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Successful entrepreneurs build wealth through strategic business activities, underpinned by disciplined habits. Tom Corley’s Rich Habits study, which examined 233 millionaires (177 self-made) over five years, reveals the behaviors that drive entrepreneurial success. This article outlines the top ten business activities that propelled entrepreneurs to millions, offering actionable steps for aspiring wealth-builders.
1. Launching Scalable Tech Startups
Entrepreneurs like Elon Musk built fortunes by launching tech startups with scalable products. Musk’s Tesla revolutionized electric vehicles, scaling through Gigafactory production, per Forbes. Corley’s research notes that millionaires who pursue innovative ventures average $7.4 million in 12 years.
Actionable Tip: Identify a tech-driven problem (e.g., renewable energy) and develop a minimum viable product (MVP) to test market demand.
2. Developing Innovative Consumer Products
Sara Blakely created Spanx by designing shapewear to solve a personal pain point, disrupting the fashion industry, as per Inc.. Corley found that 60% of millionaires built wealth through passion-driven products.
Actionable Tip: Brainstorm a consumer product that addresses a niche need (e.g., eco-friendly apparel) and prototype it using platforms like Kickstarter.
3. Scaling E-Commerce Platforms
Jeff Bezos grew Amazon by reinvesting profits into logistics and warehousing, dominating online retail, per Entrepreneur. Corley’s “Saver-Investors” save 10%+ of income to fund scalable ventures.
Actionable Tip: Start an e-commerce store on Shopify, focusing on a high-demand niche like sustainable goods, and reinvest early profits to scale.
4. Forming Strategic Media Partnerships
Oprah Winfrey built her empire through partnerships, launching OWN and co-producing films, per Harvard Business Review. Corley emphasizes “Power Relationships” with influential collaborators.
Actionable Tip: Partner with content creators or brands to co-develop a media project, like a podcast or YouTube channel, to expand your reach.
5. Creating Subscription-Based Services
Reed Hastings pivoted Netflix to a streaming subscription model, investing in original content like Stranger Things, per Entrepreneur. Corley notes that risk-taking entrepreneurs build wealth fastest.
Actionable Tip: Develop a subscription service (e.g., a fitness app) and test it with a small audience to refine the model.
6. Investing in Real Estate Ventures
Many of Corley’s millionaires diversified into real estate, like rental properties, averaging $3.3 million over 32 years. CNBC highlights Grant Cardone’s success in multifamily real estate investments.
Actionable Tip: Start with a single rental property or crowdfunded real estate platforms like Fundrise to enter the market.
7. Building Digital Platforms
Mark Zuckerberg scaled Meta through iterative software updates for platforms like Facebook, per Forbes. Corley stresses consistent habits for sustained growth.
Actionable Tip: Launch a digital platform, like a niche social network or SaaS tool, and commit to regular updates to attract users.
8. Diversifying Through Angel Investing
Daymond John (FUBU) expanded wealth by investing in startups via Shark Tank, per CNBC. Corley’s millionaires create multiple income streams.
Actionable Tip: Invest small amounts in local startups or use platforms like AngelList to diversify your portfolio.
9. Launching Health and Wellness Brands
Richard Branson’s Virgin Active gyms capitalized on the fitness trend, per Business Insider. Corley links health-conscious habits to sustained entrepreneurial energy.
Actionable Tip: Start a wellness brand, like a fitness app or organic product line, targeting health-conscious consumers.
10. Consulting in High-Demand Industries
Mark Cuban grew Broadcast.com with mentorship from tech veterans, later offering consulting services, per Inc.. Corley emphasizes mentorship for scaling ventures.
Actionable Tip: Offer consulting in your expertise area (e.g., tech or marketing) via platforms like Upwork to generate income and build credibility.
Conclusion
Tom Corley’s Rich Habits research, paired with examples from entrepreneurs like Musk, Winfrey, and Cuban, shows that wealth stems from strategic business activities like tech startups, e-commerce, and real estate. These activities, supported by habits like goal-setting and networking, offer a blueprint for success. Start small, leverage your strengths, and explore one of these activities to build your fortune. For more, visit WWW.RICHHABITS.NET.
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.”
