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Interview Patty

Money Is Not The Best Motivator

Financial Strategies for Small Business

Most successful entrepreneurs say that their primary motivation has been to build something lasting, not to make a lot of money.

Certainly great professional leaders like Marvin Bower, who built McKinsey & Co., John Whitehead, the former Goldman Sachs senior partner, and Supreme Court Justice John Paul Stevens would tell us that their motivation came from the work itself, and that the lasting respect of others was far greater than money as a measure of accomplishment. And very few great artists are in it for the money. Money is a byproduct, and usually a secondary one at that, for such achievers.

Emotional sources of motivation are more powerful, and they are best conveyed informally in an organization through the respect of peers, the admiration of subordinates, the approval of one’s personal network and community and the like.

What works better than money?

It depends on what kind of motivation you’re after. Money is better at attracting and retaining people than at influencing their behavior. The most effective way to motivate work behavior is by focusing on how people feel about their work itself.

People are also motivated by having autonomy, but more money doesn’t often equal greater perceived autonomy. In fact, you usually have to give up autonomy to rise up the compensation ladder. The real heart of autonomy as a motivator, however, rests with the perception that you are executing your own decisions without a lot of oversight or rules, which is hardly common in the corporate world today.

Source: Forbes

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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Financial Strategies for Small Business.

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