What are the Characteristics of Entrepreneur

Here are the results from a research study on the characteristics of entrepreneur...

Two-third's of self-employed business entrepreneurs are millionaires. In-other-words these millionaires accumulate their wealth via self-employment and entrepreneurship. Thus our course in wealth management will focus on what you need to do to become a successful self-employed entrepreneur, which in turn will increase your chances of accumulating wealth.

Before we continue, let's talk about an author who provides some of the hard data for our course in wealth management. The authors name is Thomas J. Stanley, PH.D. and one of the books he co-authored is called "The Millionaire next door". Dr. Stanley has spent years doing research on the behavior and habits of the wealthy in the United States. Here are some of the results of Dr. Stanley's research on the characteristics of entrepreneur:

1) Self-employed business entrepreneurs make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of the millionaires who are self-employed consider themselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.

2) About one in five of of the self-employed business entrepreneurs (millionaires) are retired.

3) Many of the types of businesses the self-employed business entrepreneurs are in are what could be classified as dull/normal occupations. They are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.

4) These self-employed business entrepreneurs (millionaires) live well below their means. They wear inexpensive suits and drive American-made cars. Only a minority of them drive the current-model-year automobile. Only a minority ever lease a motor vehicle.

So what does all this mean and what should you learn from this? The first point you should learn from this is that becoming a millionaire is much more likely if you own your own business (are business entrepreneurs).

Another key element and characteristics of entrepreneur is that just because you see a doctor or a lawyer driving around in an expensive (fancy) sports car or living in a million dollar house, doesn't necessarily mean that they are accumulating wealth.

Some people who appear to be wealthy may in fact be living well above their means because of poor spending habits (over spending, heavy debt load and maxed out on credit cards) and may have a small net worth relative to their income level.

Another lesson to be learned is that YOU DO NOT have to be a rock star, a sports professional or a Hollywood movie star to be wealthy. As stated above most of these self-employed business entrepreneurs are in dull/normal businesses such as welding contractors, pest controllers, paving contractors and so on and so forth.

Ultimately and in the end the lesson to be learned here is that the characteristics of entrepreneur all comes down to developing good money management skills and creating an exit strategy (a solid retirement plan). 

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