Unleashing Your Earning Potential: The Power of Hunger and Value Creation

Posted on June 15, 2023 by Justin Gerard, One of Thousands of Career Coaches on Noomii.

Your earning ability is determined by your ability to provide value and solutions to others, as well as your skill in marketing yourself effectively. It is not contingent on your qualifications, certifications, background, or social status. Let me share with you the inspiring story of my own grandfather, which vividly illustrates this point.

My grandfather, a remarkable man who hailed from India, embarked on a life-changing journey to Malaya with nothing more than a bag of clothes in his hands. His unwavering hunger to create a better life for his family, consisting of seven children, propelled him forward. Despite facing tremendous obstacles, such as the challenging times of the Japanese occupation in Malaya, he fearlessly pursued his dream. With sheer determination, he took the bold step of starting his own sundry store.

What makes his story all the more extraordinary is that my grandfather had no formal education in business, lacked fluency in the local language, and possessed no official qualifications to run a business. However, his hunger for success and his burning desire to provide for his loved ones enabled him to defy all odds. He navigated through uncharted waters, embracing the struggles and hardships with unwavering perseverance. His resilience in the face of adversity is a testament to the fact that earning ability is not defined by one’s background, certificates, or any external factors. It is driven by an insatiable hunger.

As I reflect on my grandfather’s journey, I am reminded of a profound statement by King Solomon, the wisest and wealthiest man of his time. In his writings, he wrote the words, “Proverbs 16:26: The appetite of laborers works for them; their hunger drives them on.” These words resonate deeply, underscoring the profound impact of hunger on one’s earning ability. The fire within, the relentless pursuit of success, and the burning desire to create a better future—these are the driving forces that determine our ability to excel.

It is evident that earning ability is not solely defined by hunger alone. Earning ability is also closely tied to the capacity of your ability to get results that people value. This implies possessing skills that are in demand in the marketplace and continuously honing them.

Consider the skills you currently possess that are sought after in the economy. Are you actively sharpening those skills? Additionally, identify the skills you wish to develop, ones that you are passionate about and that fulfill a need in the marketplace. As human beings, we all have unlimited potential but we are limited only by our commitment and motivation to develop ourselves. Here are some questions for you to think about: What skills have you excelled in? Which skills contributed to your greatest achievements? In which activities do you find yourself in a state of flow? What activities do you enjoy the most?

Before delving into enhancing your earning ability, it is essential to establish a clear goal.
Determine the desired percentage by which you aim to increase your earning ability, whether it’s 10% or 15%. Set a reasonable, believable, and yet challenging target, accompanied by a specific deadline. For instance, “I will increase my take-home income to XXXXX by December 202X.” Once you have defined your goal, the magical process begins. Your brain will start to find ways to reach that target.

Returning to the fundamental formula, earning ability is directly linked to your capacity to deliver results that people value. In order to do so, you must possess foundational skills. Here are some key foundational skills (soft skills) to develop:

1. Self-leadership skills: These skills involve leading yourself based on your goals, values, and principles. They single skill will help you master the other skill of self-management, time management, self-discipline, relationship-building, and networking skills, as well as flexibility.

2. Communication and negotiation skills: These skills are essential for effectively expressing your needs and desires. Sub-skills derived from them include conflict resolution, problem-solving, active listening, and selling.

Interestingly, one of my mentors once advised me to pursue a sales job as a means to rapidly enhance earning ability. Sales positions offer limitless earning potential, as it depends on the number of ethical sales you can close. Plus your ability to sell can be applied to any industry.

Networking plays a crucial role in finding job opportunities and expanding your business. Building relationships with the right people can open doors you never knew existed. Consider the student exchange programs in schools, which foster connections that may prove valuable in terms of future collaborations, career prospects, and intercultural understanding. In the book by Keith Ferrazzi, “Never Eat Alone” he explain that networking allows you to tap into the expertise and experiences of others. By connecting with professionals in your field or industry, you can learn from their insights, gain valuable advice, and stay updated on industry trends and best practices. Plus active networking helps you raise your professional profile and increase your visibility within your industry or community. By attending industry events, conferences, and seminars, and actively engaging with others, you can establish yourself as a knowledgeable and respected professional, opening doors to new opportunities. I recommend picking up the book for more strategies on authentic networking.

If you are open to exploring new job opportunities within your current workplace, you have an excellent chance to negotiate a 5% to 10% salary increase with minimal effort. Here are some tactics to quickly boost your earning ability:
Approach negotiations with a job offer from another company without disclosing specific details. Simply state that you have received another offer and are seeking a higher salary. It may be beneficial to practice negotiation simulations with friends beforehand.
Conduct research to identify ways you can contribute to the company’s success. If you are involved in a project, identify ways to become a critical resource. When the company realizes the added value you can bring, they will be more inclined to offer a higher salary. Maintain a cooperative and constructive conversation to ensure you are viewed as an asset rather than a source of problems.

If negotiations do not go as planned or if you don’t have a job offer but still desire to increase your earning ability, there is an alternative approach.
Arrange a meeting with your reporting manager and initiate a conversation by asking a simple question: “What are the most significant steps I can take to become a top performer?”
Based on your manager’s response, create three goals to achieve within the next six months. Then, propose, "If I successfully achieve these three goals, would you consider compensating me as a top performer? "Most likely, their response will be affirmative. Close the deal by stating, “If I perform well, I would like to discuss possible compensation, but we can address that topic when the time comes. Is that acceptable?” Once you have obtained a green light, send a follow-up email and focus on exceeding those goals. After five months, schedule another meeting with your boss to discuss your recent performance and compensation. Prepare for the negotiation by compiling a list of goals, accomplishments, desired salary, and comparable salaries from other companies and locations. Remember to stand your ground, as you are not requesting a favor but fair compensation for your hard work and professional contributions.

Persistence is key in pursuing your dreams. Achieving your goals and enhancing your earning ability requires dedication and hard work. However, it is entirely possible to increase your earning potential and build a successful career. Remember to invest in yourself by continuously improving your education, skills, and network. These investments will yield long-term benefits. Always be on the lookout for opportunities to grow both personally and professionally.