How to Be Happy in Business

So, what can billionaires teach us?

I believe that they have something to teach us about being happy--at least in business.

I started reading the biographies and autobiographies of tycoons around 1980. In addition, I followed the lives and careers of a few in the business press. What always struck me as the common theme in the lives of billionaires and tycoons is that they had all found a way to make money from something fun that they truly loved doing: deal-making in most cases. By "deal-making" I mean the accumulation of cash flows. Deal-making is a fun business because it brings fresh challenges every day in contrast to building just one company up.

In contrast, the single company owner is rarely happy after five or ten years as burn-out tends to set in rather quickly from the repetition and routine. I base this claim on a sample of roughly 1500 which I have observed over the past 25 years as an entrepreneur, consultant, and business broker.

This Venn Diagram by Bud Caddell illustrates why billionaires are billionaires. They are right in the dead center of the sweetspot.

Go read Bud's piece How to Be Happy in Business.

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Comments

[Alex]

Why can't a single company provide the right platform for an entrepreneur to make deals, try new things, and change the business over the years?

I can understand moving on to start a new company, but I've also seen many entrepreneurs lack the focus to see their company through time after time with each new company.

If an entrepreneur is failing to build a single cash flow chances are they'll really stumble by trying to bring in more than one cash flow.

[Peter]

Alex,

Good points. Let me address them in the same order that you asked them.

One's current company can serve as the plaform for expansion. With the deal-making route you can look for bolt-on companies to acquire in order to increase your wealth. The bolt-ons can be suppliers, competitors, customers, or even totally unrelated businesses. Or as you point out, an entrepreneur can simply focus on growing the same company with product additions and entry into new markets. There is no one right way to run a business. It all comes down to your preference.

I agree with you that some entrepreneurs don't succeed at anything. Nothing else to add there.

As to your final point, the deal-making I speak of should ideally only be attempted by someone who has already been successful in building a business.

I will add that deal-making is not for everyone. Indeed, it's probably only for a small minority. My goal with this blog is to build a community for those interested in pursuing it.

[Shane]

You are really popular on stumbleupon.