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Saturday, August 11, 2012

Why are so many entrepreneurs embarrassed to want to make money?

I don't get it.

Many people who attend Chennai Open Coffee Club want to start on an idea or a business. But when it comes to figuring out how to make money, so many people get embarrassed and say "I dont want to run a business to make money, I just want to [insert noble cause here]", where noble cause may be something like "help the poor", "assist the farmers", "improve the quality of education" etc. Or they say that they want to become a "social entrepreneur", whatever that means.

Why are we so conscious about wanting to make money? Why do so few people say, "there is huge problem X, users with problem X are willing to spend money, and we want to solve that problem X and collect all these pots of money". Somehow a lot of people feel insecure about phrasing things like this. It makes them feel like unethical money grabbers.

Listen, there is nothing unethical about it. You aren't getting money for free. You are getting it for solving problem X.

And even if you have some noble scheme in mind, remember that without money coming in, you'll soon close down, and your noble scheme will die with it. And if you are thinking "I'll start an NGO" then remember that the same economics are in play for NGOs as well: End of donations equals end of vision. Which is why many NGOs actually spend more time and money on fundraising than their actual activities.

So, don't be embarrassed about making money. Search for an idea that will make you rich. Then work back from there.


Neela said...

I agree totally.

Anonymous said...

Is this Frank Borland?

Unknown said...

I fully agree with you. Probably this thinking process is typical of our culture which looks down upon anything materialistic and can be related to money.
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Unknown said...
This comment has been removed by a blog administrator.
lilprotakeit said...

Thats true but there is an emerging trend as an underlyig reason to shift to Entrepreneurship and that is FREEDOM. Most companies operate in one-size-fit-all kind of management structure which ofcourse doesnt apply to sharp people coming from different backgrounds. Eventually they start their own work in their own justified manner.

esther said...
This comment has been removed by a blog administrator.
Anonymous said...

First sorry for late comment here .

But discussion that you’ve started is quite interesting, I couldn’t stop commenting here.

Here is defiantly a problem but you are also not providing solution for that, I don’t want to blame you or mock you.

1) There is term economy for that. Many entrepreneurs don’t want to learn it.( who does that , reading 500 0r 1000 pages of texts it just stupid isn't it, author of that book is insane and this world is insane.)

2) What is money ? Many, I say very few people in this world know then difference between money,wealth and currency.

3) Social justice and equality ….signs of Idealism.

Idealism don’t exist in this world and get over it.( we will argue about it when we became developed nation.)

what I can say here is that you don’t need idea or big moral character to become rich. You just need correct information, That's where business and money comes.

Also I must say Indians are bit off lazy to learn the stuff ( new stuff)

Can you imagine what it takes to read 500 page of text by economist or by any marketer . I say just wisdom and desire .

Parting shot : Don’t ever try to change the world. You are incapable of it. just try achieve that ability.

Too many famous people we can see in entire world who are doing great stuff. they never changed this world. They crated difference and new perspective.

pankaj said...

yeah actually all people thinks same about money .money is totally diffrent aspect ,it drive world and its not a matter of NGO'

roses said...
This comment has been removed by a blog administrator.
Navneet Viswanadha said...

I completely agree with you


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