Entrepreneurship Alone Isn’t Enough to Make You Rich!
There could be various reasons for someone to become an entrepreneur. Being able to work on their own terms and being their own boss could be one, another reason could be the sense of accomplishment derived from establishing one’s own company as this could be a next-level motivational thing. But the primary driver for many of them is the opportunity to become extremely wealthy. But most of them want to become rich just for the sake of becoming rich, not for the pleasures having loads of money makes possible. Most of the time the desire to become wealthy is accompanied by loftier goals, including taking care of loved ones and supporting non-profits. It is found in research the many entrepreneurs are the family steward personality type. They care deeply about the valuable people in their lives and have an urge to help them financially, also having a strong drive to give back to society by supporting charitable causes. They want to gain significant wealth so it can be put to good use. Owning a successful business is the most likely way to become a millionaire. Not denying the fact that star athletes, celebrity musicians, and high-powered corporate executives can become exceptionally affluent in life but being a hard-working entrepreneur is most likely to enable you to amass truly substantial assets. The not-so-great news is if you want to be considerably wealthier than “just” a millionaire -- or even a millionaire a few times over -- you probably need to do more than just run a great company. Specifically, you need to take two additional steps:
- Solidly commit to creating personal wealth. If you want to maximize your probability of becoming seriously rich, you’ll likely have to actively pursue the goal of building personal wealth -- that is, wealth outside of your business. Becoming wealthy is a factor they incorporate into all the actions they take. one needs to consistently ask themselves how a particular strategy or decision is likely to impact their net worth, the revenue of their business. This is not the only consideration or even the most important consideration -- but it is just about always a consideration.
- Work with highly capable financial and legal professionals. Any commitment to building personal wealth as part of a plan to become extremely wealthy must be accompanied by specific actions that help ensure wealth is well taken care of. One crucial but often overlooked action is to wisely manage the money you generate through your entrepreneurship so that it grows and is protected, for example, from unfounded lawsuits. But being great at making money doesn’t always translate into being great at managing it wisely or effectively.