Business shouldn’t just be about making money. Entrepreneurs should approach business as their opportunity to create a legacy—their chance to add something to the world and leave a positive impact.
“[Entrepreneurship is] the chance to turn ideas into viable enterprises that can change the world and to prosper in the process.”
Today I want to point your attention to Randy Komisar, a partner at venture capital firm Kleiner Perkins Caufield & Byers in Silicon Valley, California. I spent the last two weeks reading through his book The Monk and the Riddle: The Art of Creating a Life While Making a Living.
Komisar has been an influential collaborator in at least a dozen innovative Valley companies like Claris, LucasArts, Crystal Dynamics, WebTV, GlobalGiving, TiVo, GO Corporation and Apple. The Monk and the Riddle is an eye-opening look into the mind of a Valley venture capitalist, but it also serves as an unconventional philosophy about the motivation behind work and integrating what you do with what you truly believe.
“I admire people who are willing to bet everything on a belief. Some of these risk takers…have a profound impact on what happens in the world. They place bets on the future, often against fantastic odds.”
The fact is a lot of entrepreneurs want to build something that will make them rich. But to be truly successful at what you do, you must make it about something you’re truly passionate about—something that you’ll get out of bed excited to do each day. Komisar asks the question, “What would you be willing to do for the rest of your life?”
“…business isn’t primarily a financial institution. It’s a creative institution. Like painting and sculpting, business can be a venue for personal expression and artistry, at its heart more like a canvas than a spreadsheet. Why? Because business is about change.”
Komisar also introduces readers to what he calls the “Deferred Life Plan,” which is what most people mold their lives around. Step 1) Do what you have to do, then, eventually, Step 2) Do what you want to do. You build a career, build a business, and hope to earn enough so that finally, one day, you can retire and do what you really want to do with your time—whether that’s spending more time with friends and family, traveling, focusing on your hobbies, or giving back through some sort of charitable work. We sacrifice our time and energy now in the hopes that we’ll get a big payoff and have more freedom to do what we’re passionate about in retirement.
But why not just start doing what you really want to do with your life? Why waste 30 or 40 years doing something mediocre, something that pays the bills but doesn’t get you excited? Something that isn’t fun?
“It’s the romance, not the finance that makes business worth pursuing.”
What would make you willing to stick with your current business for the rest of your life? What changes would you need to make it a real mission business? Or if you’re just starting, how can you build a legacy project from the beginning?
This is a fantastic book if you’re an aspiring entrepreneur or want a peek into the mind of a hugely successful investor and “virtual CEO” about how to transform an average business into something that will truly fulfill people’s needs and become a huge success. Komisar explains the necessity of being a leader who can “develop a compelling vision worth following.” (Steve Spalding wrote about sharing your story in another great recent article.) If you need to re-orient the way you look at work and transform the focus of your life and your business into something you’re passionate about, grab this book.
Randy is also a lecturer at Stanford University, and you can watch some great discussions on entrepreneurship, innovation, philanthropy and more at the Stanford Entrepreneurship Corner. (If you’re interested on his take on applying an entrepreneurial discipline to social missions, also check out this discussion with Stanford Social Innovation Review.)
How can you turn your passion into something that will also earn you a living? How can you build a legacy with your business?
Feature photo by Dwight Turner
Very cool post. This book looks awesome I just put it in my books to buy folder. I like his thoughts on the ‘deferred life plan.’ That plan sucks, and I don’t know why so many people follow it.
Ya the idea of a deferred life plan scares the crap out of me. Yesterday I heard a guy at a table beside me saying something along the lines of how he would rather be hugely stressed for the next 15 years in order to earn a lot of money and retire at 45 than spend the next 30 years being moderately stressed making not so much money and retiring at 60. I don’t even think it crossed his mind that maybe there is somehting out there that he will actually enjoy. It was a depressing thought.
I’ve been fortunate as my hobby has turned into an income earner. I don’t make loads but it gives me enough to do what I want… travel on a budget and volunteer all over the world. And when I do have to work it’s ok because I’m truly passionate about what I do. Win win!
I think that guy should consider spending a bit of time looking for his passion rather than resigning himself to 15 years at a crap job for a payoff later.
Oh, how many times have I heard that! “Wow, I’d love to do what you do BUT…”
My dad summed up the danger of a deferred life: “You know, most people work all of their lives so that they can have their dreams–but they lose them along the way. Live your dreams while you’re young or you’ll miss your life along the way.”
…or something like that.
Oh, how many times have I heard that! “Wow, I’d love to do what you do BUT…”
My dad summed up the danger of a deferred life: “You know, most people work all of their lives so that they can have their dreams–but they lose them along the way. Live your dreams while you’re young or you’ll miss your life along the way.”
…or something like that.
BTW I love your blog!
Trusting your opinions here – copped the book for a plane ride to NYC in 2 weeks.
All joking aside I am sure the book is great and the advice is solid as always. To answer your question at the end, I think one of the easiest and most difficult ways to turn your passion into a business or income is through education. Teaching in today’s age is not about government funded education and SAT scores, but about sharing things that help others become successful at something. If you are that person, teach. If you can create value, you can create income. That’s just my 2 cents and how I am monetizing my life.
As Guy Kawasaki says, “make meaning”. Entrepreneurship – successful entrepreneurship – relies on people with belief and a mission to change things, not people trying to scrape some cash out of an online business or MLM. There’s a big difference between wanting to be (or being) entrepreneur and wanting to have your own business so you don’t have to work for someone else. I’m not saying that the latter is wrong, just that – as this article points out – there’s a difference there and it’s one worth being aware of when you’re starting out.
Great article as usual Cody.
I think the problem that many people have is that they don’t really want to work. The goal for most is to retire now then do nothing with the rest of their days.
Starting a business or working on a cause that you care about takes hard work and dedication and quite frankly, most people are not willing to put in the effort.
To real entrepreneurs, living a great life is about working crazy hours and sacrificing to get their own unique ideas into the marketplace. Entrepreneurs are not deferring their dreams for some fantasy utopia in the future. They are doing what they love everyday. Most successful business people with the means to retire comfortably could never just sit around and do nothing. They will always have a need to get started on the next project. Working hard and making a contribution to the world is their dream, so they live it everyday.
However, I think that the vast majority of people will never understand that work ethic. As Thom points out, that is different than trying to chase easy, passive income. In my view a great life is not about quitting work and doing fun things everyday. As you point out, that is not what Komisar is talking about, either.
Real entrepreneurship is about changing the world. Great things do not happen with 4 hour work weeks. Many people mistake following your passions with quitting work and having fun. Passionate entrepreneurs still work hard. And they probably always will be putting in that effort. The satisfaction of bringing ideas into the world is worth the effort.
I agree with the idea that its not just about making money. Money is not a guarantee for happiness. It’s doing what you love to do, rather than what you have to do.
Following your dreams, is not easy. It takes passion, dedication and hard work. But only those who really really want it follow this path.
Hence, being a real entrepreneur is not about how quickly you raise your bank balance, its about how good of a change you brought in.
Good post
Sounds like an awesome book man.
I’m still pushing to do things that I am good at and things that I have passion for. If you are happy with your job (or lack of it), have awesome friends, make a difference for others, and are able to do some of the things you enjoy (travel for me), you are as good as a millionaire in my eyes.