“What happened? This place looks like a dump!”
As the car came to a halt near the north end of the commercial property for sale, Brent looked around and noticed several key indicators of a neighborhood suffering from urban decay. He noticed several boarded-up businesses, nearby homes in disrepair, numerous potholes, sidewalks broken and overgrown, and trash strewn about.
A twenty-year real estate developer and steel manufacturer, Brent was accustomed to getting what he wanted when he wanted it. He grew up in affluent neighborhoods, isolated from the day-to-day struggles of society. As the son of a steel manufacturer, he developed the reputation as a shrewd businessman who never took no for an answer.
“This used to be a thriving neighborhood. Twenty-five or so years ago, you could find small shops, restaurants, a grocery store, well maintained properties, even a small movie theater.” The real estate agent said.
“I don’t know, Brent. There’re still several residential neighborhoods surrounding this part of town.
“Angie, wasn’t there a bigger property up for sale farther north of here?” His attorney asked the realtor.
“Absolutely not!” shot Brent. “This property is PERFECT for our new manufacturing plant. It’s only an hour or so from our downtown office, far enough away from anyone that matters, and it’s the perfect price! We’re gonna grab it before anyone else does,” .
“But what about the noise, and pollution, and—”
“I want the proposal drawn up and on my desk this afternoon, understood?” he snarled.
“Yes Sir”.
Some people may view the above scenario and label the businessman as greedy or evil. Another group may label him as simply smart and savvy. How people label him may have more to do with upbringing than his behavior. If you were taught to adhere to a certain set of morals and values, then you’re probably more apt to label him as greedy. On the other hand, if wealth building and opportunity zones were topics of conversation in your community, then you may view it as good business. Turns out that wealth and your views on inequality may affect your business decisions.
Psychologists have found that money can have a powerful influence on our thoughts and actions in ways that we’re often not aware of. Researchers at UC Berkeley found that even play money could make people behave erratically. During a game of Monopoly, researchers gave one student a significantly larger amount of money than his friends. They watched as his behavior became more bodacious and erratic, even mocking the other players.
Here are a couple of points to consider in your business endeavors
Wealth can cloud moral judgment. It is no surprise that wealth may cause a sense of entitlement. Crush your enemies! Win at all costs! This art of war approach in business can cause you to miss certain risk factors that are inherent in any business deal. This can also cost you time and relationship capital, two things that are critical to business success. Like Thanos in The Avengers, you put a huge target on your back, which causes people to either collude against you or avoid you altogether. You can’t make money if you’re alone in a vacuum.
Wealth can give you an outsized sense of entitlement. Cheating on your taxes, cheating the people who work for you while feeling like “they owe me”… Some people may behave as though the rules don’t apply to them. From cutting off people in traffic or in conversation, to cheating at a game to make sure you win, some individuals in higher social classes can behave quite condescending.
One the flip side of the coin, the relentless pursuit of wealth can be a positive. It takes discipline to stay focused for extended periods. It takes years of study and years of doing to get proficient in a craft. These individuals usually make excellent business leaders, since they often work the hardest to get the most out of resources at their disposal. I’ve heard it said that the love of money is the root of all evil. I’ve also heard it said that the lack of money is the root cause. It often depends on which side of the pool you stand.
Your relationship and vicinity to wealth will have the greatest impact on your perception of money. Regardless of which side of the coin you fall on, keep in mind that capitalism has no emotions. Whether it’s being too greedy at everyone else’s expense or being too naïve about how a capitalist society works, too much of anything can hinder your progress.