Uncommon Goods founder and CEO relinquished a Wall Street job and $10 million to pursue his passion: "Money is not the source of my happiness."

Dave Bolotsky didn't want a career on Wall Street.

In 1985, a 22-year-old man took an analyst job at First Boston to move out of his parents' home and pay off his student loans. By 1999, he had climbed up the ranks to a managing director position at Goldman Sachs, where he was set to receive approximately $10 million in stock when the bank went public.

Instead of accepting a significant bonus, he opted to establish Uncommon Goods, an online store that specializes in unique, handmade gifts. The website showcases a range of products created by independent artists and designers, including innovative items like a popcorn bowl that separates the popped from the unpopped kernels.

After attending a craft fair and observing the enthusiasm of attendees for bespoke, handmade products, Bolotsky conceived the idea.

"He tells CNBC Make It that when he buys a birthday gift for someone, he goes the extra mile by putting thought into it and knowing what makes them tick. He emphasizes that this level of effort and personalization cannot be found at Pottery Barn or a random store at the mall."

Bolotsky, who was 36 years old at the time, decided to walk away from a $10 million payout because he didn't want to live a life of regret and money wasn't what made him happy.

Now, 25 years later, he still doesn't regret that decision.

Leaving Goldman Sachs 'seemed a little bit crazy'

"Bolotsky says that the idea of leaving just as Goldman was going public seemed a little crazy. He received a going away present from his department, which included a baby picture of him and a huge jar of nuts, with the message "David's nuts.""

Bolotsky was questioned by his peers about why he didn't wait a year or two to collect his stock bonus before leaving Goldman Sachs to start his new venture with a substantial "nut".

"At that time, the internet was undergoing significant changes and developments, and there was still an opportunity to make a difference," he remarks.

Not only was it a risk to leave a multimillion-dollar bonus and a steady paycheck, but online shopping wasn't widespread yet. Starting an ecommerce business was uncertain.

"Bolotsky says that although it was scary for him to leave Goldman, he lived frugally and had been saving much of his Wall Street earnings, so it was not a big risk for him as someone who mortgages their home or takes on a lot of debt. He didn't have to do that."

He reveals that his early investors were "friends and family," including retailers he had formed relationships with during his time as an analyst on Wall Street.

The path to profitability

Although Uncommon Goods initially experienced success in sales, it took several years for the business to gain momentum. Bolotsky invested a significant portion of his savings into the company during its early years, and he didn't receive a salary until 2005.

Despite starting with high overhead costs, Uncommon Goods was able to become profitable in 2003 by reducing operating costs and growing sales at a realistic pace.

Despite the pandemic boost in sales in 2022, the company's operating costs grew and remained elevated, resulting in a decline in profitability that year.

Bolotsky prioritizes profitability, but not at the expense of the company's core values. In 2007, Uncommon Goods became one of the first ever B corporations, a designation that demonstrates a company's dedication to promoting a positive social and environmental impact.

Balancing profitability with the ongoing challenge of maintaining fair wages for employees is a crucial task for Bolotsky. For instance, Uncommon Goods' warehouse staff in Brooklyn, New York, earns a minimum of $20 an hour, which is $4 above the minimum wage in the city and nearly triple the federal minimum wage of $7.25.

"Balancing core values and profitability is easy when business is thriving, but making tough choices becomes necessary when business is struggling, according to Bolotsky."

'Very happy with the path I've taken'

Over the past five years, Uncommon Goods has experienced significant growth, with a year-round workforce of 144 employees and over a million orders received annually.

Bolotsky acknowledges that he may have been wealthier if he had accepted the stock grant and remained in investment banking, but he is content with the path he has chosen. Running a business has been difficult and isolating at times, but it has also been fulfilling.

According to Bolotsky, working with his employees and creating a business that positively affects a broad range of individuals, from warehouse staff to customers, is "much more fulfilling to me than being a critic."

To enhance your AI abilities and increase productivity, enroll in CNBC's online course titled "How to Use AI to Succeed at Work." Skilled instructors will guide you through getting started, practical applications, effective prompt-writing techniques, and common pitfalls to avoid. Register now and use the promo code EARLYBIRD for a 30% discount off $67 ($67 + taxes and fees) through February 11, 2025.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.