Most people just don’t understand what being an entrepreneur is all about. For some odd reason, we tend to think of entrepreneurs as being successful and wealthy, but that isn’t always the case. Some entrepreneurs literally lose their shirts on a venture they are starting up whilst others make a virtual killing, growing money at a rate far faster than they’ll ever be able to spend it.
So why is it that some entrepreneurs number amongst the world’s wealthiest people and how do they keep getting wealthier by the day? That’s a very good question and one which might be easily answered if you just take a look at what the wealthiest entrepreneurs have in common.
Willing to take risks
You have probably heard the old cliché, ‘going out on a limb.’ Of course you know that the saying stems from putting a huge amount of weight in one place tenuously held to the core by a single connection. Most people are afraid to go out on a limb when it comes to investing and entrepreneurs are just ordinary people like you. Some never seem to grow because they are unwilling to step out into the dark without sound footing underneath. The wealthiest entrepreneurs are not afraid to take risks. Yes, they might lose everything but with sound advice and a handle on the market, they can grow their wealth beyond measure simply because they are willing to take risks and invest huge amounts of money.
Top notch financial advisers
What separates wealthy entrepreneurs from all others is their acceptance of the fact that they don’t know everything. This is especially true when it comes to finances and investments. The wealthiest entrepreneurs know enough to get investment advice and strategies from some of the richest financial advisers on the planet. For example, Kenneth Fisher, founder and CEO of Fisher Investments UK is one of the top 500 richest people on earth. That may not seem that significant, but when you consider that there are about 7.5 billion people on earth, that’s mighty rich. The wealthiest entrepreneurs know who to trust for investment strategies.
Another thing that the world’s wealthiest entrepreneurs have in common is a widely diversified portfolio. Few wealthy people put all their eggs in one basket, but unfortunately, that is just what most investors do today. If you take a look at where entrepreneurs are placing their profits, you would see that these highly successful (and wealthy!) people are going global with their investments. Too many people only invest in stocks and financial products arising from their own countries. The richest people in the world have a portfolio that has holdings from an assortment of countries around the globe.
Vigilant scrutiny of the market
Wealthy entrepreneurs have one other common trait and that is their understanding that it is up to them to follow the market. A day should not go by without looking at what is performing well and what investments are a disappointment. Wealthy entrepreneurs take the time to study the market so that they can make wise choices in investing. They may have a financial adviser, but the most successful entrepreneurs know that they need to take ownership of everything from hiring a secretary to making the final decision on investments.
Once you begin looking at the world’s wealthiest entrepreneurs you will see that they all have a great number of things in common. As an entrepreneur, you need to learn how to invest your profits so that they can continue growing in the background whilst you work to grow your business. The world’s wealthiest entrepreneurs take ownership of their finances and as a result, will simply continue to grow wealth along the way.