Become rich as an entrepreneur: from dishwasher to millionaire?

Many People have millions ideas. They believe their new product or service will make them rich and make all their dreams come true. But there is a catch.

Entrepreneurs instead of employees

The Problem is that most people don't know how to turn their million dollar idea into an actual million. Why can't people turn their idea into millions of dollars? Because most people learned in school to be employees and not entrepreneurs.

That's why most people are told, "Learn something and then get a job." You never hear, "Go to school and learn how to create jobs," which the successful entrepreneurs do. Most people go to school to learn how to for Money works, for a regular salary. Few learn to create money, so they never need a salary. If you've read Rich Dad Poor Dad, you might remember my rich dad's first lesson, which was, "The rich don't work for money."* Entrepreneurs have understood that lesson, and they are finding it waysto make the money work for them and assets build that provides both cash flow and an asset.

David, Goliath and Schumpeter

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There are three different types of entrepreneurs in the world Welt: Davids, Goliaths and Schumpeters.

1. The Goliaths are entrepreneurs like Steve Jobs, the founder of Apple Inc., one of the richest companies in America. Other Goliaths include Larry Ellison, founder of Oracle, Henry Ford, founder of Ford Motor Company, Bill Gates, founder of Microsoft, Thomas Edison, founder of General Electric, Richard Branson, founder of Virgin, and Walt Disney, founder of Walt Disney Company. It is important to remember that all of these Goliaths started out as Schumpeters, that is, they were innovative entrepreneurs doing creative destruction in their industry.
2. And we shouldn't forget that at some point they were all David - Davids who contested the Goliaths' top position. There is a film about the young Bill Gates and Steve Jobs, Pirates of Silicon Valley, how they attacked the Goliaths IBM and Xerox. The film describes how Bill Gates "stole" the PC business from the mainframe giant IBM; and Steve Jobs "stole" what later became the Xerox concept of what would be the mouse and the Macintosh. Watching Pirates of Silicon Valley is a must for the Schumpeters and Davids of the world, the brave little ones who declare war on the giants ... and eventually become giants themselves.
3. The story of Richard Branson has a similar theme: a rock 'n' roll entrepreneur became a David when he had the nerve to fight the world-famous airline British Airways with his start-up company Virgin Airways. Today, the Virgin companies are "giant killers" who chase the fat, lazy, bloated and expensive giant companies. Not all Davids are Goliath killers. Some Schumpeters become Goliaths by inventing products that change the world.
4. Thomas Edison, for example, went from a Schumpeter to a David and then a Goliath when he invented the light bulb and eventually founded General Electric. Mark Zuckerberg started out as a Schumpeter in his dorm at Harvard University when he was at Facebook worked. He became a David when he facedebook expanded to other college locations. And as he expanded all over the world, he became a Goliath. Elon Musk went from a Schumpeter to a David and then a Goliath when his company SpaceX competed with NASA. Then Elon with his company Tesla turned to automotive giants like General Motors when making electric cars sporty and sexy.

You don't have to be a David or a Goliath to change the world. Even Schumpeters can change the world by being like trim tabs on an airplane act.

Bad advice is expensive

A few months ago I spoke to my doctor who proudly told me he had become a millionaire. "I've finally made over $1 million." I congratulated him, and since we're friends too, I didn't have to be afraid to ask, "How much. How much?" Taxes did you pay?” “About $700.000,” he replied, embarrassed. "That's a lot of money," I managed, gasping for air. "And how much do you pay in taxes?" he asked. "I know you make more than I do." "I pay a lot less than $700.000," I replied. "And I make more than you do. A lot more... but what I'm paying Father State is a lot less." "What should I do?" he asked. "Fire your accountant."

I've had to consult many accountants, attorneys, CEOs, presidents, and other so-called professionals over the years Adviser fire. I've had accountants and lawyers from reputable, well-known firms who were hopelessly bad. So I meant it when I told my doctor, "Fire your accountant." If you've read my other books, you'll know that I write a lot about the importance of getting an accountant Team to have. In this book, you will hear from my team. True honor is due to him. The rich dad advisors, together with other entrepreneurs in the rich dad team, will share their expertise as well as the successes, challenges and failures that entrepreneurship brings with it. My team is much more important than money, because without them I probably wouldn't have any money.

Why networks are important

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To Opinions of many social scientists is the social and professional Network the most important thing in a person's life. In other words, the people around you, your team, and the people you work with. When you are surrounded by poor people, you will likely be poor. As the saying goes: "Equal and equal like to join." The CASHFLOW quadrant represents the four different personalities in the business world. Remember that there are entrepreneurs in three of the four quadrants: S, B, and I.

• E stands for employee
• S stands for self-employed
• B stands for big business (more than 500 employees)
• I stands for investor

My doctor is an entrepreneur in the S quadrant ... and S can also stand for specialists, small entrepreneurs, smart and star, such as professional athletes and film stars. Before parting with his accountant, he asked, "Who should I talk to when I fire my accountant?" I gave him three names: Tom Wheelwright, my accountant, Garrett Sutton, my attorney, and Ken McElroy, my partner for Real estate investments. "Why do I have to call all three?" He asked. "Because corporate management is a team sport and they're all part of my team," I replied. »We have been working together for years. We made millions together. I entrust my life to them. ”“ But why three? ”Asked the doctor.

Because it takes three different advisors to raise money to earn, to protect this money from taxes and from our enemies. If I didn't have these three partners, I would be like you: I'd make millions, but pay too much in taxes and worry that money sharks will mean me through the legal system wealth want to steal. "You mean trials?" he asked. I nodded. »Processes and taxes. You see, if you're planning to get rich, you need to know how to protect yourself before you get rich.” My doctor had another question: “Why didn't my accountant give me that advice?” It's real the million dollar question, right? And the answer to that is, "I don't know." My friend would have to ask his accountant that.

How to protect wealth as an entrepreneur

What I do know, however, is that my previous tax advisors didn't really know how to protect my wealth either. They were smart and expensive. When I realized they didn't know or understand why I was investing in real estate, I let them go. When another accounting firm suggested I should do all of my real estate merchandise and in mutual funds invest, I fired her immediately. They may be intelligent tax advisors to people in the E quadrant, but they were not intelligent accountants to people in the I quadrant.

Almost everyone can be an entrepreneur. There was a young girl in my neighborhood who offered a babysitting service. Her parents allowed her to look after toddlers of different ages in the family home in the evenings. The parents gave up their children and gladly paid her a fee to enjoy an evening without the children. As soon as her protégés fell asleep, the young entrepreneur did her homework, earning $ 10 an hour per child. On Saturday nights, she was most concerned with caring for seven children, earning $ 70 an hour, plus a tip. Not bad for a 15 year old girl. With her income she mainly financed her tuition fees. In other words, she reinvested her money and became a wealthier entrepreneur.

I don't know if she paid taxes. This is only your business, your conscience and the tax office. The point is that anyone can be an entrepreneur. The problem is that very few entrepreneurs get rich. Statistics show that most entrepreneurs don't get rich. In fact, many small business owners make less than their employees. The small business owners make less because they keep working when that Shop is already closed and their Employees went home after work. If you count the number of hours the small business owner works and how much they are paid, many are paid less than their employees.

Being an entrepreneur is a full-time job

A newspaper article was recently published about a friend who is an entrepreneur. The newspaper said she was making $80.000 a month. I am for sure, many people gasped when they read this amount. Later, as I sat with her over coffee, I asked, “How much of that $80.000 a month do you keep?” Smiling, she said, “None of it. I reinvest every penny to get the Company to advance. We live on my husband's salary.« You are an entrepreneur around the clock, seven days a week. Even if they don't work physically, most work mentally or have emotionally upsetting concerns. Employees can go home or take vacations. Most entrepreneurs cannot do this. I heard Bill Gates didn't take a day off for eight years building Microsoft. I emphasize this because many employees think »Executive« to be is easy. Many employees think they do all the work and the boss does light and gets all the money.

A lot of employees think the boss doesn't work as hard as they do because employees and contractors do different kinds of work, different kinds of work Competencies require. Statistics show that nine out of ten small businesses fail within the first five years because most employees, even college graduates with advanced degrees like MBAs, don't have the essential skills needed to be an entrepreneur. Even worse is that in the next five years, nine out of ten Companys, which survived the first five years, in turn fail. I know that. I also entered into these statistics. I've had far more failures than successes. I'm pretty sure most white-collar workers don't become entrepreneurs because the thought of failing - and not getting a steady wage - puts them off. who these Anxiety not check is best advised to keep his job and enjoy the perks that come with being an employee: the ability to drop his pen at 17 p.m. to spend the evening with the Family to eat and watch TV and have four weeks paid vacation every year.

What is an entrepreneur?

Entrepreneur is a big word that means something different to each person. Barron's publishes a book called the Finance and Investment Handbook and offers the following Definition of an entrepreneur: “A person who Risks enters into founding a new company. Many entrepreneurs have technical Background, which they use to produce a marketable product or develop a new service.”

Nice try, Barron's! On the surface, her definition fits right in. But the Significance of the word "entrepreneur" goes much deeper. As mentioned earlier, most entrepreneurs fail in the first five years because they lack the skills needed to be an entrepreneur. My neighbor the young babysitter has the technical skills to be a successful babysitter. Compared to other peers, she earned a lot of money and could do it Study finance. But even after graduating from college, she lacks the skills to build a business and become a wealthy entrepreneur. Today she is a highly paid clerk at a large medical company.

Those of you who have read my books already know that I always criticize the fact that our schools teach young people to become employees, not entrepreneurs. That's why we're all trained to memorize and then reel off the admonition, "Learn something and find a job," like a Pavlovian dog trained to saliva every time the bell rang this was the signal for dinner. We don't learn, "Go to school to start a business and create jobs." A young friend of mine recently completed his Masters in Entrepreneurship. He said a lot of faculty spent a lot of time teaching his class how to do one Curriculum vitae writes ... to get a high paying job. Are you kidding? Real entrepreneurs don't focus on resumes. Real entrepreneurs are constantly evaluating résumés and hiring employees whose résumés reflect the skillsspiegeln that the team needs.

Serial entrepreneurs and world changers: There are different entrepreneurs

Entrepreneurs come in many, many different shapes, sizes and styles. Another of my neighbors is a doctor and runs a private practice. He's an entrepreneur. Another man, in the same neighborhood, is also a doctor and quit his job at a large hospital to start a business working on a new drug to cure a brain disease. He and his Ms. had financial difficulties for six years while their new drug went through the state approval process. Three other neighbors are large real estate developers.

Another neighbor is a real estate agent who does not develop real estate but sells it. She is an entrepreneur and owns a medium-sized real estate company. Two other neighbors own professional sports teams, baseball and basketball. They are sports entrepreneurs who employ professional athletes and coaches and pay millions of dollars a year to some of the athletes. A couple of my neighbors are the coaches of these teams, employees of the sports entrepreneurs. Artists tend to be entrepreneurs. Many artists are professional painters, musicians and actors. The Beatles were entrepreneurs: they made a fortune in the music industry. Many choose the path to becoming an entrepreneur because they hate being hired. They want to be their own boss, they want to do their own thing, and they don't like to be ordered around. Many became entrepreneurs because they cannot get a job or cannot keep a job permanently.

There are many people who are called "serial entrepreneurs." You start a company and merchandise her then. They then set up another company and sell it as well. They're like the people who buy real estate just for the sake of it fast resell as possible. And a few entrepreneurs choose this path to change the world. I put Henry Ford, Thomas Edison, Walt Disney, Steve Jobs, Bill Gates, Oprah Winfrey, Sergey Brin, Jeff Bezos, Richard Branson, and Mark Zuckerberg in this category. They affect the world for decades. In relation to this book, it is important to note that Henry Ford, Walt Disney, Thomas Edison, Steve Jobs, Bill Gates, Oprah Winfrey, Mark Zuckerberg, and Richard Branson did not graduate. These entrepreneurs may have dropped out because they didn't "want to go to school to get a job." They wanted to be entrepreneurs who would change the world, and that's exactly what they did.

Are we born as entrepreneurs?

The question many people ask is, »Are humans born entrepreneurs? Or do they first become entrepreneurs?” I think we are all born entrepreneurs. That's why at the beginning of the chapter I told the story of the high school girl with her own babysitting business. We've all seen kids with lemonade stands or the girl groups selling Girl Scout cookies. Anyone can become an entrepreneur – jung or old, highly educated or college dropouts. During the Agricultural Age, most farmers were entrepreneurs. They had a small piece of land, worked it, planted it, brought in the crops and fed their families. What they didn't need was sold. Then came the industrial age. Millions of peasants left their farms, moved to the cities where the factories were, and became employees. Today, our schools continue to train young people to be employees.

The problem is, we're in the information age now, and new technology is replacing employees. When workers go on strike and demand higher wages, the jobs are relocated abroad, to low-wage countries, or a new one Technology replaces the employee. The excitement about the »Ascent the robot« is real. In our supermarkets, cashiers are now being replaced by automated check-out stations. With lifetime job security in jeopardy, Entrepreneur is the hip new one Job. Many forecasters are predicting that the S&P 500 will be reduced to the S&P 300 because the new entrepreneurs will make 200 of today's 500 companies obsolete. This means more unemployment for millions of employees who got a job at the wrong company.

You may recall that it was Steven Sasson, an Eastman Kodak employee, who invented digital photography in 1974. Less than four decades later, in 2012, Kodak, a 131-year-old company, filed for bankruptcy. It was their own technology that put them out of business and thousands of Kodak employees Workplace costs. Today, the mantra of "go to school to get a secure job" is an outdated idea. New technologies and global competition will one day make us all redundant as employees. This may be why so many colleges around the world dormitories are becoming "incubators" for student entrepreneurs hoping to become the next Facebookto invent the next new thing ... the next company that will change the world. The problem is, most entrepreneurs never get rich even when they start a business. In fact, most entrepreneurs are little different from salaried employees who live from paycheck to paycheck. The challenge is to become a rich entrepreneur.

How important is studying for entrepreneurs?

The following is an excerpt from Forbes magazine about the importance of higher education and being an entrepreneur:

"Although 69 percent of the business owners surveyed have attended college (well above the national average), only 68 percent of this group of college graduates said they believed the education made a difference in their Success make. Compare that to 86 percent of the general population who believe college degrees stay good Investment – albeit an increasingly expensive one. Only 61 percent of all business owners felt that a college degree was very or fairly important for business success today. This number is in stark contrast to general public opinion about the value of a college degree.«

This means that if you want to be an employee or a self-employed doctor or lawyer, traditional training is important.

Taxi drivers as entrepreneurs: from dishwasher to millionaire

In 1907, Harry N. Allen, entrepreneur and imported Founders by The New York Taxicab Company, 600 internal combustion engine taxis from France. He coined the word "taxicab" and millions of people became entrepreneurs, better known as taxi drivers. Today, Uber is replacing the word "taxi," and many independent entrepreneurs are becoming Uber drivers. The question is, how long will it be before taxi drivers and Uber drivers become obsolete? How long before innovations like Google's self-driving car, a car that doesn't need a human driver, will replace both Uber drivers and cabbies? In 2014, I attended a gathering of fellow Marine Corps pilots in Pensacola, Florida. We did pilot training in Pensacola in the 1970s before going to Vietnam and we all flew in the same squadron. Not surprisingly, the old pilots' discussion with the young ones focused on the question:

"Do we still need pilots?" Many of the young pilots are learning to fly drones, not airplanes. If the Google car can replace the need for Uber drivers, will drones eliminate pilots? As a former pilot, I know that pilots are less and less flying themselves these days. Modern aircraft today can take off, fly and land without human pilots. Human pilots are reserve pilots whose sole purpose is to make passengers feel safe in case the Technology failed. In medicine, robots are able to do better work in the operating room than human surgeons. We should ask ourselves: Who else will be replaced?

Why become an entrepreneur?

These are some examples of why more and more people are becoming entrepreneurs. Technology and foreign competition make workers obsolete. The ideas of a high-paying job and a lifelong salary are very old - even outdated - ideas. Millions today recognize that an entrepreneur can be better protected than an employee. Andy Grove, co-founder and CEO of Intel Corporation, is best known for his motto, "Only the Paranoid Survive." This book is written for the paranoid, for those who become the Further education and those who want to get richer as entrepreneurs.

During the industrial age, entrepreneurs were known for creating jobs and companies. In the information age, entrepreneurs are decried as destroyers of jobs and companies. One example is the book industry. In the past, the book trade flourished in the shops. Then came Amazon, and many industrial age bookstores, such as Borders, disappeared. A few days ago I was in a grocery store and one of the women who was putting goods on the shelves stopped me and asked, "Do you remember me?" clear was I didn't remember, she said, “I was the manager of the Borders bookstore near your house. I used to organize your readings and book signings. "

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