To be successful, you don’t need just an idea, but the determination to work hard and sacrifice everything to reach your goals. Success is often linked with entrepreneurship, which is also considered to be the “American Dream”. Examples of people who have achieved the “American Dream” are multi-billionaires such as Bill Gates, Elon Musk, and the youngest of them—Mark Zuckerberg.
Their incredible lives, in which they have built empires from scratch, are inspiring millions of entrepreneurs each year to think of ideas, gather funds, and try their chances in the world of the businessman. But, can you actually get rich by being an entrepreneur and can you become a multi-millionaire legitimately?
What is entrepreneurship all about?
This is the idea of breaking the cage of a fixed salary and starting to work for yourself. Rather than creating wealth for somebody else and receiving only a fraction of what you could make on your own, you can create a business of your own that can earn multiple times more than your previous, yet secure, job.
The money that goes beyond your investment and expenses for the operations is for you to keep. Moreover, growing your company could attract interest from larger corporations, and you might be able to sell it for a hefty sum. As you might already know, life isn’t all rainbows and puppies. The path to success is as challenging as the hardest one to Mt. Everest, but it’s worth it at the end.
A recent survey has shown that over half of entrepreneurs earn more than the average by paying themselves a full-time salary. Of course, the sum varies from year to year, and it doesn’t include the profits if the business is sold.
The goal of the study was to show how the “average” entrepreneur deals with his life financially.
What are the odds for success?
The richest people in the world are well known for being wealthy, and people consider them to be representatives of the American Dream.
However, becoming one of them is a difficult task, and believing that you will become a multi-billionaire is implausible. Yes, it is possible, but it takes dedication, will, sweat, and a large portion of luck, as well. There are more than 28 million small business owners in America. The chances are less than 5% that they could become this successful.
What are the odds of failing?
Certain statistics reveal the worrying fact that more than 80% of startups worldwide fail. However, these statistics can’t be accurate as there are no factors that define failure.
Still, it is true that the majority of newly opened businesses fail. Being an entrepreneur isn’t straightforward at all, and it will surely test your capabilities to the fullest.
What does entrepreneurship bring to you?
Being an entrepreneur is not all about the money. It’s about freedom, fulfillment, and joy. Here are some of the benefits:
Freedom: To be an owner of a company will give you the freedom to make your own decisions about everything concerning your business. Yes, it gives you a lot of liberty, but it is also a great responsibility. You decide what happens, who will work for you, and when you will take a break. It might sound great that you can take a day off whenever you need it, but it’s not actually like that as it requires lots of work.
Fulfillment: Doing what you love and earning more than the average is an incredible feeling that many consider addictive. You will be able to build something that can be left as a legacy to your children.
Contacts and Experience: Yes, most of your businesses at the beginning may fail, but you will earn an incredibly valuable experience that’s going to build you as a person. Moreover, you can make strong connections that will help you reach your dreams. You never know whether the person you meet today might be your business partner tomorrow.
Entrepreneurship isn’t all about becoming financially rich because it gives you a lot more than that.
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