Are there any entrepreneurs that have been generous from the beginning?

[InstantNoodles]

The news of course is filled with stories of successful entrepreneurs dropping millions or even billions after making it big. Have there been any that have been generous from the very beginning?

This will obviously hurt the growth of your business, as money spent on charity means less to go in growing the enterprise.

 

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[parkerscott]

Im sure there are many that make charitable donations before they reach millions in profit. Just to put it into perspective. Im going to make up a fictional tax bracket (dont know the numbers) If i make 250k yearly I will be taxed at 50% if I make less than 250k but higher than 200% I will be taxed at 40%. Ok now lets say I make 255k that year. If I was feeling generous I may give out 5k and up to charity, and then write it off. I may be getting things mixed up here, but if I gave out 6k to a charity I would have 249k, and not only would I reduce my taxes by about 25k I would also get to deduct the 6k from 249k.

That 6k just helped someone out, and saved me 29k

Im not a tax expert though so someone feel free to chime in.

 

[Kak]

The news of course is filled with stories of successful entrepreneurs dropping millions or even billions after making it big. Have there been any that have been generous from the very beginning?

This will obviously hurt the growth of your business, as money spent on charity means less to go in growing the enterprise.

Me. I have always donated at least 10 percent of everything I make. To tell you the truth, it has absolutely NOT hurt the growth of my business. In fact it has directly opened doors to some amazing things for me... Even business opportunity.

 

[AndrewNC]

This will obviously hurt the growth of your business

According to whom?

 

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[Vigilante]

If you were a generous person before you started your business you're going to be a generous person during your business and after you cash out of your business. I just watched a video of a bum that received $100 and took the money and bought food for other homeless people.

Conversely if you're a jackass… Being successful will probably just make you a bigger jackass. Money just has a tendency to amplify natural tendencies.

There is no success formula here if you are looking for one. Being a giving person is a character trait from a genuine heart and is mutually exclusive of one's entrepreneurial pursuits. However, give for the right reasons as it's not going to increase your sales.

If you were generous with your resources before you hit it rich… Chances are you will be equally generous later in life. Start today.

 

[Emanuel]

Well said Vigilante!

Money tends to amplify one's character.

 

[1step]

How about Toms Shoes? Thats pretty much been their M.O. since day one.

This will obviously hurt the growth of your business

I don't think this is accurate. I would argue that donating shoes is one of the main reasons Toms is so successful.

 

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[InstantNoodles]

Honestly that sounds like a marketing ploy.

 

[MMatt]

I'm still in the journey but I recently changed my ways and have been donating. Ya, I hate my job yada yada, but it could be a lot worse. Donated a couple toys for kids this Christmas, tipping people at places besides restaurants, donating here and there when the question pops up on the credit card screen during checkouts. Pretty sure giving is related to oxytocin release as well, the happy hormone.

With that, I suppose one should donate proportionally to their income. Blowing your entire income to charity may not be the greatest idea but any amount donated is better than holding onto your every dime with greed.