Everyone knows fictional trader Gordon Gekko’s infamous refrain in the film Wall Street: “Greed is good.” These days, however, a different class of entrepreneur is dismantling and disproving that concept.
Consider Greg Glassman, for example, who created the fitness revolution known as CrossFit. According to Glassman, his success grew out of the careful cultivation of a great idea, not by any fall into a trap laid by greed. Rather than run the risk of watering down his brand by slapping its name on a slew of consumer products, he protected it and maintained its integrity. Today, his company is one of the fastest-growing fitness movements in the world.
All too often, though, entrepreneurs believe greed is good, that it’s the surest path to success, because a lot of people have found success by screwing other people over. That’s unfortunate because, at the end of the day, wealth doesn’t materialize out of thin air — it’s a transfer of money from one party to another. Sadly, some think the easiest way to make that transfer happen is by hurting someone else.
How and why to go “greedless”
Hurting someone else, as a strategy, doesn’t always turn out so well. Think about Bernie Madoff. He made a fortune ripping off his clients. These days, the only business he’s in is the Swiss Miss market — selling packages of hot cocoa at a high mark-up to his fellow prisoners.
Then there’s Martin Shkreli, who became “the most hated man in America” after raising the price of the life-saving anti-parasite drug Daraprim, often used to treat infections arising from HIV/AIDS, from $14 per pill to $750. Not only is Shkreli now widely reviled, but he has also since been indicted on charges of securities fraud.
Clearly, achieving success via greedy actions is pretty risky. But there are other reasons why more and more entrepreneurs are realizing the benefits of going “greedless.” Here are three things you can do to take the greed out of your formula for success:
1. Embrace fair trade on a personal level.
You have to ensure that all partnerships you enter are win-win. Mark Zuckerberg didn’t become California’s richest…