Get All Access for $5/mo

Entrepreneurs Who Are In It for the Money Never Get Rich If you're in it just for the money, find a well paying job. Entrepreneurship is not your line of work.

By Ray Zinn Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock

If you're in it just for the money, find another line of work.

Some founders I coach hate hearing that. Real entrepreneurs get it. A founder's focus on being rich is one criteria I use to filter out seed investment opportunities. I do so because if someone is too concerned with lining their own pockets, they won't be concerned enough with building a business, crafting a corporate culture or taking care of their employees -- all of which, ironically, are necessary for a founder to get rich.

The transient value of money.

One reason money is not a worthy objective is because cash is of transient value. Yes, you can buy many fancy and luxurious things. But these are items of comfort and amusement and not anything that creates human value.

Related: 7 Ways to Leave the World a Better Place

One aspect of Silicon Valley culture I am delighted with is the near universal attitude of giving away fortunes in personal wealth in order to improve humanity. Our locally minted billionaires routinely shed most of their lucre, knowing that what little they keep is more than sufficient for a luxurious lifestyle.

They understand that they were not primarily in business to be rich, but to change things. Once they earned more money than they could possibly spend, they sought to use that money to continue changing things through charity.

The permanent value of achievement.

This is the nature of entrepreneurialism -- the desire for change.

Change comes in many forms. One can change a market, as Apple did with iPhones. You can change an industry, as Linus Torvalds did by creating and maintaining the Linux operating system. You can change the world, as Ronald Reagan did by encouraging and facilitating the fall of the Soviet Union.

Creating change is an achievement, and achieving things is hugely motivating. In my book "Tough Things First" I tell the story of how, as a teenager, I mastered the high hurdles, despite functional handicaps (short legs, having to jump using alternate leading legs, etc.). There was no money involved in high school track and field events. But there was a great sense of accomplishment when the school's track coach, who once told me I could not run high hurdles, had to hand me the medal for winning the championship.

Related: 10 Tech Companies That Are Making the World a Better Place

This sense of accomplishment is what does and should drive most entrepreneurs. At times it is understated, as when a technically minded founder is exploring what is possible with a product. Other times it is nearly messianic as a business leader seeks to dominate their industry. In the middle you have those startup CEOs who find joy in the minutia of building their business and being as involved in every aspect of it as they can.

On rare occasions, a founder demonstrates all three elements.

The enduring value of business

Discussed too little is the value of building an enduring business.

When one creates a company that outlasts the founders and his grandchildren, then there is a level of accomplishment that is historic. It can be as iconic as the 130-year-old American beverage company Coca Cola (founded in 1886) or as obscure as the Japanese construction company Kong? Gumi (founded in 578 and operated for 1,428 years).

Such empires require more than a strong leader, because leaders grow old and die. It requires establishing a mission in which generations of employees believe, a corporate culture that guides their decisions and directions and a public trust that institutionalizes a brand.

Related: As Steve Jobs Once Said, 'People With Passion Can Change The World'

Foremost in creating enduring businesses is creating great employees. I told Micrel employees I might not make them rich, but I would help them to be better people. So much of Micrel corporate culture focused on the dignity of every individual. By focusing more on people than profits, we elevated both.

What is your motivation?

Before developing your product and launching your startup, search your soul. Be sure of your motivations. I hope you do get rich, but even more I hope you have purpose, as that makes getting rich that much easier.
Ray Zinn

Longest serving CEO in Silicon Valley and author of Tough Things First

Raymond “Ray” Zinn is an inventor, entrepreneur and the longest serving CEO of a publicly traded company in Silicon Valley. He is best known for creating and selling the first Wafer Stepper and for co-founding semiconductor company, Micrel (acquired by Microchip in 2015). Zinn also holds over 20 patents for semiconductor design. A proud great-grandfather, he is actively-retired and mentoring entrepreneurs. His new book, Tough Things First (McGraw Hill), is available at ToughThingsFirst.comAmazon and other booksellers.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

At Age 15, He Used Facebook Marketplace to Start a Side Hustle — Then It Became Something Much Bigger: 'Raised Over $1.6 Million'

Dylan Zajac, now a 21-year-old senior at Babson College, wanted to bridge the digital divide.

Innovation

These Entrepreneurs Created a League That Turns Gamers Into Pro Race Car Drivers: 'We're Giving Drivers a Sustainable Career Path'

Racing Prodigy's innovative E2Real sports league is lowering the high-cost barrier to entry for drivers to take their passion to the track.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

OpenAI Just Released Its Text-to-Video Generator, Sora. Here's How the New AI Could Impact Small Businesses and Creators.

Sora has a variety of use cases for businesses, from social media campaigns to video creation.

Growing a Business

This Cozy Coffee and Garden Shop Has Become a Staple in Its Community By Following 5 Smart Strategies

Maypop is a combination coffee and garden shop where a blend of community building and customer service creates an unforgettable experience.

Science & Technology

Machines Are Surpassing Humans in Intelligence. What We Do Next Will Define the Future of Humanity, Says This Legendary Tech Leader.

Craig Mundie, co-author of "Genesis: Artificial Intelligence, Hope and The Human Spirit" dives into the unrivaled power of AI.