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Money Can’t Buy Everything

"Money Can’t Buy Everything"

Yesterday, I have been browsing the web as usual. Looking for what's new out there, something interesting when I stumbled upon this article on TechCrunch. The article was called "For the Single Founder Who Can’t Code". I am in the market. Single Founder and want to code but I am still rather noobish, maybe I can learn a thing or two. Of I go to read.

It is not "A hitchhikers Guide to Coding stardom" which is what I expected and hoped for but rather some well thought out words of wisdom to entrepreneurs. The article was written by who is a guest host at TechCrunch but that's not all. Mike Hagen is also founder and CEO of Undrip. He was previously the founder of Zinch which was acquired by Chegg last year.

The article was insightful and informative so I kept reading. About the 5th bullet down this header came up "Money Can’t Buy Everything". Now how often do you hear that? frequently touted as a myth and idealism this phrase is often quickly dismissed as crazy talk. Like Mike, I urge individuals as well as enterprises to rethink the strategy. Don't be so quick to dismiss this idea.

Money Can’t Buy Everything

When you can’t inspire people to join you, it’s very tempting to use that cash in your piggybank to hire a contractor/freelancer. You wanna pay to play.

That rarely works.

I was a design freelancer in college. I would ask for as much money as possible, and I would try to spend as little time on it as possible. That was the name of the game. Contractors just aren’t invested in the long-term success of your product. They’re gypsies moving from one thing to the next. The lack of ownership and commitment will cost you more money, more time and more heart ache in the long run.

What happens when your freelancer is “done”? We all know products are never done. So soon you find yourself back at square one, having to pay someone to fix bugs, tweak features, etc. That hole in your pocket gets larger and larger.

For most that’s just not sustainable. Sooner or later you’re gonna need to inspire people to join you. You’re gonna need partners, owners, motivated team members. A little contract work is never bad when you’ve got people who can maintain, manage, and build the product where it leaves off.

Something struck me in these words. I have been working for a few enterprises, fortune 500's and cooperation's and explored the self employed realm as well as the small business side of things. I certainly noticed that the larger an organization gets the less this idea is valued.

Why is it that primarily the small players actually care about what is going on in their business and how it's is run?

Because they still have a vested interested in their business and product and it is not always money.

It has almost become custom for large companies, growing small business and fast growing internet companies to outsource everything for the sake of growth. To give people the the power to make decisions about your creation that have no vested interest in your business other then capital. A lot of capital, preferably with as less effort as possible and with a as large as possible return on investment. Don't expect them to remember what the actual product is.

Now this is a very general statement and certainly does not apply to every business and company out there but there are many of them. I also noticed that companies that are rather established and have history are more likely to return to this "Employee value" concept and understand that someone who is not only working for you but also can see his/her life improve and plan for a future will be more likely to provide quality work and won't mind to go the extra mile every now and then to give your product the little bit of extra "humph" that makes it stand out from the rest.

By employing someone to do the same job that would otherwise be outsourced and by reimbursing that person properly and with adequate benefits you create not only a healthy work environment and a good relationship but also a team with vested interest in your organization and your product. Keeping somebody happy, healthy and secure can be a very impressive motivator.

At the end of the day, it is about covering someone's basic needs.

"Money Can't Buy Everything" K "You get what You pay for" K "You receive what You give"

Big business and growing business do not believe in karma it seems.

created by
Edward 'BoT' Reese