Own a Business to Become a Millionaire

Barron

I Own a Business

As a current junior in college, I made a ton of mistakes in the earlier years of my college career. The biggest mistake I made was not focusing on Entrepreneur Millionaire earlier. I started Entrepreneur Millionaire my freshman year, but did not consistently push out content until my junior year of college.

I talked about this in one of my earlier posts titled “Investing In College.” If I could go back, I would definitely focus more on creating Entrepreneur Millionaire into what I dreamt it would become. My goal was and still is to help 10,000 individuals achieve financial freedom. Preferably, I would like those 10,000 individuals to have multiple income streams.

It’s so dangerous to have one income stream. Don’t get me wrong, it’s good to focus on one stream, but only up to a certain point. In my opinion, you should always be open to expanding into new areas. If the area lines up with your current goals and objectives then why not?

Just think about many of the millionaires that are made. According to a Barron report, a majority of Pentamillionaires are made by the sale of a business. There are now over one million families with investible assets of $5 million or more in the United States. In U.S. Trust’s survey, 77% of the newly wealthy come from the middle class. In the beginning, your business may not be making a ton of money, so it’s good to have another side income funding your living expenses and the growth of the business.

Some individuals are working at their full-time job during the day and focusing on their new venture when they get home from work and on the weekends. In the last paragraph, I said how over 3/4ths of newly made millionaires come from the middle class. Since a majority of those in the middle class have a regular job where they have a salary, it’s safe to say that you will not be the first nor the last to build a business while having a regular job. Either way, owning a business is a great way to build wealth and achieve financial freedom. It’s not the only way to get wealthy, but so many wealthy people own their own business as it increases your chances of joining the rich.

Increased chances of Becoming a Millionaire as a Business Owner

You may be thinking, “Well, what about the business owners who aren’t millionaires?” Some business owners just want a comfortable life for their family and children, so they never expand by opening more stores or increasing the online marketing spend or finding new ways to promote themselves and their businesses. Some people like to say, “I own a business” but have no idea of actually making money from it. Others go out of business because of poor money management, horrible owners, their focus on the dollar instead of providing value, their stagnancy in skills and knowledge, their fear of failure, their lack of adequate planning, and their “I can do it all by myself” attitude.

However, with the proper knowledge and the active avoidance of the common missteps of other business owners, you increase your chances of success drastically.