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The Pursuit of Happiness or Money?
By C.J. Hayden
We self-employed
professionals are constantly faced with difficult choices about how to
best grow our businesses. Should I pursue this line of business or that
one? Would it serve me better to choose Niche A or Niche B? Shall I
spend my time building a relationship with Client X or Client Y?
Often, these
questions hinge on what we perceive as the most desirable result. If we
value potential earnings more highly, we select a course of action that
will lead to more money. If we are more concerned with our personal
fulfillment, we follow a path that we believe will be more satisfying.
Surprisingly often, these possible choices point in opposite directions.
We find ourselves having to choose between higher earnings and greater
happiness. Or at least, that's what we think.
A client of mine who
worked as a marketing consultant was presented with two potential
projects -- one with a large law firm specializing in mergers and
acquisitions, and another with a small environmental services company.
My client, a longtime environmentalist, was drawn to the smaller
company, but it was clear the law firm could pay more and give her more
business in the long run. Both projects required a detailed proposal;
she couldn't do both, and had to choose.
Practicality
dictated that she pursue the law firm project, but she kept feeling
blocked. She procrastinated on writing the proposal, delayed following
up, and didn't prepare well when she met with them. Ultimately, the law
firm hired someone else.
She returned to the
environmental services company, who luckily had not yet chosen a
consultant for their project. Suddenly, writing the proposal became
effortless, she was eager to follow up, and when she met with the
company, her enthusiasm convinced them to hire her on the spot.
So which one was the
more lucrative choice?
In Mark Albion's
book, "Making a Life, Making a Living" he describes a study of 1500
business school graduates that took place over twenty years. Based on
their responses to a survey, the students were grouped into two
categories. Group A wanted to make money first, then pursue what they
really wanted to do later when they had more resources. They comprised
83% of the respondents. Group B, who made up 17%, intended to pursue
their true interests first, sure that money would eventually follow.
Twenty years later, there were a total of 101 millionaires in the two
groups. Only one came from Group A. There were 100 millionaires out of
the 255 people in Group B.
It appears that
choosing happiness over money can be a valid business decision. There
are some caveats, of course. You need to make sure that the course of
action you are considering is a viable alternative, not an altruistic
fantasy. My marketing consultant client had already determined that the
environmental company had a budget to pay her. They just couldn't pay as
much as the law firm, and it was a smaller project.
But her experience
-- and the business school study -- suggest that a quite practical
approach to decisions like these might be to begin this way. Instead of
considering first which direction is likely to be the most lucrative,
start by determining which path will probably be the most fulfilling.
Then find a group of people, a type of project, or a line of work along
that path that will pay you what you need to charge.
Our inner saboteurs are subtle. If one line of
business or type of client makes you happier than another, you may find
mysterious roadblocks appearing when you pursue business you really
don't want. With no boss looking over your shoulder, you must find a
compelling path, or your marketing will languish. And when that happens,
you won't get the business anyway.
C.J. Hayden is the author of Get
Clients Now! and a business coach who specializes in serving social
entrepreneurs. Since 1992, she's been helping people build businesses
that make a difference. Find out more about C.J. at
www.getclientsnow.com
and
www.socialentrepreneurcoach.com
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