How to Avoid the Greed Trap in Business.

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(ThyBlackMan.com) Making money is addictive. Once you realize you can make a profit on something, it’s natural for you to wonder how you could make more profit or what you could do to increase your wealth. We are taught from a young age that more is better but we must also be careful about how we go about getting it. 

Greed is one of the most poisonous aspects of business. It can lead to great business people into committing fraud and ruining their reputation by choosing fake items to sell. Online businesses are particularly rife with this behavior, especially in more hidden industries. For example, nearly 20% of shoppers purchasing toys online have bought counterfeit sex toys by accident. 

Of course, people love to make easy money but the reality is that the best kind of income is that which you work hard for and benefit the community by doing. Working for a living should be fulfilling in multiple ways; life shouldn’t be a cash grab.

Focus on Quality

When you go shopping, you are probably looking for a product that is of high quality. You don’t want to spend on something that will fall apart within a few uses! This is the same for your customers. They want a product that they know is of or exceeding industry standards and that they can trust.

Producing high quality products or services might cost you more but when your customers can rely on you, they will come back again and again. Quality is the best way to build your reputation and show that you are serious about business. You have to show that your product is worth the money your customer is spending. 

Look Outwards

Your business is a great way for you to better yourself but it could also be an opportunity to help others and influence your neighbors. Corporate responsibility is gaining traction in more and more businesses as they channel part of their profits towards upholding their values and helping others. 

The environment is a huge area for corporations to acknowledge and minimize their impact but social projects such as education and inclusion are also prevalent. To make the most, you should identify a way that your business can help others and make the world a better place.

Money Isn’t Everything

You might go into business to make your fortune but it is important to remember that money isn’t everything – either to you or your business. The assumption that the more there is in your bank account, the happier you will be only works to a point. It’s how you spend what you earn that really matters and often, the things that bring the greatest joy – friends, family, experiences – are totally free. 

If you want to run an ethical business, you still need to make a profit and you still need to be savvy about your purchases but if you make the money secondary to providing high quality products and services, you will find the whole process much more satisfying. 

Staff Writer; Greg Ford