There’s a certain way you come to view money as an entrepreneur. It doesn’t happen overnight but mainly because of the challenges, your relationship with money really gets shifted. Talk about being forced to have a long-term perspective! Many people who go into business are usually not ready for this. I remember I was not ready, nobody had told me, and I had a certain expectation of how things would turn out. Many start-ups have business plans projecting attractive profits in all of two weeks. Of course things do not go smoothly and you have to adapt almost overnight. Many people give up and turn back. What they do not realise is that they just needed time to definitely develop a thicker skin but also to get new eyesight. This is called Vision. If you are literally short sighted you need spectacles to see clearly and things that are further away. The more short sighted the stronger the lenses. In the same way entrepreneurs need to put on these spectacles of vision, particularly in relation to money.
Money follows vision. Vision is not directed and does not follow the money. Time and time again I have been called to speak to people about entrepreneurship and I have met many people who want to build great businesses. But the problem is their primary motive is to make money. In my experience and that of countless people, this does not work. Yes, money is important but your business has to have purpose first. You need to answer why it exists. What problem is it solving? Are you passionate about what you do? From where you stand where do you see it going? Vision gets you up in the morning even if there is no customer. Vision helps you make connections that others can’t. Entrepreneurs learn that they cannot serve two masters. It’s either money or vision. As I’ve said before in a previous article, I believe money is a good servant but a terrible master. Money will follow and be attracted to vision. People with vision become innovative and resourceful about getting what they need. They attract capital. Their passion sells them. I was recently a judge for a business start up competition and we had to go through loads of business presentations. It was extremely easy to see the difference between those that put together a business plan to win the prize money and those that had a vision.
Vision keeps you going when there is no money. Entrepreneurs face all types of challenges with money. It may be, not enough customers to pay the bills or pay yourself. You may run a business without breaking even for a while. Profits may not be seen for years. There could be profits in some years and others none. Money may be needed to make certain investments. It’s hard to get through these periods. However the pull towards where you are going is always stronger than where you are. You may make some tough practical decisions along the way but you keep going and you hang onto that single ray of light that shows up. Many times for entrepreneurs the one thing that worked is more important than the twenty things that did not work. Vision also stops you from making some decisions out of fear. A bad period does not necessarily mean you lay off staff. The bigger picture dictates even what needs to be done in tough times. It may also help you realise that there were costs you were incurring that were not lining up with the vision. On the flip side vision keeps you grounded when there is money. I was speaking to someone who mentors entrepreneurs. The bigger challenge he said is actually when people do make some money. Then they get excited and go spend it. Vision can make you keep calm with hundreds of thousands, millions, tens of millions and for some people hundreds of millions in their bank account. The vision is always bigger than money available.
Vision keeps you moving. Our society today has touted success as having a great house, car, clothes, lifestyle, holidays etc. Hence the problem I mentioned above of getting excited when money comes in. There’s no space for vision if having the latest car is what drives you. Vision doesn’t let you get comfortable. When you get to one place something else unfolds. I believe as long as you are alive you are meant to live with vision. Vision continuously unfolds. People who get comfortable usually end up stagnating. Businesses that get comfortable can even go backwards financially. You find that they start taking their clients for granted assuming that they will always be there. Financial targets are good to have. However a monetary value is very unfulfilling. If you make a million, you will want two then five then ten. There can always be more money to be made so you will fall short. There are a number of ways to make it. It can be here today, gone tomorrow. The fruits of you pursuing your vision will however always give you a satisfaction that your financial goals cannot compete with. The building may not be complete but you will be able to see that you’ve reached the first or second floor irrespective of the money in the bank. This is a bigger topic for another article but vision also keeps you giving. It’s not all about you and what you can get out of this. You are empowered to do a lot more than focus on yourself. It’s about impact and also bringing up those around you. Vision makes you give your time, some of your products and services for free, have CSR initiatives, mentor etc. Money is important but we need to put it in its place. Serve Vision not Money. Remember without Vision, people do perish.
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Waceke Nduati-Omanga runs programs on Personal Finance Management and Entrepreneurship.
Find her at waceken@centonomy.com| twitter @CekeNduati| Facebook.com/CekeNduati