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It’z All About That Money

IT’Z ALL ABOUT THAT MONEY OR BECOMING AN ENTREPRENEUR

By BRAD PALMER

It’z All About That Money”, is a title of a song by the rapper Daz Dillinger. And if truth be told, in the business world, it really is all about that money.

So let’s say that you’re sitting in your cubicle one day really pissed off at your boss. You’re fantasizing about that wonderful day when you can tell el jefe where to go and walk out the door. You are toying with the idea of becoming an entrepreneur. That’s right. You are going to go into business for yourself!

Now, if you took some community college course in entrepreneurship, they would tell you that you need a business plan, funding sources, a management team and a good idea. And all of that may be true, but let’s really cut to the chase. What really matters when it comes to what it takes to succeed on a day to day basis? Over the years as a New Jersey business broker and C.P.A. , I have found that most successful entrepreneurs have certain personal attributes that have strongly contributed to their success. If you are a Pollyanna, or a person who views the world through rose colored glasses, you might not like what I have to say, but here goes anyway.

Here are my observations.

First, money should be the most important thing in the world to you. For most people, money is not the most important thing in the world except to the extent that they need it to purchase food, clothing, shelter and other material comforts. There are people, however, for whom money is the most important thing, and if you are not one of them you are going to be at a distinct disadvantage from the beginning. I have also observed that most successful entrepreneurs were money focused at an extremely early age, in many cases while they were in their early to mid teens. MONEY MUST BE VERY IMPORTANT TO YOU.

Second, as a corollary to money being the most important thing, you should be willing to do anything legal to obtain money. There are people in the world who will marry someone for money, stay married to someone for money, live someplace that they hate for money, and engage in an occupation or business that they hate for financial gain. Successful entrepreneurs tend to have this attribute; they will put up with almost anything in order to achieve their financial goals. YOU MUST BE WILLING TO DO ALMOST ANYTHING TO OBTAIN MONEY.

Third, most successful entrepreneurs that I have met have what might best be termed situational ethics; while they might not be criminals, suffice it to say that ethical concerns are not the first thought in their heads upon arising in the morning or the last thing they think about upon going to bed at night. For those of you old enough to recall the adage from the 1960’s, “if it feels good, do it”, the adage here is that if it’s legal do it. Stiffing people in bankruptcy, firing people because it’s profitable, shading the truth in advertising is all fine if its legal. MOST SUCCESSFUL ENTREPRENEURS HAVE SITUATIONAL ETHICS.

Last, when it comes to relationships with people, it helps to have a chameleon personality. What I mean by this is that you have the ability to make most people think that you like them and respect them, even if you can’t stand them or really have a low opinion of them; this is especially important if the people in question are in a position to do something for you of a financial nature such as investors and customers who control money that you need. Thus, you need the ability to compartmentalize or to separate your personal feelings about people from what you need to do to get them to do what you want them to do. MOST SUCCESSFUL ENTREPRENEURS HAVE THE ABILITY TO WIN PEOPLE OVER DESPITE THEIR PERSONAL FEELINGS ABOUT THEM.

So, go take your community college course, write your business plan, and play with your Excel spreadsheets. Read your books on entrepreneurship and develop various strategies. But remember, when the day is done, “It’z All About That Money”.

#ItzAllAboutThatMoney #BusinessEntrepeurship #Entrepreneur #NJCPA #NJBusinessBroker #CrownBusinessBrokers #BradPalmer

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