In this post, we find out. Read on to learn more.
For some people, becoming an entrepreneur is less of a lifestyle choice and more of a calling. They have a vision in their minds for what they would like the world to be like, and they want to see it through to completion, come hell or high water.
Good examples of visionary entrepreneurs include Elon Musk and Richard Branson. For these individuals, it’s less about the money and more about what they can do to solve problems. They have an idea in their minds about what they would like the world to be like, and they are pursuing it with all their vigor. Any money they receive is a nice side-effect, but not really something they focus on.
For other entrepreneurs, personal gratification is the aim of the game. They want people to remember their name throughout history.
Donald Trump is a good example of this. The property mogul and former US president stamped his name over all his buildings and brands in a way that the visionary entrepreneurs simply don’t.
For some, the calling is leadership. Some people are just excellent at motivating others to succeed.
Steve Jobs is a good example of this type of entrepreneur. Sure, he was an innovator and, in many ways, not a particularly pleasant person to be around, but he had a knack for bringing out the best in people. Apple grew from a small team of computer geeks working in a shed to one of the biggest enterprises in the world, able to compete directly with the likes of Microsoft in the 1980s and 1990s. In fact, Apple was so successful that it actually forced a shift in its rival’s business model, having outcompeted it so successfully in the computer hardware market.
Many entrepreneurs get into the game because they want wealth – real wealth, way beyond anything you could achieve working a nine-to-five.
Many begin by purchasing virtual address services to keep their costs down. They then create business systems that generate cash and can scale, year on year.
When a concept is successful, other investors begin to notice. They then pile their money into the firm as well, accelerating its development dramatically. This further accelerates the wealth accumulation process, so long as the idea is successful.
Peter Thiel is a good example of an entrepreneur seeking wealth. He saw the success that Facebook would have in the early 2000s and became a large holder of private equity. When he later sold his stock, he was able to make billions of dollars in a short space of time.
Lastly, some entrepreneurs get into the game because they want absolute financial freedom. Tony Robbins counts as one of these. The life coach-come-guru is famous for amassing tremendous wealth by sharing his simple success messages, both to regular individuals and the rich and famous.