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Successful entrepreneurs have a very high risk tolerance. Most people have a low risk tolerance. That’s why most people spend their entire lives working for someone else, as an employee.
According to my Rich Habits Study data, only about 9% of the entire population of people have a high risk tolerance. And many of those 9 percenters wind up becoming entrepreneurs.
One of the data points from my study that I found very eye-opening was that most entrepreneurs failed the first time they pursued some start-up business.
Ninety of the 177 self-made millionaires in my Rich Habits Study were entrepreneurs. A whopping 67% of them failed the first time they attempted a start-up business/venture. And despite that high failure rate, the entrepreneurs tried again, and again and again. The more they tried, the more they learned and the better they got. Until their efforts paid off.
And pay off they did. The entrepreneurs in my study were far away the wealthiest of the self-made millionaires, at $7.4 million. It wasn’t even close. Second place were the Virtuoso millionaires at $3.7 million in accumulated wealth.
They say, “no risk, no reward.” But, this is wrong. The saying should be, ‘high risk, high reward.”
Those who have a high-risk profile, are also those who fail the most in life.
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.”
