Show Me the Money: Hamilton Business Advisor

Money — I Want Money

That’s the most primal reason you went into business. No bullshit. That’s it. The origin, the start, and the first flame flicker in your brain. Money. Simple, easy to understand, and well-known to all.

From a young age, you realize there are shiny, cool things in the world, and you want them. What’s needed to get them? Money.

Sure, I’m right up there in admitting there are a host of reasons why people go into business — here are some:

Pursuing a Passion:

• Many entrepreneurs are driven by the desire to turn a long-held passion, skill, or hobby into a profitable venture.

Control and Flexibility:

• Starting a business can offer the freedom to control one’s schedule, create an ideal workspace, and be one’s own boss. This level of autonomy allows individuals to build their careers on their own terms and learn new skills in the process.

Innovation and Improvement:

• Some individuals start businesses to do something better than it’s been done before, to fill an unmet need, or to seize an opportunity that they’ve identified in the market.

Creating a Legacy:

• Many entrepreneurs are motivated by the desire to build something enduring, which could range from a successful product or service to a lasting business legacy.

Risk-Taking and Challenge:

• The challenges and risks involved in starting a business are appealing to some individuals. They are motivated by the thrill of uncertainty and the prospect of substantial rewards.

Escape from the Employed World:

• For some, entrepreneurship is a way to escape the corporate rat race and the constraints of a traditional 9-to-5 job, allowing them to feel more alive and aligned with their personal values and goals.

And a few more.

Great, nice, mostly; I hear these other reasons from people who have already satisfied the money monster.

So what, Slater? That’s no big revelation. No, it’s not, but are you now living in denial? Money is primarily what we see as giving us the life we want. For some, it absolutely does, and for many, it doesn’t, but money is there at the beginning. It’s there now. It’s probably why you’re reading this.

Money is the number one reason why I get business clients. They all want more money. It might be in the guise of less work, more time off, the same money, or some such variation, but money will be there somewhere. So should you rush to my door or some other Coach or Mentor? No way! Look, the answer to that is — if you haven’t managed to do it for yourself — who you like more than me — then you’re not going to do it for me (make the changes). Don’t waste your money.

And you’re wasting my money, too. How so? Because you’ll turn up, not do the work, leave disgruntled, tell everyone I’m hopeless, waste my time, ruin my reputation, and impact my money. But who cares — we’re talking about you.

My point is that money was the original reason you went into business. How’s that panning out? Are you getting the money you want? No? Well, you’re the Fat Controller in your life, no one else, so that’s on you.

You want to do something about that? Sure, let’s keep talking. Well, I’m writing, and you’re reading.

So if you’re not getting the money you want, the first thing to determine is how much that money is — i.e., what does it look like?

If your answer is just moonbeams, stop reading this — go and buy a lotto ticket — physically, from the shops — and dream about what you’d do with all those millions on the drive home. You didn’t buy a winning ticket; you just bought 10 minutes of fantasy.

Get out of fantasy land and get a real figure.

Then, you can take what you are getting and compare that to what you want and see how far you’re short.

Now, we’re dealing with reality.

Can you make that much? Who is the “you”? If the “you” is a generic anybody in the world “you,” then the answer will always be yes, as people do. The proof is out there. If you look at the genuine ones — I’m not talking about some wannabe who posts a YouTube video, “I made 10 million last year from this SECRET great method you can purchase for $499,” and the pulpit is a shitty old desk in a run-down bedroom. Sure, they did — people who made 10m always live like that. I’m sceptical. There have always been snake oil salespeople; we just call them scammers now.

So if you can answer yes, then the next question is always — What are my chances? Well, better than lotto but slim. The road to success is littered with bodies in the ditches on the side of that road.

Who pays the ferryman?

The price of passage. If you want to excel at anything, you’ll pay a price. Full stop. Check out the Olympic athlete, the Violinist in the symphony orchestra — some bandy around 10,000 hours of practice to perfect a craft to outstanding standards. Business is a craft, too. Sure, you might be cranking out some reasonably pleasing sounds on your Oboe at the back of the orchestra pit and a valued member, but if you want centre stage on opening night, you will need to refine your approach.

So now we’ve run all around the world and come back to Hamilton, New Zealand, and the conversation is just coming back to you.

You are where you are because you’ve done what you’ve done, and it’s probably where you deserve to be. Harsh but true.

If you want to be somewhere else, you will have to do some different stuff. You’ve heard it a thousand times — the definition of insanity is doing the same thing and expecting a different outcome.

The thing is, in business, if you get it wrong, no one cares. It’s like MMA fights on TV — you get knocked out, and they take you away, and someone else is there in your place next week. Business is brutal, and you know it. There is always a big crowd to watch someone go down — the more spectacular, the better.

You’ve survived so far. 80% of businesses fail in the first five years, and of the 20% left, in the next five years, 80% of them. So if you’ve been around a while — you’re damn good. Well, you’re damn good by those percentages. Congratulations.

But they are not the definition of success that matters, are they? The only definition of success that actually matters here is your definition. So, what does that look like, and how far away are you — the bottom line is, what do you now need to do to get to where you want to go, and are you prepared to pay the price?

So, those are my questions for you, friend:

Where do you want to be? — a real, concrete, quantifiable answer.

Where are you now? — do a personal stocktake.

What’s the difference?

How do you bridge the gap?

Are you prepared to pay the price?

Looking Ahead: The Business Trilogy Series

This article is the first in a trilogy of insightful explorations designed for you, the ambitious business owner. We began with the most primal of business motivators — money. Understanding its central role in our entrepreneurial journey is crucial. But this is just the beginning.

Next Up: Defining Business

Our next piece will dive into the essence of what business really is. We’ll strip away the complexities and get down to the core. It’s about understanding the heart of your business journey, defining what business means to you, and how this definition shapes your path to success.

Then: Unblocking Your Path

The final part of our series will confront the barriers — the blocks that stand between you and your business goals. We’ll explore common challenges, personal hurdles, and environmental factors that may impede your progress. More importantly, we’ll discuss strategies to overcome these obstacles and pave a clear path forward.

Stay tuned as we embark on this enlightening journey together, unlocking the keys to business clarity and success. Each piece of this trilogy is designed to bring you closer to realizing your business aspirations, equipping you with the knowledge and insights needed to thrive in the ever-evolving world of entrepreneurship.

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