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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

In Business, Purpose and Profits are Complementary

Written By: Carol Roth | Comments Off on In Business, Purpose and Profits are Complementary
Even if “the Benjamins” aren’t your main motivator, they can help you achieve whatever is…

One of the trends that continues to pop up in my discussions with entrepreneurs is that they are motivated by something other than profits.  The good news is that you can still be motivated by meaning or purpose and think big.

I spoke with an entrepreneur recently who had a very valuable service offering to help people save time.  Quite a purpose, as most of us could use a lot more of that!  She wasn’t motivated by profits, she just wanted to help people and earn a living.  “Good”, I told her, “by growing your company and training others to deliver your service, you can help an exponentially larger number of people.  And if you don’t care about the extra money coming in from that, you can bonus your staff, give it to charity or burn it.”

If you are really motivated by a higher purpose, then generating increased profits can help you achieve that goal.  You don’t personally have to keep all of the profits (unless you have equity investors that say you do); you can choose to do whatever you want with the profits at the end of the day, but stay focused on having a cash-generating business model to supercharge your purpose. 

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Carol Roth is a national media personality, ‘recovering’ investment banker, investor, speaker and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett (Shark Tank, The Voice, Survivor, The Apprentice) produced technology competition series, America's Greatest Makers, airing on TBS and Host of Microsoft's Office Small Business Academy show. Previously, Carol was the host and co-producer of The Noon Show, a current events talk show on WGN Radio, one of the top stations in the country, and a contributor to CNBC, as well as a frequent guest on Fox News, CNN, Fox Business and other stations. Carol's multimedia commentary covers business and the economy, current events, politics and pop culture topics. Carol has helped her clients complete more than $2 billion in capital raising and M&A transactions. She is a Top 100 Small Business Influencer (2011-2015) and has her own action figure. Twitter: @CarolJSRoth