Alan Weiss’s Monday Morning Memo® – 4/24/2023
I consulted with the American Press Institute for 20 years. On one occasion, with about 40 reporters in the session, a guy from the New York Times complained that his employers didn’t pay adequately, his office computer was ancient, the hours were awful, and he was seldom praised but often criticized.“Why don’t you leave?” I asked.
“Are you crazy?” he said, “I love this work!”
If you think about people who are mainly passionate about their work—journalists, nurses, police, firefighters, EMTs, teachers—they are not among the highest paid workers and, in fact, are often among the lowest. They have to resort to unions and strikes to make slow progress in their status.
This is largely because it’s not hard to find people who are passionate about certain pursuits. (Note that this is changing these days with police because fewer people want to enter a profession that is maligned by so many people.) And since they want to engage in their “calling” they sacrifice the money and benefits that might otherwise accrue. Very few are recusant—they remain in the herd.
I’m mentioning this because the dynamic should not be true for entrepreneurs, but too often is. (In my experience, “life coaches” are overwhelmingly female, and universally undercharging for their value.) I’ve always believed in “dramatic ROI for the client and equitable compensation for me.” For the accountants out there, that means at least a 10:1 return for the client. Where else can you get that kind of improvement?
We take risks as entrepreneurs. We deserve the rewards. Wealth is discretionary time. But money is what enables us to protect our families, engage in philanthropy, support friends, and create personal growth.
It’s fine to “love the work.” I love mine. But I’m not complaining about my treatment from the boss. In my case, he’s very supportive.
My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style. —Maya Angelou
Passion is energy. Feel the power that comes from focusing on what excites you. —Oprah Winfrey
There is no end. There is no beginning. There is only the passion of life. —Federico Fellini