But the reality is, you can’t ethically make a lot of money without also benefiting a lot of people. You can’t get rich without providing a lot of people with jobs and an income, and also without improving the lives of your customers.
Two of the richest people in the world are Bill Gates and Warren Buffett. Despite people criticizing them for being ‘ruthless’ or ‘greedy,’ these TWO men have done more for society through their charitable endeavors than anyone else alive today.
So never make the mistake of thinking that being an entrepreneur means you need to stop caring about others and only look out for yourself. You can make an enormous sum of money and still impact a lot of people in a positive way.
Most of us who become entrepreneurs don’t even do it primarily for the money. Yes, the money is great – but the main reason why we start the business is because we see a problem in the marketplace, and we think we can do a better job of solving it than others.
To do well in business, you’ve got to create situations where other people can win.
If you’re the only one winning, while your customers, partners, and/or vendors are drawing the short straw, you won’t become successful.
I’ll Explain WHY…
Let’s say you want to do a joint venture with someone, and everything is always in your favor. Once your JV partners sees you’re always trying to get the better end of the deal for yourself, they’re not going to want to do more deals with you.
For that reason, it’s not a bad thing to always slightly overpay your JV partners. If people know they always make good money doing business with you, you’ll never starve for deals.
People will line up to do business with you.
Another example; if you hire talented people for your staff team, and you try to chisel them down to the very least pay they are willing to work for, they’ll not produce their best work. In fact, they’ll come to work for you with some resentment from the very start.
Of course, you don’t want to overpay everyone or you’ll wipe out your margins. But it’s good to slightly overpay your staff – the extra 10% or so will corne back to in terms of better quality work, more loyalty, and less problems.
It’s the same thing with affiliates. If you’re going to have other people out there promoting your products and services, give them a generous %. They are bringing you customers on a silver platter and taking all the risk with their advertising dollars.
You’re only paying them when they bring you a result.
If you have sales people who are closing sales for your company, or marketing people who are bringing in leads, err on the side of being overly generous. It’s worth it!
If you’re only willing to pay out 5% commission to your sales reps, and your competitors are paying 15%. You won’t get the most talented sales professionals. The point I’m making here is that running a business doesn’t need to be a selfish act.
You become successful by allowing by other people to win. Pay no attention to the critics who say business people are selfish and greedy.
You might even have a few of these people very close to you (friends and family. Ignore them. Through building your business, you will be helping a lot more people than you would in a regular job.
Speaking of helping people, I want to help you right now.
I know what it’s like to struggle to get customers. To not know how to turn a profit. Also I know how confusing it is to set up your business to legally minimize taxes when you’re starting out. Finally, I know frustrating it can be to attract great people to come work for you.
I’ve worked through these steps when I first started my online and offline business journey. So I can help you as I have real life experience with these things.