Money is rarely the number one motivator for top entrepreneurs.
According to a survey by Manta and Dell, 37% of small business owners are driven by a sense of personal achievement, 28% desired financial stability (not an overabundance of wealth), 12% liked giving back to their communities, and 10% were motivated by great customers.
Nevertheless, money -- and lots of it -- still matters, even when people won't explicitly admit it. Here are three reasons why having cash empowers you to grow your business, build meaningful relationships with others and live a fulfilled life.
You can afford personal and professional development
Businesses such as Campaign Monitor, which recently raised $250 million in funding, generously cover the costs for conferences or events employees want to attend in order to keep its staff sharp.
With a flexible spending policy for personal and professional development programs, you might find yourself participating in a massive online open course (MOOC), a local meetup for small business owners or, even, photography enthusiasts, and a workshop focused a skill you always wanted to learn like archery, watchmaking or woodworking.
When money is no longer an issue, you can invest your time into hobbies and personal pursuits which, in some ways, help you build a better career and live happier.
Money enables social opportunities
Going out to dinner and for drinks is expensive. Even buying coffee for colleagues adds up. But when you have enough cash to regularly pay for meals with acquaintances and team members, the networking opportunities are endless.
In 12 months, serial entrepreneur Neil Patel spent $138,491.42 on business meals. After analyzing the ROI for his exorbitant dining expenses, Patel came to the conclusion that he would continue to always pay for meals with coworkers and employees, and with fellow entrepreneurs. His reasoning was simple. "With employees, it is always worth it as it shows you care about them; you should never track the ROI of paying for meals with coworkers." Additionally, "Paying for meals while networking with other entrepreneurs provided the best ROI by far. I only spent $14,510.83 on meals with other entrepreneurs, and it increased my revenue by $472,000."
You do not need a six-figure budget for meals, but a few dollars here and there for a coffee, sandwich or lunch can buy you just enough time with a colleague, friend or family member so you may develop more intimate relationships, exchange knowledge and, perhaps, generate new business deals.
Wealth can be distributed and shared
As your bank account grows, you ought to think about how you can give back to others and foster change, instead of hoarding your wealth. Many socially-conscious entrepreneurs look to serve others by creating jobs, donating personal and professional resources or volunteering their time.
Whenever possible, John Hawthorne, CEO and founder of MassChallenge, pays it forward to other entrepreneurs. In response to a question about how he and his company give back to the community Hawthorne answered, "We're always discovering new partners to co-host events, cross-promote, share resources and collaborate. Everyone wins -- entrepreneurs make strides with their startups through partnering, the community gets bigger and better events, and you'll contribute a culture of doing favors, which can only come back to help you."
Fortunately, to be happy, fulfilled and successful, you do not need billions of dollars. But money does enable you to explore fun hobbies, learn new things, meet interesting people, socialize with peers, and make a difference for those around you.
With all your riches, how will you spend it to expand your company, develop better relationships and help others?
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