King or Rich? (ENT 600 Week 2 blog)

Rich King stock illustration. Illustration of king, money - 10717851

In the book, The Founder’s Dilemma, it discusses the topic of whether you want to be king or rich in your business. Allow me to explain and then walk through my thoughts.

King verses rich can also be known as maintaining control verses maximizing wealth. The idea is that you can either stay in your company, and run it yourself because you want to control the business, or you can pass off your company in some fashion, allowing you to utilize your time to grow your wealth in other ways. It is difficult for someone to get both of these things, if not impossible.

Both of these methods are interesting because they can both serve a good purpose and they actually represent my wife and I very well. We are working on opening a wedding venue. We both love this business and are greatly looking forward to working together in it.

My wife is extremely excited about running it and she will be amazing at it. My goal is to get it up, create the business and then allow someone else to run it for us as we build other businesses. I am more focused on the wealth aspect and she is more focused on the control. I do not find that either is a bad thing and in fact we can make it work well with our business. She can continue to work at the venue and run it, and I will help some almost as an angel investor. However, in my time, I will work on other companies and do consulting for them as an angel almost as well.

My wife will be perfectly content hosting weddings and doing that full time and it is one of the many reasons why I love her! She trusts me to be able to do multiple businesses with friends and people I trust.

The way I plan to do this working on relationships with people. If I feel that they can run their own business, I will help them figure out what it is they could do and get them started on it. Hence why I am getting a master’s of entrepreneurship, so I can assist other people in achieving the control and wealth they want to pursue while growing my wealth as well!

Either kingship or riches are great to chase in your business endeavors, but The Founder’s Dilemma does a great job of explaining that it is hard to achieve both. I think it is important to know what your plan is before you start so you do not get caught up in the one you did not want in the first place. If you are married, it is also important to make sure you and your spouse understand each other’s goals and that they work together!

I hope this all gives you a great and clear picture of what it looks like to chase kingship or riches! Which one do you think you are! Please comment and let me know, and how you plan to do so! Writing down our plans always helps us complete our goals.

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5 thoughts on “King or Rich? (ENT 600 Week 2 blog)

  1. Hello Turner,

    I enjoyed reading your post above and really thought you hit on something crucial talking about relationships. I agree with you that if you trust the person you are relinquishing control to, then it becomes a much more palatable action. My biggest fear would be giving up control to someone who I didn’t know much about or didn’t entirely trust. I would always want something I built in the hands of someone I know will do what’s best for the business.

    Thanks

    Brandon Guidry

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  2. Turner,
    Thank you for your great post. You have explained this week’s reading well. Having a consulting business may give you a great balance between wealth and control. You may not necessarily want control if you are helping others assist in the building of their businesses. You may need to give up a bit of control if you have to expand the business and add other consultants under your guidance.
    I am working toward maintaining control as long as I can. My business is small and I plan to keep it relatively small. I would love to be a rich king, but will settle on just being a king for now.
    Good luck with your wedding venue. I have spent time at various venues with my father’s florist business and appreciate what makes each place unique and special. Weddings can be fun but stressful too. I hope the business brings you and your wife lots of success!
    -Bri

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  3. Hi Turner!
    I enjoyed reading your thoughts on this dilemma! It seems you and your wife make a great pair on this venture. It was a good read in seeing how the two of you would work together yet separately to achieve your business goals. It intrigued me that your main motivator seemed to be the profit whereas hers is the control, I think together this gives the best of both worlds and it was great to read this perspective.
    Best wishes!
    Victoria Price

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  4. Hi Turner,
    I really like the look of your site! Great job on the design. It was also interesting to read about the business that you are your wife are looking to open together; what an exciting business venture! It really seems that you have a unique opportunity to chase “wealth” while your wife gets to maintain “control”. While we’ve learned that these are generally opposing forces, it’s great that you can both focus on what motivates each of you. Looking forward to working with you this semester! – Nicole Woods

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  5. Turner,

    Great post! Personally, I think I am going to have to go for the riches and let someone else run the business. The idea of passive income is much more appealing to me so that I can focus more on the things I love.

    It’s an interesting topic of discussion because so many people do not want to give up control of their companies and will even sacrifice financial gain to keep it!

    Glad to hear that you and your wife have a great set up, I am sure you guys will do great things together!

    Thank you,
    Tom

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