Many people would love to be a millionaire, but think that they have to be part of a rich family or marry a celebrity in order to do so. It is true that there are rich families and there are celebrities that are well off, but most millionaires actually run their own business.
- Rich Families:
Rich families do not just have unlimited funds. Their money is often invested in a family business or other things. To keep hold of money, you have to make it work for you by investing it wisely and one way of doing this is by investing in a business. You can also start making money by running a business too.
- Failing Business:
We hear a lot of stories about people who start businesses and they fail. It can put people off starting their own business. However, it is important to realise that most millionaires run their own businesses and so it is something which could potentially be very worthwhile.
- Limitations Of Employment:
The reason that running a business is potentially better than being employed is simply that being employed is more limited. Once you work your way up through the company, there is usually a ceiling on what you can earn. Even if you are on commission, you will have a limit on how much you can earn, due to the time that you have to earn the money. However, running your own business, you could employ other people to work for you and this will increase the hours that you could put in to it.
Of course there are employees of companies that do earn huge amounts of money and are millionaires. However, these are rare and it is difficult to get to the position of CEO or chairman, but if you run your own business, you can be in that position from the start.
- How To Own A Business:
There are two ways to own a business. You can either start a business of your own and build it up from the start or you can buy a business. Buying a business is not an option for everyone, as obviously you need a certain amount of money to be able to do this. However, it is possible for some.
Starting a business is not easy. It takes a lot of time and commitment and you need to be prepared to start off by earning very little, before you build up to earning more money. You have to be self-motivated as there will be no boss there pushing you to do your work. It can be fun though as everything you are doing is benefitting you rather than the company that you are working for and this can be a big motivation for some people.
Conclusions: However, the results from running your own business can be massive. There are some people who started a business and then sold it for a lot of money or floated it on the stock market and gained a lot that way. You can even just keep the business and keep making money from it. Just make sure that it keeps making a profit and you will find that those gains will really add up and it is possible that you could become a millionaire yourself.