In order to grow your business, or to reach a goal, you need to have reasons that motivate you to succeed. Without a cause, you’re more likely to quit as the first sign of trouble.
Besides having a passion to build your business (which is what motivated me to build MOBE) there are a number of things that can positively affect your motivation to build a successful business:
1. Your Upbringing
If you’re hoping that your own business will bring you financial freedom, then chances are you haven’t had a financially privileged upbringing; meaning that your comparatively modest childhood could prove to be a motivating factor for you to succeed today.
One of the reasons why I’ve been able to build a financially successful company is because I’ve learned the importance of money, thanks to my upbringing. I was raised on a farm in rural Australia and was always determined to do well because of the financial difficulties that my family had.
In fact, for my tenth birthday I asked for $500 rather than a motorbike (which my brothers received). When asked what I wanted to do with the money, I told them I wanted to invest it in a small mining company.
When you’re struggling to motivate yourself to keep your company running, you should recall those times when you had little money and success. Those memories could help you remember why you began to chase after success and financial freedom, and keep you from quitting.
2. Appreciate the Benefits of Success
It’s not uncommon to hear people say, “Money can’t buy you happiness.” As true as that may be, becoming successful and having financial freedom can make your life much easier. Once you appreciate the benefits of such success, you’ll be highly motivated to achieve results in your business.
There was a time when I struggled to pay the rent. If I had enough money, I would have been able to afford the necessities of life without stress. And having stressful thoughts can cause a lack of productivity.
3. Get Inspired
When I was young, I used to watch a show called Money. I remember one episode where two kids used their creativity to sell confectionary snakes.
Having been inspired by that, I set up a roadside potato stall called “Spuds 4 Sale” with my brother and sold bags of potatoes to passing traffic.
If I can be inspired as a child watching such shows, there’s no reason why you can’t do the same. Read inspirational stories of successful entrepreneurs and see what it took for them to reach the levels of success they enjoy today.
An article on Entrepreneur discusses the example of Karen Hoxmeier, a 34-year-old struggling mother with only a high school education. She was a bargain hunter by nature (due to her background and circumstance; see point 1 above) and taught herself how to use a computer.
Hoxmeier became a regular online shopper and soon realized she had a knack for uncovering the latest discounts and offers. A couple of months later she created her own website, Mybargainbuddy.com. The California-based business generated over $3 million in sales as an affiliate marketing site last year.
According to Hoxmeier, money was always her motivation to succeed, but not in the superficial way: “Most people think entrepreneurs are primarily motivated by making money—for me, the twist on the story is that I derive my business power from knowing that I am helping people save money. My mom was very young when she had children and soon found herself on her own. She didn’t have a lot of education and had to work at whatever she could to feed us. Early on I was determined that I would give my kids a better life.”
4. Frugality Pays Off
Throughout my early educational years, I always kept learning about business and how to run one. In fact, for as long as I can remember, I’ve always wanted to become an entrepreneur.
During my college years, I started a number of small businesses, including mowing lawns for $15 an hour. I saved every dollar I earned from these businesses for about 4 years and managed to save about $50,000. Most college students were talking about how broke they were, but since I was frugal with my money (as bad as that may sound), I was financially content and able to afford the things I needed.
Save as much money as you can and use that extra cash to pump back into your business for things like advertising, brand development, traffic generation, etc. I’m fortunate in the sense that I’m not really a materialistic guy, making it a little easier to live within my means. Having such a disposition is in fact good for business. My frugality allowed me to reinvest my money into an online marketing business and thankfully MOBE has benefited from that.
Once you’ve managed to run a successful business, you need to keep the motivation and desire alive in order to scale. I personally use the fact that I have a responsibility to MOBE consultants’ and employees’ livelihoods as a motivating factor. Remember, as a business owner you are in charge of a number of people, so you should strive to keep growing your business.
The main thing that keeps me going and reinforces my drive to succeed is the question: “How can MOBE be better?” If you always look for ways to grow and scale your business, you’ll automatically be motivated to work hard.