The Four Freedoms That Drive Entrepreneurs
Immigrants have been coming to the United States for centuries, searching for the “American Dream.” Many immigrants couldn’t tell you exactly what the American Dream is, but they could tell you that, at least in America, they would have the chance and the freedom to shape and pursue that dream.
Many seek opportunity – the opportunity to forge their own paths – and freedom from the political and social oppression that denies them the possibility to realize their dreams in their home countries.
Many immigrants come to America to become entrepreneurs – to be their own bosses. They want to be able to call their own shots and control their financial futures without having to answer to someone else. Entrepreneurs are the driving force behind innovation and wealth creation in our country, but what really drives them?
Some are driven by money and status, but for most, status means nothing, and money is only a means to an end. But what is that end?
I frequently study the habits and motivations of other successful entrepreneurs to see what I can incorporate into my own life to better myself and those around me. Recently, I came across a blog from a respected voice in entrepreneurial circles whom I have learned from throughout my career – Dan Sullivan.
In his blog, The 4 Freedoms That Motivate Successful Entrepreneurs, strategiccoach.com, Dan discusses the four freedoms that most successful entrepreneurs strive for.
Freedom of Time.
Imagine having control of your own time and your own schedule. People dream of spending their days doing what they want rather than what they must do. Some people enjoy working, and if that’s what gives them joy, having control over their own financial futures gives them the freedom to work or not work if they choose.
You’ve heard about buying back your time. You buy back your time by creating income streams outside of your 9-5 job. You buy back your time to do the things you enjoy by severing your dependence on a job through passive income streams that allow you to walk away from your job or at least reduce your hours.
Freedom of Money.
Freedom of money means not having a cap on your earnings. It means being rewarded for your true worth, ideas, and innovations. It means not being limited in your income by the number of hours you work or the hours you bill.
Creating your own income streams is the key to freedom and is the key to freedom from someone else, dictating how much of that money you can keep.
Freedom of Relationship.
Being your own boss and being in control of your financial circumstances allow you to surround yourself with people you enjoy being around. There will be people you love working with – both inside and outside of your entrepreneurial pursuits – and being your own boss means spending time surrounded just by these people you click with, whom you appreciate and who appreciate you, and who you have common interests and values with.
Freedom of Purpose.
Being your own boss also means the opportunity to make a difference. Starting a business or running a company allows an entrepreneur to forge a path behind their own values, purpose, and mission instead of someone else’s or some corporation’s purpose.
Your entrepreneurial efforts can be a vehicle for all sorts of endeavors and efforts that relate to your fundamental values and ideals in life – endeavors and efforts that can make a difference in the community, charitable organizations, and the lives of others. This gives you a tremendous sense of purpose for being on this planet. Altruistic entrepreneurs have been some of the greatest contributors of money, opportunity, and capability to communities worldwide in every field of human activity.
The difference between happy entrepreneurs and miserable entrepreneurs is motivation.
What are they striving for? Entrepreneurs chasing money and status often give up freedom and become slaves to their work and what the public thinks. They swap one master for another. Instead of working for someone else, they just become slaves to the grind and become slaves to money and accolades.
The truly successful entrepreneurs who find happiness and purpose in their endeavors are those chasing higher purposes and higher freedoms. The keys to true entrepreneurial success are the four freedoms of time, money, relationship, and purpose. Without striving for and achieving these ideals, you’re just a servant to another master. You may be your own boss, but you’re still a slave – a slave to your work and a slave to public admiration and acceptance.
If you’d like to hear more about how I’ve worked for and achieved the four freedoms in my own life and career and my own take on how we can all achieve these freedoms, join me on my podcast, Investing for Freedom.