Is getting into business because you want to be rich wrong?

[ls0709]

Just been chatting with a friend recently who's into business and works for himself.

He mentioned that he doesn't care what he does business wise, if it makes money he'll do it as he wants to be well off and that's why he's in business.

I just wondered if anyone else shared this opinion or if you think it's totally the wrong way to go about it all?

 

[john1989]

People go into business to make money. Most of them earn a living and will never become rich.


The “I’ll do whatever it takes to become rich” approach can be a dangerous mind set. Will he be tempted engage in dubious business practices? Will he be tempted to embark in dubious industries?

 

[Kyle Holmes]

Personally myself, I believe you should be in the business because you want to offer a better service than the rest or for self pride and practice.

I went into business because i couldn't get the pride from working under multiple managers and them taking all the credit.

So i started my own company and now i can take utmost pride in providing all our services and customer support and love the return (smiles and watching other businesses grow from our services), and its also something i really enjoy doing.

Don't get me wrong, i still believe you got to be in it to make money, all businesses need to make money and is normally one of the goals of sucess.

But saying "I'll do whatever it takes" is a very dangerous game, as this means your will to compromise in areas and possibly make very poor decisions. Money should be a factor as it drives you forward but it should also not be the only reason, if anything should be a relatively low reason to start a company.

 

[simon field]

Impossible to answer. Depends on the person. we're all different.

For me personally it's not so much the money, but having my own future in my own hands.

And the total freedom which that brings (cough)

 

[garyk]

Many successful people do what they do because they have interest or desire to do *it* better/different and the money is secondary to that.

Wouldn't say its wrong but surely you have to stick at something and can you really persist in something you have no interest in?

 

[JEREMY HAWKE]

Personally myself, I believe you should be in the business because you want to offer a better service than the rest or for self pride and practice.

I went into business because i couldn't get the pride from working under multiple managers and them taking all the credit.

So i started my own company and now i can take utmost pride in providing all our services and customer support and love the return (smiles and watching other businesses grow from our services), and its also something i really enjoy doing.

Don't get me wrong, i still believe you got to be in it to make money, all businesses need to make money and is normally one of the goals of sucess.

But saying "I'll do whatever it takes" is a very dangerous game, as this means your will to compromise in areas and possibly make very poor decisions. Money should be a factor as it drives you forward but it should also not be the only reason, if anything should be a relatively low reason to start a company.

This is the biggest load of b&&&&&&&s I have ever heard . If you wanted to make a difference you would have become a vicar
If you did not start your business for the money then you probably did it for the adventure .

Welcome to the site I hope we enjoy more differences

 

[HazelC]

It depends what motivates you - personally I think you should be passionate about what you do and that should be the business you choose, but if you're motivated by money then run a business to make money - then sell it on and start a new one.

There is no right or wrong reason for setting up a business.

 

[beasty]

Why would you sell a business that was making money in order to run a new one that may not?

I understand that you want to exit, but 3 years of GP is often more than the sale value of a company, so why would you ditch something v just hire someone to run it and keep the mulla coming in? Most people who say they have many businesses, mean they have not built any businesses yet and are trying to make money any way they can, but if you own a profitable businesses the income is more valuable than the sale very quickly.

Is wanting to be rich wrong? no

What you might do to get rich may be wrong, but everyone has their own moral compass

Run a vegan store
Run a butcher
Run a porn site
Run a lapdance club
Run a people smuggling operation
Run illegal arms into africa

Not many people would do ALL of them and some will only do 1, so ANYTHING probably does not mean anything

Wanting to be rich is not enough, you can want it as much as you like, you are more likely to become rich if you provide something useful, do that the money will follow anything that saves a lot of people either time, effort or money is likely to work

I read an interesting article on how would you make an exta 100,000usd each month if you needed it (Google it and i am sure you will find it, a lot of fantasy) but its a start.

 

[Gecko001]

No it is not wrong to start a business because you want to be rich in my view. It might not be the quickest way, safest, or easiest way to get rich, but having money in the bank or available to you does open a lot of doors for you. It means that you can make more choices both in business and in life in general. It means that bank managers will talk to you and take you seriously.

 

[Andrew Chambers]

Is it wrong? No, it's bloody foolish.

If your only motivation is extreme wealth you'll almost certainly fail. I've yet to meet anyone in business, who has succeeded at any level, who has "just done anything". There has to be some knowledge, experience or passion about the business to stand even the slimmest chance of making a go of it.

 

[TODonnell]

He mentioned that he doesn't care what he does business wise, if it makes money he'll do it as he wants to be well off and that's why he's in business.

The City Of London awaits. Morals are optional. We offer a virtual address there. See my signature.

 

[Ian J]

I think you should be passionate about what you do and that should be the business you choose

Being passionate about or having a passion for seems to be the buzz phrases of the last decade or so.

I don't think that I have a passion for what I do but I do it because I'm good at it and it provides me with an income.

Given the choice I would much rather be a beachcomber on a quiet West Indian island and I'm quite sure I could be passionate about that

 

[Voicebooth]

I'd agree with Ian, I'm much in the same position where I lost the passion for doing what I do a fairly long time ago, but I am good at it, so I focus those skills to try and reach an end goal or dream: Have sufficient return on investment so have to invest minimum time in making money and spend maximum time out mountain biking in exotic locations

 

[JEREMY HAWKE]

Being passionate about or having a passion for seems to be the buzz phrases of the last decade or so.

I don't think that I have a passion for what I do but I do it because I'm good at it and it provides me with an income.

Given the choice I would much rather be a beachcomber on a quiet West Indian island and I'm quite sure I could be passionate about that

Well done Ian
I am a beach comber but in East Devon
As for being passionate Im a respectable Grandad I cant talk about things like that !

Some of things that people talk about in order to run a business are laughable .!
The service/product goes in and goes out for more than you paid for it and thats all there is too it .
I have never cared about how I feel . Passionate is defiantly not on the list .

 

[beasty]

Going with the theme, many people start with a passion always wanted to work in film, sport or whatever, the problem is working in areas that you always thought were appealing and glamorous often just becomes work, its only great for the football player, not the shirt vendor, the movie star, not the guy who makes the sets etc.

I work mostly in an area that is my favourite sport, but its still just work

In the last hour i had a message from a guy i represent in the USA

All he wrote was

So how are we getting more bookings than last month, tell me.. then as i was telling him he fkd off into a meeting.

Sure it sounds great being an agent for this guy, but the reality is, its work like any other

What many really do need is that passion and *OVER enthusiasm when they start to get going at all, reality usually sets in for many and they settle into the drudgery of their dream business! This site is littered with examples

 

[Andrew Chambers]

I'd agree with Ian, I'm much in the same position where I lost the passion for doing what I do a fairly long time ago, but I am good at it, so I focus those skills to try and reach an end goal or dream: Have sufficient return on investment so have to invest minimum time in making money and spend maximum time out mountain biking in exotic locations

Ah yes, but you had the passion for it when you started. Could you have made it a success if hadn't cared less about your products/service?

Maybe "passion" isn't the right word, "interest" might be more appropriate.

 

[simon field]

No passion at all here, never was. Just a means to an end which enables me to do the things I am passionate about, more often.

 

[domainguy]

I know a lot of people who have started businesses purely to make money but they have ended up working all hours and affected their home lives doing it. it's all well and good if it's with an aim to build it so you can get others to run.
My motivation is money in that I don't care too much what it is I do (within the law) but I wouldn't want to be doing permanent 12 hour days+ for a little bit more than I earn in my 9-5.
I am also motivated to set something up that my family can get involved in or take over, thus securing their future a bit. Also driven not to have to commute and making the decisions.

 

[Paul Norman]

The straight answer to the OP is that it is not wrong. And if you are squeamish about becoming rich, probably you should eshew the whole business scene.

Rich, of course, is a subjective thing. But if you are not focussed on making money in business, please ensure your share holders know this so that they can invest their money more wisely.

Alongside this, I do not wish to become rich at the expense of my ethics, but that is equally subjective in the modern world.

 

[HazelC]

Being passionate about or having a passion for seems to be the buzz phrases of the last decade or so.

I don't think that I have a passion for what I do but I do it because I'm good at it and it provides me with an income.

Given the choice I would much rather be a beachcomber on a quiet West Indian island and I'm quite sure I could be passionate about that

I'm not sure you have every had an motivational map down but it basically says what motivates you - this could be money, passion, recognition, to be a leader - and such like. Yours might tell you that you're motivated by the dream of the beach

 

[Deleted member 59730]

What is "RICH"?

I would be inclined to say that some business people would think that having enough money to do the things they want make them rich. Doesn't that depend on what they want to do? I have never wanted to own a status car, (although an MG TC would be nice), but I have nearly always travelled wherever I wanted, sometimes for extended periods.

 

[Mr A P Davies]

Just been chatting with a friend recently who's into business and works for himself.

He mentioned that he doesn't care what he does business wise, if it makes money he'll do it as he wants to be well off and that's why he's in business.

I just wondered if anyone else shared this opinion or if you think it's totally the wrong way to go about it all?

If he's making money, and getting rich, then no, he's not doing it wrong, providing he is somewhere near within the law.
If he's not making money, then yeah, he's doing something wrong.

If he's making money but dramatically shortening his life expectancy in the process, then he needs a rethink.

 

[beasty]

Rich is a matter of perspective

I read an article on this recently

Guy on 10,000 a year figured 13,000 and he would be well off

Single working woman with 2 kids, earned 10,000 a month, said she would need 200,000 to feel comfortable

Rich to me means, you have stopped considering price in your personal decisions BUT its not only money. It is also TIME.

You own your day and you can do whatever you like, that is rich!

 

[Pish_Pash]

I went into business solely to keep my kids in Nike trainers, Coco Pops on the table & some shelter to retreat to from frost.

Anything else is a bonus.

 

[sirearl]

Don't confuse money with being rich.

 

[JEREMY HAWKE]

Don't confuse money with being rich.

Thats a very good point I have some very wealthy customers .One or two very famous . !.There are a couple (not famous) that I have got to know over the years . I dont get the impression that they are happier than me and my neighbors living here in the "getto" .! One of them is now 79 and I dont want to be 79 so I will leave things as they are

 

[jsonline]

Some follow the money and have a passion for the running of the business and not the product. I can think of a tech CEO who sold lots of PCs who doesn't have a passion for computers or a car dealer who just loves the deal and just happens to have found his niche in cars.

 

[Alan]

I read an interesting article on how would you make an exta 100,000usd each month if you needed it (Google it and i am sure you will find it, a lot of fantasy) but its a start.

lol "The official start date will be April 1, 2015. And within 12 months, I have to get the blog to generate $100,000 in monthly revenue."

 

[Alan]

By the way this thread reminds me of the joke "How do you make a small fortune running a (substitute your choice of type) business .........
start with a large fortune"

 

[marble_pars]

I think aiming to become wealthy is pretty normal, however a lot of people assume being wealthy makes you are happy. I think the questions should be 'are you happy doing the thing what makes you wealthy', if not then you should do something else.

 

[cjd]

I've met a few of the types that don't care what the business is. They tend to be 'dealers' of various types and they're not people I like to do business with. Few have any long-term ambitions for what they're doing and regularly start and close businesses on almost whims. Few ever make serious money although if you're doing it on a large scale with a lot of finance behind you it can be very, very lucrative.