Becoming an entrepreneur isn’t an easy task. The U.S. Bureau of Labor Statistics reported that only 34.7% of small businesses that started in 2013 were still around 10 years later. Conversely, this means that 65.3% of the small businesses didn’t last.
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There are many reasons people decide to become entrepreneurs, and one is the potential to make a lot of money. However, many experts will tell you this isn’t a good reason to start. Here is what some of them have to say.
Kevin O’Leary
Canadian businessman and “Shark Tank” star Kevin O’Leary knows the difficulty of the entrepreneurial life very well. Because founding a business is such a tough endeavor, O’Leary says you shouldn’t do it if you’re only in it for the money.
For him, the main motivation for entrepreneurship should be personal freedom. While the money is nice, being your own boss, taking time off when you want and running your business however you see fit is even better.
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Bill Gates
Bill Gates, co-founder of the Microsoft Corporation, is one of the richest people in the world. However, he didn’t get rich by worrying about money. Gates says he was just a kid who loved software and chose to follow his passion. In fact, in the early days of his company, he was quite conservative financially because he didn’t expect the company to make much money. Once his company went public, the value exploded, and Gates recalled that he was stunned.
If he’d just got into business for the money, he might have given up his pursuits early on in hopes of finding a more lucrative path. Because he stuck with his passion, he’s now a billionaire.
Mark Cuban
American businessman and “Shark Tank” personality Mark Cuban disagrees with Bill Gates’ idea slightly, saying that you shouldn’t follow your passion outright. He reflects on times when he wanted to be a baseball and basketball player but didn’t have the athletic ability to do either.
Instead, Cuban says you should find what you’re good at and stick to that. More than trying to make money, it’s about what you’re willing to put a lot of effort into. According to Cuban, you need to think about where you’re spending your time because that is what you’ll be good at. After you put in enough time toward that specific area, you’ll master it. This can translate to making a lot of money, but Cuban explains that there is something about this hard work toward something that is even better than money. He says, “I’ll give you a little secret: Nobody quits anything they’re good at because it’s fun to be good. It’s fun to be one of the best.”
Tony Robbins
The famous phrase “Money can’t buy happiness” should ring true for entrepreneurs. Tony Robbins, an American author, coach and motivational speaker, emphasizes this to anyone thinking about starting their own business. If you’re just trying to get rich off what you’re doing, it doesn’t mean you’ll have fulfillment.
Robbins says to be happy, you need to master the science of achievement and the art of fulfillment. If you start a business and earn millions but don’t feel fulfilled from it, you’ve got nothing. Money won’t end your suffering, so unless you figure out what it is you really want to achieve with your business, you shouldn’t lean on money as a solution.
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This article originally appeared on GOBankingRates.com: 4 Famous Entrepreneurs Who Say You Shouldn’t Focus On the Money
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