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Is wanting to become an entrepreneur to make a lot of money the wrong reason for becoming one?

I'm in high school, and I don't come from the most financially stable family. I want to have a future where I can help others and make a lot of money while doing it. #entrepreneur #money #business

Thank you comment icon I would recommend watching or listening to a bunch of Gary Vee on youtube. Brilliant entrepreneur. Great thinker in the entrepreneurial space. You got this! Adam Scharff

+25 Karma if successful
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Smruti Ranjan’s Answer

The answer is no. There is nothing wrong to become an entrepreneur for making a lot of money. Infact I consider this to be good and it also acts a driving force. I personally believe that there is no wrong in making money. Entrepreneur does business in the society. So if his lifestyle goes up, then by default all the stakeholders will also be profitable.
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Lucie’s Answer

Hello Manning,

The short answer is no, there is nothing wrong with wanting to create a financial future for yourself that you are proud of. Having said that the path to become a successful entrepreneur is very hard and needs a lot of endurance. Here is my take on it:

Becoming an entrepreneur is very appealing! Look at Jeff Bezos, Elon Musk, Marc Benioff, etc. They all started out of nothing and are now major leaders in their fields.
However, there is a trick, in my opinion, you need to be truly passionate about something to become a successful entrepreneur (and that's true for an entrepreneur or a regular employee climbing the corporate ladder). Money comes with risks, gamble, and sometimes luck, there will be time where you will doubt yourself, want to give up, and perhaps even lose it all; and if you are truly passionate (and lucky) you will come back for more even after a failure and another.

My advice would be if you truly want to become an entrepreneur:
- Look into reading a few books, and learn about successful leaders and their journey, as well as, becoming an entrepreneur. It is a hard life with a lot of misfortune sometime.
- Pick a field or something you are truly passionate about and be the expert in this field.
- Don't give up on your dreams, ever.

Otherwise, other career path can bring you a comfortable amount of money/ a steady income (all of them with hard work):
- Investment banking (you have no life but a very nice paycheck)
- Sales (you can make a very good living if you are good at it)
- and, so many other roles.

Lastly, I want to close it out by saying you can't be an entrepreneur on money alone, sometimes, you need more than financial appeal to motivate yourself and others to believe in what you are creating. Having said that, don't give up, it is a beautiful dream and path!

Hope this helps,
Cheers
Thank you comment icon Thank you so much! Manning
Thank you comment icon Lucie - this is really great advice. I love the comment about Investment Banker having no life. I think the same for entrepreneur whereas "I am the business and the business is me." Cheers back at ya! Matthew Eby
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DOTUN’s Answer

Most entrepreneurs ultimate goal is to make money and so there is nothing unusual if your wanting to become an entrepreneur is to make money. Most entrepreneurs are out to make profits and be financially sufficient. When you make money you will be able to grow your business and hire more people. It is only when you make money as an entrepreneur that you are encouraged to continue on that line of business. Nobody is in business to lose money. But more importantly be passionate about what you want to do as this is the drive that brings sustainability to your business.
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Claudia’s Answer

Becoming an entrepreneur in and of itself is not a guaranteed path to wealth. Being your own boss and building a successful business takes a lot of time and hard work; if your business grows and you hire employees, that comes with other obligations such as providing health insurance, salaries, etc. to your employees. But if you are passionate about being your own boss and are willing to put in the work, you can make anything happen.

However, many standard 9-5 jobs offer financial stability - many jobs come with fair salaries, health insurance and other benefits, paid time off, etc. and you will see the fruits of that much earlier than an entrepreneur.
Thank you comment icon Thanks for the help. Amrita Priyadarsini Nayak
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Matthew’s Answer

Manning - having the desire to have a lot of money is the fuel that drives the engine of all successful entrepreneurs. So not only is is ok, it's a necessary component if you want to be successful.

I'll recommend that you read a book called "Think and Grow Rich" by Napoleon Hill. This book was written a long time ago but its core ideas are as relevant today as they were when it was first published. (So, check your on-line library.) Read the chapter on "Desire" very closely because what the author says is that desire is the emotional equivalent of money and what you have to do as an entrepreneur is find out how to convert the desire to its physical equivalent, which is money.

The other component that you need to be successful as an entrepreneur is an idea. This is also discussed by the author.

I read this book many years ago. I applied its ideas. I am an entrepreneur.

Also, make sure you read the other comments/advice above and especially Lucie's. You will doubt yourself many times over your career as an entrepreneur. It is very lonely because it's just you. You are responsible for your success. You are taking the risks. But in the end, when you successfully persevere, you will be financially stable and you can hold your head high.

Follow your dream and remember life is a journey not a destination.

Go get 'em.

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