All experts and experienced business owners give the same advice to starting entrepreneurs – even if your business becomes a success, you won't really get rich off it. A comfortable life and the ability to provide for all your family's needs and wants are about all you can expect – that is, if you defy the odds and your business doesn't fail within the first few years in the first place. Some even go as far as saying that if it's money you're after, you're better off with an ivy league degree and a corporate career.
On the other hand, everyone knows about the college dropouts who've become ridiculously rich. Bill Gates and Mark Zuckerberg dropped out of Harvard, Steve Jobs dropped out of Reed College, Elizabeth Holmes dropped out from Stanford at the age of 19 and is now the world's youngest self-made female billionaire.
What's the diff?
So, what separates those who are merely successful to those who have become legendary? Anna Vital analyzed statistics from Bloomberg on the world's billionaires. The data showed that of the 100 richest people today, only 27 inherited at least part of their fortune, while 73 are "self-made." Of the self-made billionaires, 18 have no college degree, while 36 were born to poor families. Focusing specifically on those who did not graduate from college and who were from working class families besides, she determined one common, general trait all eight of these self-made billionaires share: they "took enormous risks."
Of course, taking risks without knowing what you're getting into can only spell disaster. At least three or more of these eight billionaires also had other things in common. This includes trying different businesses before "The One" that finally paid off. Several also invested during hard times and/or bought ruined companies and turned problems into opportunities that paid off. At least three of them either micromanaged their company or ate with their employees, or both. This kept them in tune with the company's pulse as a whole, which they turned into opportunities to take advantage of while preventing their respective company's disconnect from their real world situation. Three of them achieved the ultimate goal – one single deal that changed everything.
This is not to say that moderately successful entrepreneurs are failures. In fact, these businesses are the lifeblood of the economy, employing about half of all workers and contributing a huge chunk of the GDP. Having any successful small business is certainly nothing to sneeze at, and would be an accomplishment anyone would be proud of even in the twilight of their lives. But being successful beyond your wildest dreams is more within your reach than you may think, especially with the proper attitude, research, and know-how.
Of course, becoming a self-made billionaire does not only benefit you and yours. The Center for Policy Studies (CPS) released an infographic that states that such "SuperEntrepreneurs have created millions of jobs, billions of dollars in private wealth and probably trillions of dollars of value for society."
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