it slowly, often times stating that it was still pretty useless, but soon there would be massive explosions in the industry, with major organisations innovating and creating services and products so viral, that now you couldn’t image a world without them. Some of these names include Google, Yahoo, Amazon.com and eBay.

These companies made billionaires from thin air, in a time span about 10 times faster than most other billionaires took to amass their fortunes. Mark Zuckerberg (of Facebook fame) took just 4 years to become a billionaire in comparison to Lord Sugar who has taken about 45 years to do the same.

So let’s face it, the internet isn’t going anywhere soon, so unless you can create online success, you can’t compete in today’s competitive business world. The question is, are you building a business for the future, or are you building a business based on past historical models?

SHARETweet about this on TwitterShare on LinkedInShare on FacebookShare on Google+Pin on PinterestDigg thisShare on RedditShare on TumblrShare on StumbleUponEmail this to someone

Since graduating from Leeds University in 1997, Eddie Yu has been involved in various Entrepreneurial activities throughout his career, and eventually having built up a part time business between 2001-2003, he went full time in 2004 with Lady Luck Media. Before then, he has worked for British Aerospace, FNX and Derivatech, where he consulted for top tier banks such as Bank of America, ABM Amro and Bank of China. Eddie firmly believes that with social entrepreneurship and technological advancements we can create a world without offices and impact climate change for the betterment of our planet.