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More Money or the
Pursuit of Happiness
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.
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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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