Introduction
A classic question that every person interested or not interested in business sooner or later comes to ask, we look at incredibly wealthy people and wonder:
But, are entrepreneurs born or made?
Well to answer this question we can use science! It has not only been of interest to you but indeed, several studies have been done to find out whether, on average, millionaire or billionaire entrepreneurs come from families that are already very wealthy or not… I am already announcing right now that the results that I have found nothing short of AMAZING.
Get Ready.
What do the studies say?
But then what is the answer? Are entrepreneurs born or made?
Contrary to what your family members keep telling you, trying to make you believe it is impossible, some studies show results that are nothing short of astonishing. Take the Wealth-X study as an example, the results speak for themselves, 68% of people with a net worth of at least 30 million, did it on their own, they were not born rich. Crazy right?
Let’s take Fidelity’s study instead, which shows even more interesting results 88% of millionaires, are self-made. In this case, the study is more broad and general, but the answers it gives are clear.
Most are self-made.
So what makes an entrepreneur so rich?
The answers may seem trivial, but unfortunately, we cannot escape them. No, it is not dark magic, prayers, or some friendship (at least in most cases). The reasons seem to be almost always: hard work, perseverance, and dedication.
We cannot pretend that these are not integral to success.
But there seems to be another interesting element that continually appears in every successful entrepreneur… Smart investments. Too often we use our money in stupid and unnecessary ways, these people do not. It is always good to prepare and understand how to use our money in the most appropriate way possible, which is precisely why I wrote a post recommending some books that might help you in this, go check them out here.
Some examples
There are some very famous examples of self-made entrepreneurs that we can observe with our own eyes, partly because these people are quite media exposure. Sara Blakely (founder of Spanx), Oprah Winfrey (founder of the eponymous program The Oprah Winfrey Show), Warren Buffett (the largest shareholder in the world) and, despite being the “poorest” on the list, 50 Cent now owns an empire.
A woman like Oprah Winfrey who started from nothing, lived almost her entire childhood with her grandmother and attended the University of Tennessee where she majored in communications. She began working very early in the world of television but was continually treated without due respect, with no one recognizing her merit. She then decided to take the plunge and open HIS show, called precisely “The Oprah Winfrey Show.” The rest is history; she now boasts a fortune of $3 billion.
Fifty’s story is even more tragic. He lives almost exclusively with his grandparents, his father is not present while his mother is shot when he is just a young boy. He falls into the drug business and starts dealing, just when he seems to have found the light at the end of the tunnel and is close to releasing his first album, was shot and the record company stops any kind of collaboration. Even that can’t stop him; he will become one of the most famous rappers on the planet as well as a shrewd $50 million-plus businessman.
Conclusion
What I feel like saying is that it is not your starting situation that determines whether you will be a successful entrepreneur or not. I am sure that every person interested in succeeding can. Don’t look for silly excuses to avoid work, the best thing to do is to start and try, not everyone will be well, but everyone can contribute and try.
Don’t limit yourselves. Never.