Requirements to be a Successful Entrepreneur Millionaire

Rich Habits
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As you know there are 4 Paths to Wealth. Each path has its own requirements. Not everybody has what it takes to build wealth as a Dreamer-Entrepreneur.

So, what does it take?

  • Long Work Hours – The Dreamer/Entrepreneurs in my study worked an average of 61 hours a week, for twelve years. Weekend and vacations were almost non-existent. Those long work hours impacted everyone in the Dreamer’s immediate orbit. Family and friends are hit the hardest by their absence. Often one spouse must take up the slack and raise their children, almost as if they were a single parent. Close friendships whither on the vine, due to those long work hours.
  • Financial Stress – Until the Dream begins to pay off, making ends meet can cause almost intolerable stress. Only the strong can survive that stress and that includes the spouses. In the early going, getting a steady paycheck is near impossible. Weak marriages will almost certainly fall apart, due to this stress.
  • High Risk – Dreamers have to put everything they own on the line. Their homes, retirement plans, and savings become the assets that breathes life into their Dream. When a Dreamer runs out of assets, they have no choice but to turn to debt in order to continue to finance their Dream. The lucky ones are able to secure Lines of Credit to keep them afloat. The unlucky ones are forced to rely on credit cards or loans from family and friends to survive until they thrive. If they thrive. Pursuing a Dream is a gamble. There’s absolutely no guarantee that the Dream will every pay off. Many fail. In fact, 27% in my Rich Habits Study failed at least once. Failure can mean bankruptcy. Sometimes that bankruptcy is followed by divorce.

TCORLEY

4 Comments

  1. Charles Williams on December 24, 2020 at 7:35 AM

    Your posts and articles are what have helped my wife and I achieve our dreams. Thank you

    • pwsadmin on December 29, 2020 at 9:25 AM

      That’s all that matters to me. Thank you Charles

  2. John Drawdy on December 24, 2020 at 8:14 AM

    Well, I suppose that’s the average. However, I’m an entrepreneur millionaire un my 12th year of business ownership. The first 5 years match this description, but averaging over 60 hours for 12 years? Not if you hire well and delegate. ALWAYS hire before you think you can afford it. For the past several years I’ve worked about 30 hours/week and average 5 weeks vacation each year. I’ve never missed a chance to chaperone or be mystery reader for my children.

    Hire! Hire! Hire!
    Delegate! Delegate! Delegate!
    Treat your employees like adults. (I’ve NEVER refused a request for time off.)
    Hire only VIP quality.
    Quickly fire those who don’t fit in. You’re doing them a favor.

  3. Lisa Schreiber on December 24, 2020 at 11:05 AM

    A perfect example of this is the numerous people who show up on Shark Tank, having done precisely what you write about in this post.

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