How entrepreneurs can be good people and leave a lasting legacy
Having over 40 years’ experience as an entrepreneur and educator, I have first-hand knowledge of the ups and downs of business and the ‘colourful behaviour’ (to put it politely) shown by many businesspeople.
I have witnessed tantrums, bullying, insensitivity and worse. The first casualty in any altercation is always trust. Nobody enjoys being lied to or abused, and this represents a real dilemma for the victim: do you accept and put up with this poor treatment or leave that employment?
I was reminded of this when I saw a group of young Estonians in the medieval Town Hall Square in Tallinn. Their teachers were helping them recite aloud what I assumed was the National Anthem or part of the Constitution.
I spoke to the teacher who explained that the children were on a ghost tour and were making a solemn promise to any ghosts they might encounter to be good people when they grew up and thus leave a legacy for future generations.
A few steps away there is a statue of Estonia’s most famous writer Jaan Kross.
Jaan Kross (1920 – 2007)
He wrote many fine books, including a three-part series Between Three Plagues, which vividly fictionalises the life of Balthasar Russow (1536-1600), the first chronicler of what was then called Livonia. There is a plaque to him in The Holy Spirit Church at Pühavaimu 2, where he was the Pastor.
Here’s how an Artificial Intelligence application visualised Balthasar Russow for me:
Between Three Plagues expertly recreates the heroes and villains of the time, and when I started reading them, I gained further insights into the entrepreneurial mindset.
In our book The Beermat Entrepreneur my co-author Chris West and I first identified the key characteristics of successful entrepreneurs: confidence, ambition, charisma, energy, and focus.
As an expert philosopher and novelist, Chris explained that, while these positive traits are typically found in successful entrepreneurs, the opposite or ‘dark side’ is also sometimes present: arrogance, manipulation, obsessive behaviour, impatience, and ruthlessness.
When challenged, badly behaved entrepreneurs will justify their behaviour in financial terms. We all remember the famous quote from the movie Wall Street “greed is good”.
When mentoring, I endeavour to explain to entrepreneurs the difference between money and wealth. There is nothing wrong with making money. An easy measure of good progress is finding that your business account has more money in it this week, than last.
Wealth is what you would have left if all your money suddenly vanished, whether due to your own incompetence or the immoral activity of others.
Wealth is your reputation, your business skills and how much people like and trust you, despite your recent setback. If you are liked and trusted, your family, friends, colleagues, and even former customers will soon rally around and help you get back on your feet.
Wall Street neatly illustrated this further. When entrepreneur Gordon Gecko (played by Michael Douglas) was challenged by Bud Fox (Charlie Sheen) about why he chose to destroy a business. Gecko replied: “because I can”. Fox retorts: “how many yachts can you water ski behind, Gordon?”
Many successful entrepreneurs and even some politicians are richer than Midas but also appear to have no ‘Moral Compass’ at all. Not only do they regularly tell lies, but they also hire expensive and effective PR companies or ‘spin doctors’ to manipulate and confuse their customers and voters. When challenged, their excuses are that “the world of business is tough”, “the end always justifies the means” and “I’m here to make tough decisions”.
I have spent the last 20 years studying moral, and spiritual systems to better understand the difference between ‘right’ and ‘wrong’ in our own personal and business lives. I do not claim any moral high ground here. I have made many mistakes along the way. Hopefully, I have learned from them.
I have observed that there are Three Golden Rules that you can find in every ethical or spiritual system. If you follow these, your wealth with customers, friends and family will increase.
- Treat Others Like You Would Like to be Treated Yourself
A common symptom of arrogance is to get angry with someone you consider inferior, especially when they have made a mistake. This could be a receptionist, an airline check-in clerk or someone who serves you in a restaurant. Shouting at people never delivers the outcomes you desire other than self-gratification and you may soon find yourself shamed on social media, your reputation destroyed.
- Help People, But Don’t Go Broke in The Process
There are many well-meaning ‘rescuers’, especially with charitable intentions. This is most laudable but should only be exercised only once you have first made enough money to feed your family and support a reasonable lifestyle.
- Tell The Truth
My role in every start-up was always sales, particularly the generation of early-stage revenue. This involved the building of trust in initially sceptical customers. You learn the hard way that telling lies destroys trust and prevents recurring revenue, the dream of every good business relationship.
Doing the right thing is often hard, but if you do, you will achieve your ideal life goals: to live respected, to die regretted and to leave a legacy, especially to your family.
Maybe one day you might even have a statue of yourself in your own hometown, like Jaan Kross.
