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Drawing from Tom Corley’s extensive Rich Habits research, where he studied the daily habits of 233 wealthy individuals and 128 people living in poverty over five years, this guide outlines key habits that can propel entrepreneurs toward success. Corley’s findings, detailed in his bestselling book Rich Habits: The Routines Millionaires Use Daily That Will Help You Build Wealth, reveal stark differences between the behaviors of the rich and the poor, offering actionable insights for entrepreneurs aiming to build wealth and achieve their goals. Below, we explore the core habits from Corley’s research that are particularly relevant for entrepreneurial success, supported by his data and real-world applications.
1. Live Below Your Means
Corley’s research shows that 76% of self-made millionaires, with an average net worth of over $4 million, prioritize living below their means. This habit is critical for entrepreneurs, who often face unpredictable income in the early stages of their ventures. Corley found that wealthy individuals allocate no more than 25% of their income to housing, 15% to food, 10% to entertainment, and 5% to vacations and auto loans. This disciplined budgeting creates a financial safety net, enabling entrepreneurs to reinvest profits into their businesses or save for future opportunities.
Actionable Tip: Create a lean personal budget. Track your expenses and ensure your lifestyle costs remain well below your income. Automate savings to prioritize business investments, such as hiring talent or upgrading systems, over personal luxuries.
2. Develop Daily Habits and Stick to Them
Corley’s study emphasizes that 40% of our daily actions are habitual, and successful entrepreneurs leverage this by cultivating positive routines and processes that work. Corley’s book, Rich Habits, highlights the power of consistency, noting that wealthy individuals practice habits like daily goal-setting, self-education, and task completion with a “do it now” mindset. For entrepreneurs, this translates to structured routines that drive productivity, such as scheduling time for strategic planning or customer outreach.
Actionable Tip: Commit to a 30-day challenge to build one new habit, like dedicating 30 minutes daily to learning a new skill relevant to your business (e.g., digital marketing or financial forecasting). As Corley notes, consistent small actions lead to significant results over time.
3. Set Clear, Long-Term Goals
According to Corley, 80% of wealthy individuals set daily, monthly, annual, and long-term goals, compared to only 12% of those in poverty. Entrepreneurs must have a clear vision of their business’s future to stay focused amid challenges. Corley’s research found that self-made millionaires often use tools like vision boards to keep their goals front and center, ensuring daily actions align with their overarching objectives.
Actionable Tip: Write down one long-term dream for your business (e.g., reaching $1 million in revenue in five years) and break it into smaller, actionable daily goals. Review these goals daily to maintain focus and momentum.
4. Prioritize Self-Improvement and Learning
Corley’s data reveals that 88% of wealthy individuals dedicate at least 30 minutes daily to self-education, such as reading industry books, listening to podcasts, or attending seminars, compared to just 2% of the poor. For entrepreneurs, continuous learning is essential to stay competitive in rapidly changing markets. Corley emphasizes that successful people invest in skills that enhance their value, such as leadership, negotiation, or technical expertise.
Actionable Tip: Allocate time each day to learn something new that directly benefits your business. For example, study market trends or take an online course in a skill gap area, like data analytics or public speaking.
5. Build and Maintain Strong Relationships
Networking is a cornerstone of entrepreneurial success, with Corley finding that 79% of wealthy individuals actively maintain professional relationships. They celebrate milestones with contacts, avoid self-serving networkers, and consistently nurture their connections. For entrepreneurs, a strong network can lead to partnerships, funding, or mentorship opportunities. Corley’s research underscores that 93% of wealthy individuals who had mentors attributed their success to those relationships.
Actionable Tip: Identify one person in your industry who has achieved your desired success and reach out to them for guidance. Attend networking events or join online communities to build relationships, and follow up regularly to strengthen ties.
6. Practice Positive Thinking and Emotional Control
Corley’s study found that 94% of wealthy individuals filter their emotions and avoid impulsive reactions, compared to 69% of those struggling financially who speak without restraint. Entrepreneurs face constant stress and setbacks, making emotional intelligence critical. Positive self-talk and affirmations, as Corley suggests, help maintain optimism and focus, enabling entrepreneurs to navigate challenges without derailing their progress.
Actionable Tip: Start each day with a positive affirmation, such as “I am capable of overcoming any obstacle in my business.” When faced with stress, pause and reflect before responding to maintain professionalism and clarity.
7. Avoid Procrastination with a “Do It Now” Mindset
Corley’s Rich Habit Number Seven states, “I will accomplish my daily tasks each and every day. I will adopt a ‘do it now’ mindset.” Wealthy individuals don’t delay tasks that can be done today, a habit that keeps entrepreneurs agile and responsive. Procrastination, Corley notes, is a common trait among those who struggle financially, leading to missed opportunities and inefficiencies.
Actionable Tip: Use a daily to-do list and tackle the most critical task first each morning. If a task takes less than five minutes, do it immediately to build momentum and avoid backlog.
8. Create Your Own Luck
Corley’s research highlights that successful people create their own “opportunity luck” through positive habits, leading to promotions, new business, or unexpected wins. In contrast, poor habits among the financially struggling create “bad luck,” such as health issues or financial crises. Entrepreneurs can increase their chances of success by consistently taking action, networking, and staying prepared for opportunities.
Actionable Tip: Take one small risk each week, like pitching to a new client or testing a new marketing strategy. These actions, as Corley’s research suggests, compound over time to create serendipitous opportunities.
9. Limit Time-Wasting Activities
Corley found that 77% of those struggling financially spend an hour or more daily watching TV, and 74% spend similar time on recreational internet use. In contrast, 67% of wealthy individuals watch less than an hour of TV daily, and 62% limit non-work-related internet use. Entrepreneurs must protect their time, focusing on activities like personal development, networking, or side projects that drive growth.
Actionable Tip: Audit your daily time usage for one week. Reduce non-essential screen time and redirect those hours to high-value tasks, such as refining your business plan or connecting with potential clients.
10. Find a Mentor
Corley’s research underscores the power of mentorship, with 93% of wealthy individuals crediting their success to mentors who guided them. For entrepreneurs, a mentor provides critical insights, helps avoid pitfalls, and opens doors to new opportunities.
Actionable Tip: Seek a mentor who has achieved what you aspire to in your industry. Reach out with a specific question or request for advice, and show gratitude by acting on their suggestions and reporting back on your progress.
Conclusion
Tom Corley’s Rich Habits research offers a blueprint for entrepreneurial success by highlighting the disciplined, intentional habits of self-made millionaires. By living below your means, cultivating daily routines, setting clear goals, prioritizing learning, building relationships, controlling emotions, avoiding procrastination, creating opportunities, limiting distractions, and seeking mentorship, you can transform your entrepreneurial journey. As Corley’s study shows, success is not about luck or talent alone—it’s about adopting habits that align with wealth-building principles. Start small, stay consistent, and watch these habits compound into lasting success.
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.”
