Extrinsic rewards, like money, normally are back-end loaded. They tend to come after a long period of hard work. Do you have what it takes to sustain your work ethic until extrinsic rewards come - if they come at all?
“Unless you strike oil, financial benefits normally are back-end loaded: they tend to come after a sustained period of high performance… In addition to the delay in fulfilling your extrinsic motivations, you need to be prepared for the possibility that some of them may never materialize… Why is it that some people just work harder?... Is it their natural work ethic? More often, I have found that their passion is what gives them the energy and motivation to apply the work ethic they need to excel. Do you have enough passion for what you do to sustain your work ethic? You need to ask, and answer, this question.” – Robert Steven Kaplan in What You’re Really Meant To Do.
I begin my Entrepreneurial Finance course with the history of two local miners. These miners worked in their mine for years before they struck massive veins of silver. I’m fascinated by what kept them digging in the dark day after day.
One thing was that they would not work for the corporate mines. They rejected the sure paycheck for the hope of the reward of their own mine. These miners were lucky. Many other miners never hit big silver.
Entrepreneurship is a marathon, not a sprint. It’s like the joke about the entrepreneur that worked hard 10 years to become an overnight success. Even if money is a major motivation, what will keep you committed until the money arrives?
I wish you the stamina for success. I wish you well.
- Rob Stephens
CFO Perspective Resources
Get all the CFO Perspective resources with a FAST (Finance and Strategy Toolkit) membership.