Saturday, August 18, 2007

An employee can be rich

I often hear that if you want to be really rich you need to setup your own business. The fact is that this is simply not true. You can do it by working for a company or a business that you didn't start yourself or own. In 2007, the CEO of ExxonMobil made $500 million. He didn't start the company, take too much risk but simply worked his way up. There are not too many entrepreneurs that can claim to make that much money in one year. The fact is that he has made money every year he has been working - no going broke or risk of going bankrupt at any moment.

Either you work for a company or a career path (e.g. Investment Banking where the bonuses can be in the millions) where you can make a lot of money or a lot of people simply have a second career. This could be for instance in the property business. Buying, refurbishing and then Selling second homes or perhaps in the stock market. The fact is your main job gives you a base, a security and a routine. It could be your main income but you can also look to make money on the side. With the stable income it is easier for banks to give you a mortgage and security that you won't go broke if things don't work out.

The fact is that many people simply love their work so don't necessarily want to leave it. Work gives you a strucured environment to socialise and meet with other people. It gives you a sence of purpose and belonging. Leaving it can be tough and you may not want to do it.

At work you just need to understand the game. How does it all work and how do you 'win'? Know and understand the culture. For instance working for an investment bank might mean that wearing jeans to work could hurt your career whereas at Google wearing a suit would give you dirty looks from your colleagues and hurt your career prospects.

All the same principles about running your own business still apply to the the employment world. For instance you can write out the organisational structure and know internally who the connectors are. You still need to market and sell yourself continously. Once you know you are in charge of your own business (i.e. you are the product) than your motivation and performance will also increase.

Give now, you may take later

Often people only call you when they need something. This isn't the best and you often feel 'used'. The point is to build up account with everyone

It's how you look at it

One CV has Michael Jordan - 2,333 points in first season, MVP 6 times, won championship 6 times. Earns $50 per year.

The other 'CV' says: Didn't make the high school basketball team. Dropped by minor league baseball team after first season. Missed 3,444 shots on basket. Turnedover 44 times. Divorced.

The fact is that anything is how you look at it. Often times we only see the 'good' persona of people and we think that everything is perfect for them while we focus on the anti-CV about ourselves. Remember that Michael Jordan isn't going to go tell the world about how many shots he missed but will focus on the the ones that went in. You do the same thing in a job interview - why not do it with your internal self too?

1 comment:

Anonymous said...

I liked this post as I didn't really want to be an entrepreneur but do still want to be rich. Good to hear that us employees can be rich!