How do I get from being money-driven to value-driven?

[Rex Wee]

Hi Mentors and Friends,

This has been a hard one for me ever since I started on the Entrepreneurial journey - How do I get from being money-driven to being value-driven?

I mean, we all want to make money to create wealth, which is why everyone has started on this journey.

You get to have a strong drive to create wealth, in order to choose this really rough path.

I know that you need to create value for the market, and the market will reward you with money.

My question is - no matter how value-driven you are, you are still money-driven to a degree. Right?

In other words, you become value-driven after you are money-driven, right?

You become value-driven because you want to create wealth, right?

I don't know - I find myself trapped in this paradox or dilemma after I started my Entrepreneurial pursuit.

Any thoughts, inputs, or advice is welcomed.

Thank you, my Friends!

Rex

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kirk84]

I think it's completely fine to be also driven by money. But, the market does not give a rats a$$ about your drive for money. The market only cares about value created.

For B2B startups most of the times this is a much easier answer, as every B2B startup / company ultimately either lowers costs for their customers or raises their revenue. Every offer and every product features needs to have an advantage at the customers side that can be translated into $ saved or $ won. This customer advantage directly influences the price of the product or service. Let's say your service helps a company earn 1 Million in revenue more per year. In this case you could easily price your product or service at 500 k. Value you create translates to money you earn.

For B2C this is somewhat more difficult, as consumers buy for more various reasons most of time compared to companies. For example in your case: A coustumer would like be able to sing. But what is this worth to this person? Well, someone might not even pay 5 $ an hour and other people are willing to invest 80 $ per hour or more. This is why positioning and branding is so important in B2C.

In your specific case there might even be a B2B business case. But I won't tell you about it. You should find out yourself

 

[Rex Wee]

Well, someone might not even pay 5 $ an hour and other people are willing to invest 80 $ per hour or more. This is why positioning and branding is so important in B2C.

Yeah, that is exactly the market that I'm facing.

I don't know what measurable value I can bring to customers other than building a great voice for them.

So do you mean - positioning and branding create relative value for what I'm have to offer?

Thanks!

 

[Kirk84]

I don't know what measurable value I can bring to customers other than building a great voice for them.

This, my friend, is your lack of imagination.

What could you potentially bring to the customer?

What is their best possible outcome with your help?

What is the monetary value of this best possible outcome?

You need to dig deeper into these questions first before going to the market.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Johnny boy]

The reasoning behind not being motivated by money is that if you are...once you make a little, you'll get comfortable, and then there's no need to work much more.

When you only care about something long term that's not directly attached to money, you will work and put yourself through intentional discomfort for a very long time, even when you can afford to relax.

For the long-term thinkers, they are willing to work hard for decades. They are not just doing it to have money and flex on their haters with a lambo. They might get enough money to do that, and they'll keep going. The money is just assumed.

If you are small-minded or insecure, once you reach any level of comfort, you'll stop. Why work harder to make millions if you can just make 18k a month, get a nice house and lease a nice car? It's enough for everyone to think you're cool, why do more? Why reinvest your profits? Income right now is what matters.

The way to think long term is to have a plan. But right now you can't have a plan without experience. You need experience to help you create a clear picture, and then you'll naturally see more options and variables, which will make it easier to plan. Then you will have a reason for growing. You will be certain because your experience and clarity, so you'll be willing to suffer longer. One day you'll wake up after working 16 hour days and not taking a single day off for months and you won't think much of it. You'll be too busy to think about being money or value driven, you'll be too busy to think about being stressed, you'll be too busy to meditate, network, read a random book, or any other action-faking, time-wasting things. You'll just be executing.

 

[Andy Black]

Hi Mentors and Friends,

This has been a hard one for me ever since I started on the Entrepreneurial journey - How do I get from being money-driven to being value-driven?

I mean, we all want to make money to create wealth, which is why everyone has started on this journey.

You get to have a strong drive to create wealth, in order to choose this really rough path.

I know that you need to create value for the market, and the market will reward you with money.

My question is - no matter how value-driven you are, you are still money-driven to a degree. Right?

In other words, you become value-driven after you are money-driven, right?

You become value-driven because you want to create wealth, right?

I don't know - I find myself trapped in this paradox or dilemma after I started my Entrepreneurial pursuit.

Any thoughts, inputs, or advice is welcomed.

Thank you, my Friends!

Rex

"Money is proof you helped your fellow man."
- MJ DeMarco

 

[Jobless]

"Money-driven" still implies "value-driven", you just mean you are focusing on the the value you will gain, not the value the customer will gain, or rather the value you will create together.

Money vs. value is a false dichotomy. We can measure value in money, but not money in value.

We can measure time in seconds, but not seconds in time.

In successful transactional relationships (business) both parties gain in value (win-win). This is only possible because value is subjective. Otherwise no trade would take place.

Value is created through transactions and does not exist prior to the exchange.

Unless you have something to offer, you cannot receive anything in exchange. The starting point is therefore what value you can offer, not what value you can gain. You don't know yet the value you will receive, as it depends on the counterparty's subjective estimation of your offer. They are in the same situation as you.

If the customer ignored what they had to offer (the money in their budget) and just bought things they cannot afford, it implies some kind of theft/fraud/debt. Likewise if you sell things that do not provide value for paying customers, it is not always illegal, but neither is it a sustainable business.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Joejordan95]

Rather than having a goal to make a certain amount of cash re-frame it to how many people can I help?

Let’s say you’ve picked a service industry like house painting because you’ve discovered there's a need that could be filled by you

Figure out the going rate for work in your area and price your work accordingly and set about looking to help people

Money will be a side affect of helping people.

You’re trying to let customers know you can help them more than your competitors

Do what you can to get the message across to them and deliver on your promises

 

[Andy Black]

Also... (and I think I got this from a Grant Cardone course) reframe it as "We earn money, we don't make money".

Also, money already exists and is already flowing around us (hence the words cashflow and currency). We just have to get some of those huge currents of money already flowing around us to flow through us.