This is the fifth article in a 10-part series for recruiting professionals and entrepreneurs who are interested in joining the Lakeshore platform. To read the previous four articles and learn more about this and other reasons to join Lakeshore, you can visit our series homepage.
What is your motivation for starting a business?
If money isn’t one of them, you might not be cut out to be an entrepreneur. Money is a big reason that many people start businesses in the first place, and a successful business could earn you lots of money.
Just look at Oprah Winfrey who is worth $3 billion. And Richard Branson who has a net worth of $4.9 billion. Or Bill Gates who is sitting at a nice $81 billion. While these may be examples of extreme success, the potential to make big profit is one of the main reasons many entrepreneurs go into business.
In fact, according to a study from The International Entrepreneurship and Management Journal, across the 29 countries examined, an average of 23% of entrepreneurs are in it (at least in part) to increase their wealth.
Want to increase your wealth? Ditch the outdated 70:30 compensation split that most recruiting firms abide by. Start your own business and earn the money you deserve.
Of course, money shouldn’t be the only motivation for starting a business. It’s just one reason among many – we are in the business of helping people after all.
Even if you do care a lot about money, it’s true that most people, even most successful entrepreneurs, will not reach the stratospheric wealth of Winfrey, Branson and Gates. But respectable amounts of money do matter, and might even make you happier.
It’s said that money doesn’t buy happiness, but that old adage might not ring as true nowadays. New research tells us what we already know about money and happiness, but may not choose to believe: More money will make you happier.
And who doesn’t want to have more happiness in their lives?
As a recruiting professional or even just an entrepreneur for that matter, you should be fairly compensated for your hard work. That means keeping a bigger split of your billings and working for yourself, not “the man”. Which in turn, hopefully, will mean a more fulfilling, happy life.