Sometimes, on particularly frustrating days, I lay around wondering how to become independently wealthy. What kind of business can I launch? How can I make a lot of money? Because money solves all problems, right? But, sadly, I have no brilliant ideas or amazing talents (or business acumen or seed funding).
It turns out, I'm probably asking the wrong question anyway. Entrepreneurs primarily don't set out to make lots of money--they set out to fulfill a vision, bring something new to the market or solve a problem. They set out with a purpose. That's according to EY, which is in its 31st year of celebrating entrepreneurship through its annual Entrepreneur Of The Year program. Last year, when the program hit its 30-year milestone, EY produced a study of former program honorees. EY reports that, "These award winners often see profit as a measure instead of a goal. For them, profit comes from infusing a company with a compelling purpose that builds trust and attracts more customers and talent than competitors can."
Furthermore, EY asked past honorees what they felt was the most important role an entrepreneur plays in society. Twenty-five percent of them said it was spurring economic growth, while another 23 percent said it was creating jobs. Sixteen percent said it was to benefit the community, 15 percent said it's catalyzing innovation, 13 percent said it's disrupting the status quo and 8 percent said it's introducing new products. Strangely, making a boatload of money is not on that list.
That ethos--finding a purpose greater than profit--is exemplified by the finalists and winners of the 2017 EY Entrepreneur Of The Year Utah Region program, whom we profile in this issue. Karl Sun, for example, was so taken with the Lucidshart software...