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?
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.