Motivated by Money? The Research is Clear—That’s Not Enough to Build a Business That Lasts

Whenever I share my story, I often mention that I didn’t start this for the money. And yet, I talk and think about money all the time.

But the truth is that more than 10 years later, even though I’m nowhere near where I want to be financially, this belief is still true.

Money is not the main goal, it’s a by-product of everything I do.

Of the value I provide.

Of how much I grow as a person.

Of how much risk I’m willing to take in business.

Of whether or not I’m focused on what works, or doing too many random things.

Of the tools I use and the courses I take.

Of the content I create.

The strategies I apply.

The mindset shifts I make…

So, my question for you today is:

Are you motivated by money in business?

As in:

Did you start your business only for the money? And how has that worked out for you if that’s the case?

Studies have found that extrinsic motivation (money incentives) often has no positive effect—or worse—leads to burnout, turnover, and disengagement.

Did you know that Zappos, an online shoe and clothing retailer, pays new hires $2,000 to quit after training? Only a few take it—and the rest stay because they love the culture.

Motivation crowding and self-determination theories show that paying for something you love often kills intrinsic drive. Once external rewards stop, motivation drops even below baseline.

In my small business, to this day, I haven’t taken too much risk and haven’t overcome the discomfort necessary to earn more. That could be going back to freelancing (which I don’t like), becoming a coach (which can be really profitable, but it’s not how I want to teach, work or structure my days), hiring people and outsourcing, entering more profitable niches, etc.

I stick to the things I love, the things I believe in, the things I enjoy.

And I believe this will get me the financial rewards I’m aiming for, regardless of how long it takes.

Even if that doesn’t happen, this passion, this drive, this satisfaction with the work I do… well, it’s priceless.

You might be wondering:

If not for the money, why?

I just opened a newsletter from one of my business mentors, James Wedmore. Here’s what he said:

‘…on Cart Open Day we woke up to $1 Million in sales by 8:30am in the morning! That’s 2.5 hours! A new record!

But I don’t do this FOR the money. I’m not DRIVEN by the money.

Money is nice, but it’s not the most important thing. As much as society tells you it is.

I have had COUNTLESS opportunities to start or buy other businesses that would probably make me more money than this one.

But I DON’T want to run a software company.

And I DON’T want to design and manufacture physical products. (How do I know? Because I tried!)

Studies have shown that money is actually one of the lowest forms of motivation. Once people have their needs met, most people aren’t as driven to continue growing just so they can “make more.”

In fact, my biggest business expansion happened when we deepened our Purpose and calling to serve more people in bigger and bigger ways.

That’s when things exploded.

But if you are doing this just for the money, guess what happens…

Your entire state (your Operating Field) gets tied to your Bank account.

📈 When sales are up, yay! You’re up.

📉 But when sales are down… uh oh! Look out! You’re down.

Your business (and life) becomes a full-blown emotional rollercoaster, and YOU are the one stuck front row, riding every high and low dictated by the marketplace

…here’s what I’ve found and wholeheartedly believe:

The more DETACHMENT you have around money, the more fun you have in business… and the more you actually make. THAT creates a Magnetic Operating Field.’

Here Are Some Better Motivators Than Money in Business

Rutgers’ Shoko Kato analyzed thousands of founder stories. She found that despite low earnings early on, entrepreneurs persevere because of emotional attachment, personal growth, and a bigger ‘why’—not immediate financial gain.

A 2015 Enterprise Research Centre report showed motivators are:

Achievement/challenge
Learning/mastery
Autonomy

Money ranked below. Profit’s often a signal of success—not the driver.

A survey of over 60,000 individuals revealed aspiring entrepreneurs prefer lower-risk paths than “big-money” bets. The key motivators were autonomy and identity fulfillment, not greed.

INSEAD’s study advises:

“If you want to make money, don’t create a company… it’s painful and uncertain… only passion gets you through.”

A study on maker-based businesses found many are makers first, business owners second. Their focus lies in creating and crafting—not chasing profit.

If you’re starting a business, ask yourself:

What challenge fuels me?
What skills do I want to master?
What kind of impact do I want to leave?

If I think about it, all the entrepreneurs I follow and learn from are driven by so much more by money.

They’ve definitely worked on their money mindset and keep doing it, and they love growing their income, but it’s just part of the big picture, not the foundation.

They are passionate about what they do. They lose track of time working on their business.

They often started it as a hobby (like me) or without earning anything.

And if everything is taken away from them for some reason, they’d create it all over again.

They are creators, they know how to build something out of nothing. And their passion is contagious.

It’s not a coincidence that business coaches teach you mostly mindset. They help you get unstuck and clear on what’s holding you back. They help you believe in yourself enough to take action until you see results. They help you find focus and prioritize when so many things are fighting for your attention.

But to stay in business long enough (and, forever), you need more than to be motivated by money.

You need: