Have you heard the tale of becoming a millionaire by being an entrepreneur? I am sure a lot of you have. But, just so you know, it is rare and this is why.
90% Failure Probability
Most of the current entrepreneurs come into the business world with the intention of becoming rich. This is where people get it wrong on the first move. Most of the startups fail. In order to sustain your business, you have to own an original, appealing idea and enter the market at the right time.
In addition to that, execution of the idea has to be flawless. If you not fully confident in executing it, get ready to become one of the victims of this scary probability.
Overly Exaggerated Stories
Most of them are, actually. The media play with words to sell the stories. The probability is 50/50; Rare vs Exaggerated. The stories about successful entrepreneurs make it look like all of them were overnight successes, but that isn’t the case. They went through various failures behind the scenes before making it “big”.
If you are not up for “normal” challenges in the business world, you might never even get close to your dream.
Costly To Maintain
Now that you are the owner of your own business, you have to take care of everything, including the financial part. You are not only responsible for collecting revenue, but also for paying all the raw costs, human labour, utility bills and a few more things.
Due to a lack understanding of the real costs of sustaining a business, many of them end up selling it within a short period.
Diversified Income Sources
You won’t get rich by solely depending on your business income. Managing your finances right can make your business last longer, but does not really make you rich. Gleaning some pointers from the most successful entrepreneurs, we can see that they would invest a portion of their earnings into stocks, bonds, properties or even in other startups.
Now that you have read through this article, does the tale of becoming a millionaire through owning a business still sound like a fairy tale? In case you want to learn more, feel free to look into it here.
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