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Mom Was Right, Money Does Not Buy Happiness

Money first, happiness second is not an uncommon thought in
America, but does it really hold true? For entrepreneurs, the reverse might be
a more feasible reality.

Okay, yes, establishing a new startup typically means that a
person has a goal of turning a healthy profit at some point in the future, but
for truly successful entrepreneurs, money plays second fiddle to fulfilling a
purpose. A quick review of some of the most successful entrepreneurs will reveal
that those trying to make a positive impact tend to succeed more than those who

solely focus on making money.

So why is this? There are likely multiple factors that

influence this trend, and customers are certainly one of the most influential
of these factors. Consider the last positive experience you had when making a
purchase. What about that transaction made it memorable? Was it welcoming

customer service and a dedication to fulfilling your needs, or was it an
owner’s focus on his or her own bottom line? It was most likely the former of

the two.

Entrepreneurs who strive to fulfill
their purpose and passion in life through their businesses are typically more

concerned with the effect that their business practices have on their workers,
customers and community. Compared with a business that has a sole goal of
raking in as much cash as possible, which of the two would likely have the
better customer retention rate? On average, the money-hungry business is more

likely to fail at establishing a returning customer base.

There is a small fraction of people who believe that the
line connecting emotions and business should be severed, but when consumers are
faced with the difficult decision of cutting their budgets, the business with a
purpose will have a stronger connection with the consumer and, thus, better
staying power.

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