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Get off your Ass and start something

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What makes an entrepreneur?

This is a complex question. it includes factors from the environment in which an individual was raised, his/her family situation and his/her personality traits. This question has been subject of debate and great deal of the study and research for a long time.

If you had asked a person in the 1960’s what made a successful entrepreneur, the feedback would have been summarized as follows:

  • Male
  • Probably an only child or from a family of two
  • About 35-50 year old
  • Born in the city
  • Father was successful in business etc

Should you be perturbed or concerned if you do not fit any of the stereotypes? Absolutely not! Very few, sometimes none of these factors determine whether an entrepreneur succeeds or fails.

However, recent researches and observations seem to always indicate qualities commonly found in successful entrepreneurs and entrepreneurial ventures but i would rather focus on this little differently, as i believe it is equally as important to consider those traits that successful entrepreneurs usually do not have those traits that simply do not matter. For instance age, gender, marital status or educational qualification have nothing to do with starting a business. A recent survey indicated that a greater percentage of teenagers and youth, than adult were interested in some day launching their own business. This may be the result of high visibility role models or the result of hearing their parents discussing whether or not they will survive the next major downsizing and / or lay off in their companies.

it is widely believed that the most important reason to start a business is to make a lot of money, that is, profit orientation. My personal believe is that financial gain is just one of many reasons to start a company and not necessarily the most important.

Every year , Forbes magazine devotes almost an entire issue to list some of the wealthiest people in the world, along with the estimates of each person’s net worth at that time. It is fascinating to note that more than half of the top 100 people on the lists made their fortune by starting their own buiness.

Below is five(5) best way to get rich

  1. The best way to be rich is to be born rich.No close second.If you carefully look at the Forbes list, a few people that did not start their own business became rich by inheritance.
  2. The second best way by a margin to marry rich. This is a problem since many people are quite young when they married and aren’t smart enough to recognize the importance of picking a wealthy spouse.
  3. Third place is to win a lottery. This definitely has lower probability than being born rich.
  4. Fourth place, in a close finish is to be in show business, that is, be an Elvis Presley,Michael Jackson,Fela Anikulapo Kuti, etc. Show business unfortunately also requires that you have some special talent.
  5. The fifth way is to start a company.

Note that the first four ways are not available to everybody. We cannot all be born rich,We cannot all marry rich, we cannot all win lotteries, we don’t all have the requisite talent to be in show business, But we can all start a business/company. The fifth way is the only way that is available to all and most of us and clearly has the best odds.

There is no doubt in my mind that the only opportunity available to most people to make a lot of money is to start a business. I agree that we cannot all start a business for many obvious reasons, But it’s open to all. The prospect for large financial reward may not be your primary motivation for starting a business but it certainly has a lot of appeal.

Also be aware that the potential for huge returns is there and the downside in comparison can be acceptably low. Ask me!

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