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There were four groups of self-made millionaires in my Rich Habits Study:
- Those who saved their way to wealth – Saver-Investors
- Those who worked for large public companies – Big Company Climbers
- Those who were experts in some field – Virtuosos and
- Those who pursued some dream – Dreamer-Entrepreneurs
The forth group was an interesting group. These individuals put everything on the line, in the pursuit of their dream. They invested everything they had. They borrowed money against their home. They borrowed money from family. They borrowed money from relatives. They borrowed money from friends. They personally guaranteed loans from the bank.
If they failed, their failure would not only affect their spouse and children but it would negatively impact many other people and destroy their reputation among family, friends and the bankers who went out on a limb to help them fund their dream.
Being an entrepreneur is a very courageous act.
When you pursue any dream, you will have to confront and overcome many obstacles, pitfalls, mistakes and bad decisions. Every mistake and bad decision comes at a severe financial cost. Make too many mistakes and bad decisions and you will run out of money, ending your dream.
For this group, failure was not an option and success was a necessity. Because they typically put everything on the line, Entrepreneurs have no choice but to succeed.
This necessity to succeed forced these self-made Entrepreneurs to grow and become better in many ways:
- They identified and cookie cut proven processes that prevented them from repeating mistakes.
- They adopted daily habits to help them achieve their goals which kept them moving forward toward the achievement of their goals.
- They forged relationships with influential individuals who helped mentor them and open doors.
- They became knowledge sponges, learning everything they could about their industry. They read to learn every day.
- They practiced specific skills for many hours every day until they gained mastery.
- They experimented to find new, novel ways of doing things.
- They became mentally tough as a result of meeting and overcoming numerous obstacles, mistakes and bad decisions.
- They learned to gain control over their emotions, which put their logical brain in charge and not their emotional brain.
- They learned to focus like a laser in order to complete important tasks that led to the achievement of their goals.
- They isolated themselves from others for hours at a time to think through problems in an effort to find solutions to those problems.
- They evolved a positive mental attitude and tremendous confidence by facing and overcoming adversity, obstacles, mistakes and bad decisions.
- They worked very hard for their dream, which created a powerful work ethic.
- They acquired tremendous willpower through their daily grind; willpower they never realized they had.
Those who pursue a dream, put everything on the line. This gives them very little wiggle room. Their backs are against the wall for most of their journey. They put themselves in a position in which they have no choice but to succeed.
When failure is not an option and success is a necessity, you will find within yourself resources, success traits and the grit you never knew you had. You will grow into the person you need to be in order for success to visit you.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
