Sometimes I’m Scared to Make Money: The Pressure is ON.
Sounds weird, right? I mean, why would any entrepreneur be scared to make money. Making money is a good thing. It’s something that is supposed to make you happy. It’s something that gives you power and more options in your life, as well as your business.
Now call me weird, but I am beginning to notice a correlation between making more money and increased responsibilities with my business. Don’t get me wrong, I love to make money. Though I’m not making a ton of money now, I can clearly see that the more I make on a month-to-month basis translates into more work to maintain the business.
The point I’m trying to stress here is: I believe that some young entrepreneurs can fall apart as they being to make more money if they aren’t careful – this is something that I am currently finding out as a young entrepreneur, myself.
Ask yourself this question: what do you do when you start to increase your bottom line and earn more money? For many entrepreneurs, the answers to that question will vary dramatically.
Here are some typical situations that I have noticed:
Entrepreneur A:
“ When I make more cash, I start investing even more money back into the business. I start to take on bigger projects that will increase the value of my company. I become even more creative with my ideas because I know that I now have the money to make them a reality.”
Entrepreneur B:
“ Sure, I start investing a bit more money back into the business, but I mainly spend the money on new toys, gadgets, and luxury items. I like to pretend that I’m rich and go on shopping sprees and live above my means – it’s fun! “
Entrepreneur C:
“ Wow, now that I am making cash from this business it’s time to fall back and hire someone else to manage it so I can spend my time spending my money on toys, clubs, and luxury items. I made it! I’m a successful entrepreneur! YAY!!”
If you are “Entrepreneur A,” then you can relate to the increased responsibilities when you start to make more money. This is the time when the pressure is on for you to perform. This is the time to say the following to yourself after you close a big deal: “okay, now it’s time to put this money to good use and add-on to my business” not “let’s go on a shopping spree.”
If you are a dedicated entrepreneur, then you shouldn’t only feel “happy” when you are making more cash… you should feel the “pressure.” This is the sort of pressure that is going to push you to succeed. Push you further than your expectations. Push your ambitions to new heights!
Entrepreneurship isn’t all fun and games, and a level of seriousness is needed if you really want to go far with your business. It’s okay to treat yourself and have some fun with the money that you make… but there must be limits.
Without limits and becoming “Entrepreneur C, ” you are setting yourself up for failure. Be smart. Be intelligent enough to spend the money that you are fortunate enough to make from your clients and customers to increase their experience with your service…that should be paramount – always.
What about you: do you feel the pressure as you start to make more money? What are your priorities with the money that your company earns?
9 Comments
Aaron
February 22nd, 2007 at 2:20 pm
David,
You’ll be fine. Admitting you have a problem is the first step to recovery. I think a lot of entrepreneurs have this problem and most likely holds them back from true success.
I think the thing is you have to get over the hump. The in between stage of working tons of hours doing it all yourself and starting to delegate certain work to employees.
Don’t be afraid to make money because when you start making money, money becomes a tool you can leverage to become more efficient and streamlined.
David Askaripour
February 22nd, 2007 at 2:38 pm
Thanks Aaron. Indeed, I’m never scared to admit when I have an issue because I always think about the other entrepreneurs out there who may be feeling the same way. So if it makes me look weak or “scared” then so be it. I totally agree with your advice, especially since I am in the team building stage — I will have to keep those things in mind. It’s all about leverage isn’t it!
Aaron
February 22nd, 2007 at 3:39 pm
Leverage is the key to success. It’s how you leverage the assets and tools you have available that give you that extra edge.
I’ve spoke to my wife about being scared to be successful. For me I love the struggle, creation, and the building. I’ve had the fear of if I’m successful I won’t have anything left to fight for. That entrepreneurial fight will be over.
I’ve come to the realization that although the initial and majority of the fight is over but there is always more to fight for. Look at Jet Blue. He still has the entrepreneurial drive in his large corp.
William
February 22nd, 2007 at 5:10 pm
Good article David, you make a good point because with more money comes much more responsibility!
Many young and old entrepreneurs don’t understand this concept and this is why you have people who make tons of money and end up filing bankruptcy.
As things continue to grow, things can sometimes get that much more weird, unfamiliar and uncomfortable.
Fear can sometimes be channeled into a positive manner, meaning the fear (or nerves/jitters) that you’re feeling by making more money will help keep you from losing sight of your overall goals and acting like a complete idiot going on big time wannabe spending sprees. Keep doing what you’re doing bro, you’re making big moves!
nate
February 22nd, 2007 at 7:59 pm
I disagree with all this money pressure stuff. Honestly, if you’re not having fun, don’t do it. Fun and/or awesomeness are your metrics. And if you can get others to have fun or be more awesome, then the money will not be the focus… it will come.
Of course, you have to plan on how to make that money, but giving people awesomeness or fun is way better and longer lasting.
Be awesome. Be fun. Stop worrying.
Listerator
February 23rd, 2007 at 12:18 am
Sometimes, easy money, or money happened-upon by lucky circumstance does make you think about whether what you did was ethical. I honestly might be like your Entrepreneur C - would that be unethical? Surely enjoying the benefits of my past labor wouldn’t be unethical?
Luc Arnold
February 23rd, 2007 at 12:45 pm
I think that most business owners feel this way at first and its normal to a certain point. Making more money and taking on responsibility doing so can be tough or easy and it really depends on who you are.
I’ve battled a bit with the “Success” bug and to be honest it comes down to would you rather be successful or a failure at everything you do? Personally i like being successful as much as possible. Making money is one sign of success and there are many others but i enjoy the feeling with you’ve done a great job and make it happen. Its addictive
Cheers
Luc
David Askaripour
February 23rd, 2007 at 2:07 pm
Thanks for the excellent feedback every one — much appreciated! The point of the article was to explore the different emotions that young entrepreneurs face when starting to make money and how they go about utilizing that money. In no way, shape, or form am I saying not to have fun. Having fun is essential. It’s key. BUT, I’m also stressing that in order to breakthrough barriers and create a brilliant company, it takes more than “just having fun.” You have to push yourself. You have to use the “pressure” to succeed as fuel to keep you going hard and keep your creative energy flowing. For many — sometimes myself — experiencing this type of pressure makes you realize that the founder of the company will take on more responsibilities when more money comes in — and this isn’t a bad thing. However, it can be a bad thing if some people fall apart and start spending money doing other things because the pressure to expand the business becomes too overwhelming. Hope this clears things up a bit.
Luc Arnold
February 23rd, 2007 at 4:13 pm
Hi David,
Thats a great way of putting it. Money is a tool that allows you to do better things inside your “Brilliant Company” and the pressure simply means you’ve got to learn how to handle that responsbility. There is always more pressure you can put on yourself but i’d say that its important as your business matures the pressure changes and lessens and you learn to operate faster and more decisively.
Lucas
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