The Wealthy Entrepreneur

Entrepreneurship has long been the proven path to wealth – great wealth in fact. For decades we’ve heard the rags-to-riches stories about men and women who have had an idea and built a successful company around it. I don’t need to cite these examples because you have already heard them over and over. Normal, ordinary people have become billionaires and centimillionaires through their entrepreneurial endeavors. But I want to focus on wealth differently in this blog.

Early in my career my focus was on making a lot of money. I don’t think I was a whole lot different than many other young, driven, Type A people. I went about my business always checking my bank balance and trying to figure out how to add another zero or two. And the harder I tried, the more elusive the result seemed to become. I scrimped and saved and eventually enjoyed a nice material lifestyle – but the big dollars that I coveted never seemed to come.

I can’t pinpoint exactly when the shift occurred or what triggered it, but one day I found myself less obsessed with the end result (a large net worth) and more focused on the process of what I was doing and the joy it brought me. The money and wealth accumulation became secondary to actually building the business with my partners. Once I did this, the dollar rewards appeared – and sometimes in ways I’d never dreamed. There’s a constellation in the night sky that illustrates this perfectly. When we try and look directly at the Pleiades (also known as the Seven Sisters) it’s hard to see all the stars. But when we focus on a nearby star or constellation, the Pleiades can be vividly seen in our peripheral vision. In other words, trying to see the Seven Sisters head-on is frustrating and nearly impossible with the naked eye. But when our focus is elsewhere, the star cluster comes into view with greater clarity. This became a perfect metaphor for my situation.

Along the way I have discovered there are many more elements to wealth than simply money. The entrepreneur who thinks that life is only about making tons of money is going to miss many opportunities to become fabulously wealthy in other ways. Let’s explore some of these possibilities.

At this stage of my life I value the relationships with which I’m blessed as much as the dollars that come my way. I’ve long believed in collecting as many relationships over the course of my life as possible for the purpose of serving others. These relationships have been developed without quid pro quo. In other words, I serve my relationships without any expectation of something in return. The results have been incredible with countless friends and acquaintances whose lives I have hopefully impacted in a positive way. I consider myself wealthy beyond my wildest dreams through the knowledge that I am helping so many others.

Another aspect of wealth for me is the pride of accomplishment. Yes, I’m extremely proud of all that I’ve accomplished whether it be in my career, civic activities or avocations. This pride is not something for which I need to be recognized outwardly. Instead, it comes from the satisfaction of knowing that I succeeded at something – often something very difficult. Over the years, this success adds to my overall wealth of being.

I am a very wealthy man when it comes to the diverse and active life I’ve led. I can honestly say that I’ve never experienced a day where I’ve been bored. My waking hours are filled with creativity and new experiences. I always see life in full and glorious color. There is no such thing as monotony in what I do. Also, my health is my wealth. I was adopted and have no idea my genetic history. So, I have worked very hard to maintain great health as though I am constantly at risk. Exercise, eating right, maintaining an optimal weight level, and regular consultations with medical professionals has enabled me to remain vibrant and physically fit.

Finally, my family is a huge source of my wealth. I’m blessed to have had a nearly 50-year relationship with my wife; two amazing and talented daughters and a son-in-law; three beautiful grandchildren, and a host of cousins and in-laws. Unfortunately, both sets of our parents are gone, but we had wonderful relationships with them while they were alive. Love abounds every single day and has generated pleasant memories that will last a lifetime.

Truly, I believe that I fit the definition of the Wealthy Entrepreneur. Money is a part of the equation but there’s so much more including relationships with friends and acquaintances, pride of accomplishment, a diverse and active life, great health and an incredible family. I hope that you too can enjoy such bountiful wealth!

This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.

The Bond

Question: I’ve noticed that some people aren’t following through and doing what they say they’ll do. Does it seem like this has become more of a problem over the years?

Answer: What you are describing has been occurring for time in memoriam so I wouldn’t necessarily say that it’s become worse. And it’s not only a crucial issue for entrepreneurs but for everyone else as well. At the root of this is a simple word . . . commitment.

I’m an old school kind of guy and believe that a commitment is the same as a promise. It’s about trust and a my-word-is-my-bond mindset. How we deliver on our commitments to others begins with how we deliver on commitments to ourselves. My parents instilled in me a deep sense of discipline and pride when I was growing up. I had a wide range of chores – some of which I did not particularly like. I practiced the piano for 30-minutes at 5:30 AM on weekdays. I wasn’t given the option of scrapping a practice session. I know I was driven not to disappoint my parents – but in the process they taught me to take pride in what I did and not to disappoint myself. Thus, I learned how to make commitments to myself and keep them.

How can we learn to make meaningful commitments to ourselves? It starts with simple things. Perhaps we say, “I’m going to commit to an exercise program five days a week.” How seriously do we take such a commitment? If we exercise for a couple of weeks and then fall off the wagon, we undoubtedly may rationalize quitting. But are we being true to the bond we’ve created with ourselves? If we can’t even keep the commitments we make to ourselves, how will we fare when we make commitments to others – commitments that others trust and count on us to keep?

If we say to ourselves, “I will try,” or “I think I can,” that’s not really a commitment. When we say “I will,” it is. When we frame commitment to “my word is my bond” and “I will,” we can now set clear standards of accountability for ourselves. I can ask myself, did I keep my word when I said “I will?” This is a very easy question to answer – it’s either yes or no.

Finally, are we prepared to go above and beyond our “legal” obligation to deliver on a commitment? In other words, do we say we’ll do something and if we fail, do we point to the “fine print” and say we’ve measured up anyway? Years ago, one of our sales associates ran into financial difficulties. We loaned him some money and told him to pay us back when he got back on his feet. He was very appreciative and assured us that he would do so. We chose not to put anything in writing and instead operated on the basis of trust. A year later, this associate was closing transactions and making good money. Not once did he ever acknowledge his commitment to pay us back. Because we had no formal contract with him, I suppose the case could be made that he had no legal obligation to pay us back. We never really defined what it meant for him to be “back on his feet.” But he knew what it meant and so did we.

We make commitments only when we are intentional about delivering on them 100%. And when we meet the obligations we commit to ourselves, we are then ready to take the sacred step of honoring the trust placed in us by others.

This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.

commitment