A successful business could earn you lots of money. Arianna Huffington, the founder of HuffingtonPost, has an estimated net worth of $100 million. Richard Branson, the entrepreneur behind Virgin, had a net worth of $4.3 billion. Then there’s Bill Gates, who started Microsoft. He’s sitting at a nice $115 billion.
Money is a big reason that many people start businesses. The International Entrepreneurship and Management Journal study I mentioned earlier points out that, across the 29 countries examined, an average of 23% of entrepreneurs are in it (at least in part) to increase their wealth. The main takeaway is that lots of people start businesses because they want to make money.
Of course, money isn’t everything, so wealth isn’t the only motivation that these entrepreneurs have. It’s just one reason among many. Even if you do care a lot about money, it’s true that most people, even most successful entrepreneurs, will not reach the stratospheric wealth of Huffington, Branson, and Gates. But respectable amounts of money do matter, and might even make you happier.
It’s said that money doesn’t buy happiness, but that old adage doesn’t quite jibe with modern research. Some scholars say that after a certain amount of income, more money doesn’t make you happier. But even they conceded that up until that point, more money does help.
But, no matter how much you care about money, it isn’t the only reason to think about starting a business.
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Dr. Elijah Clark (November 4, 2022). Financial success of starting a business [Web log post]. Retrieved from https://elijahclark.com/lesson-122/
