You run the thought through your head all the time. As you drive by these gigantic houses drooling over their exotic cars and refreshing pool, you wonder…how the hell did they get all of that money? What did they do that I am not? How are they so rich? They must know something I do not. They must have fantastic luck. They…they…they…they…wait…all I am doing is making excuses that make me feel better about not being successful when THEY are! Last night, I was sitting having dinner with another aspiring entrepreneur (who after only a month of self employment is doing extremely well) and we talked about what makes an entrepreneur successful.
You see it all the time…working your 9-5 surrounded by some incredibly smart people. They make a decent wage while putting in their hours day after day. While you are out grocery shopping or filling up your car at the gas station, you run in to an extremely wealthy entrepreneur who has started his own business and been extremely successful. The surprising part…the rich entrepreneur seems to have half the intellect of the 9-5 workers that you are around all day that just collect a check. So why are these two members of the business world so drastically different and what makes a person really successful?
6 Reasons Why They Are Rich And You Are Not
- They own their own business – It is extremely hard to get rich working for someone else. 99% of workers will never make it big as there are only about .5% of jobs that will actually create a monetary return that will get you there. So…you end up working your entire life to make someone else a lot of money. The entrepreneur owns his own business. He is able to leverage his strengths and turn those strengths into profits. What many aspiring rich people do not understand is that you do not need a Fortune 500 company to be extremely wealthy. Most of the gigantic houses and fancy cars you see are owned by small business owners…not huge corporations. By owning your own small business, you are (generally speaking) able to keep expenses low and profits high. This equals a lot of cash for you to take home in your pocket. Now you are the guy that everyone else is working hard to make rich, this page will tell you much more about the best ways of having success with your business.
- They have the self employed mentality – What is the self employed mentality? They are willing to put in the beginning hours to make their idea successful. Many want-a-be rich people want the money and successful business without putting in the beginning sweat and tears that make a small company successful. Most of these extremely successful entrepreneurs put in late hours and weekend work in the beginning. You are not going to make it big and enjoy the fruits of the rich lifestyle without putting in some work. If you are expecting to work 9-5 and see that kind of monetary success…you might as well just stay in your current job and collect your small paycheck week in and week out. Anything that is worth having…comes with sacrifice.
- They took the risk – Rich entrepreneurs took the risk that you are not willing to take. They jumped off the cliff with their idea and made it work. You…on the other hand…are talking about your great idea all the time but you never take that first step in fear of failure. Success is a summation of calculated risks and knowledge from mistakes. If you are not willing to take that first step, then you will never see the riches that they are seeing today.
- They are almost never right – Seems like a weird theory doesn’t it? Extremely successful, rich entrepreneurs will often tell you that they have made more mistakes in their lifetime than successes. What separates the rich entrepreneur from the employee is the ability to learn from these mistakes and apply that knowledge to the next round. Have you ever run into one of those employees that are ALWAYS right? Have you ever noticed that they never move forward in life? That is because the man that believes he already knows everything has no room to grow. The successful entrepreneur is continually adapting and growing and this makes his income continue to grow with him. Rich entrepreneurs do not waste time telling you how great they are…they are too busy putting their thoughts into action and they are not afraid to be wrong.
- They reinvest in themselves and their business – What are you going to do when you make your first $100,000? Blow it on a car or a house? The rich entrepreneur didn’t. He reinvested that money into the business and gave it a capital infusion that allowed the business to grow quicker. Many failed businesses are the result of poor fiscal planning. Those that do not reinvest back into their future are doomed for failure. This means you might have to be a little patient and leave the Ferrari in the dealership for a couple more years. The good news…when you go to buy one you could actually afford to buy 10.
- They never give up – Successful, rich entrepreneurs do not give up at the first sign of failure. Where most aspiring rich people would throw in the towel claiming that they are not lucky enough or are the victim of circumstances, the rich guy gets back on the horse and tries again. This motivation and ability to keep going through the tough times is what will separate the successful from the complacent.
So as you can see by these 6 reasons, it is not how smart you are that generates success that will bring you riches that you never could have dreamed of…it is the ability to have a different mindset that breeds success. If you continually do the same routine everyday…day in and day out…collecting your paycheck with the hope that someone is going to give you a chance one day…you are going to continue that cycle until you hopefully save up enough money to retire at the prime age of 70 something. Or…you can start now…changing the way you think and allowing yourself to be successful just like those “lucky” guys that have the huge houses and fancy cars. It is completely up to you and you are the only one that stands in the way of your success.
[…] 6 Reasons Why They Are Rich And You Are Not […]
Great post Robb,
I know a lot of people who think they “know everything”. I’m always telling my family members about blogging and how I earn money from blogging but some of them don’t get it. They think there is no money to be made blogging.
I really like this quote “That is because the man that believes he already knows everything has no room to grow.” and it can be applied to all aspects of life.
Thanks again for the great post!
None of my friends or family members really get it either. I try to say…think about a magazine but on a bigger scale and easier to manage! They still don’t get it.
Thanks for the great advice! I have been reading a lot of great books to help me move forward in the business venture I am interested in and feel that the advice you have given in this post is very insightful. I just read a great book titled, “Natural Success Principles,”
by Jack Hatfield which also points out that you must have the guts to change the plan. If something is not working, you must be able to tell yourself that it is not working and change it- I find it reassuring that you have similar advice.
This is really the post that I needed after this week. One of those weeks where I felt like I’m running on a treadmill and not getting anywhere. But a post like that motivates me and makes me want to hit the ground running even harder.
Dear Robb –
This is the best article I have read in over a week! Congratulations.
Can I make a suggestion? (With love)
Please move your pop up to the end. It really is distracting and your work is so good that I think it discourages people from reading further. It is also hard to close.
I usually just delete a post that has a pop up in the beginning. But I stumbled yours and also retweeted. Because it was yours.
Hope you don’t mind my mentioning this.
Thanks Corinne! I wish there was a better way to code that thing (maybe I should try!) as it is a standard Aweber deal. Thanks for the input…I am going to try to look into other options. It is a real hassle on the iPhone where it shows up every visit. In its current state, it only shows up once per visitor.
Actually driving past those settlements I think about the poor design.
Entrepreneurs and businesspeople usually do whatever they can to minimise risk. I heard a concert promoter say: You may think it is a risk to book Bruce Springsteen . . .
“That is because the man that believes he already knows everything has no room to grow” This quote brought up so many people in my head its not even funny. It is so true about those who stick with the ‘i told you so’ mentality seldom reach a point where they actually grow. It’s like they are on an journey with an adamant vehicle and I’m not talking about a physical one either but the mind. I read a couple days ago in “Think in Grow Rich” a line that struck a cord in me. It was about Henry Ford being an ‘educated’ man not in the commonly denoted educated as in possessing a degree or certificate or completing a number of yrs in school. It dealt with the root word ‘educere’ which means to draw out and the verb educe to draw forth from within. The successful entrepreneur knows how to use his/her mind to attain what the commonly ‘educated’ person can’t whereas the old time ‘educated’ person can.
Great point. Henry Ford has a lot of amazing quotes to live by…that man was an innovator…not a follower.
All I Can Say Is Keep Working The 6 Steps 😀 U Will Make It If U Stay True To Urself Dont Be Afraid OF Who You Are..