Would You Really Do That?
What would you do for a million euros?
Michael Michalowicz of the Toilet Paper Entrepreneur posed a similar question on his blog recently. Sure entrepreneurs are prone to pushing their limits and setting high expectations of how they can change the world. Likewise, they want to be paid for their products and services. But how far are you willing to go? How does the subject of money affect your behaviour?
Not only does this raise questions about how one’s value system but this question opens the floodgates of our imagination and our fears. This is a heady mix in the early days of a startup. A number of my clients have spoken about how setting their fee is actually tied to their sense of self-worth. Their question is not “how is this price consistent with fair market value and my talent?” but “is it okay to charge for what I do?”
So many inexperienced entrepreneurs imagine becoming successful will change them into some sort of Dr. Jekyll and Mr. Hyde. I’ve seen people go back to a corporate job, delay making a decision so they can do even more research, or undercharge due to lacking confidence in their technical skills. All of this to keep their anxieties at bay.
Hiding from your fears isn’t a long-term answer. But neither is accepting any opportunity that comes your way with the philosophy of the ends justify the means. As Socrates advised, “know thyself.” Remember why you started your business and what you want it to do with three questions.
This is about you. It’s about the type of person you are now and still will be as your small business develops. Make it a point to know your beliefs about money and success, your top three values (e.g. family, financial freedom, adventure, wealth), and your deal-breakers. Sometimes the hardest thing to be willing to do is ask for help and recognize that we are not the first or last entrepreneurs to be unsure, stuck, or wondering if we’re making the right choices. in our business development.
So, what would you do for a million euros?
Would you really do that?