What motivates many top entrepreneurs?
 

A few years ago, I remember having a discussion about Richard Branson with a friend of mine.... (I was reading Richard Branson's autobiography at the time....)

This friend of mine, by the way, is an aspiring bass guitarist and also script-writer.

Anyhow, my friend was getting agitated.... He was getting angry that someone could have all his money - and yet keep working! His rationale was - when you have all that money, why would you need more? He seemed to feel it was as if it was immoral for someone with "all that money" to keep working!

Anyhow, to come back to the present, a week or two ago I saw an interview with Sumner Redstone on TV. Sumner Redstone essentially owns and runs Viacom, a media entertainment company. (They own the CBS television network, among other things.)

Sumner Redstone is now 79 years old, yet he's still very active in running his business. The interviewer asked him why he kept going - surely he has enough money, he doesn't need any more.

I think his reply was very illuminating....

Sumner Redstone replied, "I know you won't believe it, but it's really not about the money. It's about winning."

I think this is what motivates most of the top entrepreneurs, and this is why they also keep going. While I'm sure money was a motivation at some stage, the reason why they keep going is because they are in it for the competition....

Anyhow, I think that also helps to answer my friend's objection. Yes, they do have enough money, but they're not doing it for the money. They're doing it in order to win.

- Dien Rice

Re: What motivates many top entrepreneurs?
 

For your friend to say someone should stop working because they're rich is like someone saying the Beatles should've stopped making music because they were rich. "They were at the top of their game and should have quit. They'd made enough music...why should they make more?"

Well, they had something inside that drove them. A need to create, to perfect, to build on the vision the saw (or heard) in their minds. It probably wasn't about money.

We often admire those with that drive to win or whatever in other fields such as music or sports. But those with that drive in the business world we often view with discrimination.

I suppose it's because in those other areas we can kid ourselves into thinking they got to the top because of luck or natural born talent.

But it's hard to think luck or talent is what gets you rich in the business world. So instead of admitting that we're too lazy to build that drive to win within ourselves we kid ourselves with something else. That those who reach the top in the business world get their with avarice and immoral ends such as kicking people off the ladder of success as they climb to the top.

But is there really a difference in anyone who succeeds whether it be the musician or the businessman? I agree, it's not the money behind the drive to succeed in most cases. I'm sure many of us have heard it said that money is just the way of keeping score. It's the competition in most cases...to create a business from the ground up or to give someone a piece of new music of the likes they have never heard before. It all comes down to doing what it takes to be the best, become your best, or give your best.

Here's to becoming winners...whatever we try to do.

It's for the sheer enjoyment of it
 

Many people who are working toward their retirement will need to find something to do to keep themselves occupied. You hear them constantly talking about how they can't wait until they retire. That indicates that they don't enjoy what they are doing now and are probably wasting their lives for a weekly paycheck that comes from something more of an obligation and chore than personal pleasure.

People who continue to work, even though they have enough money not to are doing it for the enjoyment, pleasure and challenge in it - whatever
that may be.

I enjoy developing viable marketing systems and find myself working on them, even though there are times when I'm invited to do other things.

I can well afford to take time of whenever I want to, but get enormous enjoyment from what I do.

When there's enough money, then it's not about the money any more and it shouldn't be.

Lawrence

Re: It's for the sheer enjoyment of it
 

Lawrence,

Many of those who work on after typical retirement age, do it both for the satisfaction as well as the extra income.

While many have more than enough to see to their needs, they may also want to have extra for their children and grandchildren.

I'm in an industry that many continue active in, when most others their age have retired. Part of the reason for continuing is that they are serving the needs of clients that they have served for 20 to 50 or more years.

It's not an industry that people get fabulously wealthy in, but many earn substantial income from their sales activity. After building up a substantial business, they find it can be hard to sell. They know they'll miss the customers as much or more than the commissions.

And, with a sizeable business volume that is strictly repeat orders with little or no effort, why give it up.

But I do agree strongly with you on those who do take full retirement. Most didn't find their job satisfying or enjoyable.

I know I much prefer being self-employed. After 15 years without a boss, I couldn't imagine going back to employee status.

So there's no retirement party or pink slip in my future.

Dennis Bevers
BASSCO, Inc.


One non-job option!

Money is unimportant
 

when you have it, and important when you don't.

You hear it a lot... when you have money, money becomes unimportant.

Of course it does. Heck, you got plenty coming in, debts are taken care of if not totally wiped out, and you can pretty well do what you want, when you want.

Tell a person who has no money, can hardly feed their family, is up to their neck in a sea of personal debt and is being hounded by debt collectors that money is not important.

Well, to all those who preach that money is not important - once they have loads of it (not those who are just repeating what they hear elsewhere, like a Robbins seminar or book)... "if it's so unimportant, why don't you just give all yours away and work for free? Show us all how unimportant it is to you."

As for doing it because they like to Win...

Hey, whatever reason floats their boat...

Because 10% goes to helping needy children, because I want to do good in the world (after screwing people for years), because I'm setting up the "foundation" to [insert answer here], because all my employees depend on me to continue to make the business decisions that keep us in business, etc., etc.

It doesn't matter what they SAY their reason is for continuing to "werk" while they have plenty of money (and plenty of money is a relative term anyway), their real reason is still MONEY.

How can I be so sure?

ACTIONS speak louder than WORDS. And their ACTIONS are about MAKING MONEY.

And they continue to MAKE MONEY because they can, because they have spent their whole life doing it, that if they stopped it would be as if a part of them died and because passive income is nice but does not grant you the same feeling of security that active income does.

Michael Ross


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