Why Business Owners Want To Be Rich
Family and philanthropy motivate entrepreneurs.
It takes an enormous amount of commitment to establish and manage a successful business. There are usually considerable risks involved with the solid potential for failure. Nevertheless, entrepreneurial spirit is astoundingly strong the world over.
There are many rewards for people who opt to become business owners, such as being their own boss and doing something they find personally fulfilling. Additionally, most business owners are strong adherents of the capitalist creed and believe that free markets can also result in financial rewards and the ability to become very, very rich.
In a recent survey of business owners, nine out of ten professed a desire to become significantly wealthier than they are today. Moreover, all of them strongly recognize the link between escalating personal wealth and the success of their business. The most common and reliable way to get rich is to have a meaningful ownership stake in a successful business. Either through the growth of the company or its sale, business owners can and do become affluent.
There are often many reasons business owners want to be wealthier. What affluent business owners do with their net worth ranges all over the place from reinvesting in their companies to upgrading their lifestyles, but for most taking care of loved ones is at the very top of their lists.
Carlo Scissura, CEO and President of the Brooklyn Chamber of Commerce and author of Maximizing Personal Wealth: An Advanced Planning Primer for Successful Business Owners, notes, “I see many successful business leaders giving back to their communities and society. Improving the world while creating a legacy can be an especially strong motivator for entrepreneurs to keep achieving and building on their success.” This insight is reinforced by the research with about seven out of ten business owners indicating that they’re intent on doing more to support worthwhile charitable causes.
It’s clear that most business owners want to increase their personal net worth and realize that their companies are the means to do so. At the same time, the desire to become wealthy is driven not by raw greed or abject materialism, but rather by an interest in taking care of family and loved ones and creating social impact. Translating the success of a private enterprise into personal wealth is a key that will enable many business owners to take better care of their families and be more philanthropic, now and in the future.