The things we do to be an entrepreneur

The things we do to be an entrepreneur

“How did you make your first million dollars and how can you repeat that process?”

This is the million-dollar question I saw in a recent Quora post:

The answers were vast, even a few spam bots selling you the next shiny object.

Overall, the different stories told by members broke down to 6 Ways to Make Your First Million Dollars.

Earn an Above-Average Salary, Invest in Mutual Funds, and Wait a Decade

This is the most common, boring, and low-risk way to make $1 million. If you can make six figures in salary and avoid serious personal finance mistakes (e.g., credit card debt, over-concentrated risk exposure), you’ll reach your first million. Slowly.

Own Stock in a Startup

One person made their first million in their late 30s by negotiating a deal where they earned stock in lieu of part of their salary. When the company exited, the early employee’s stock became millions.

One startup employee mentioned how they leaped from a $230,000 net worth to $3,000,000 liquid because their company filed for an IPO. No risk, no reward.

Pick a “Winning” Company Stock at the Right Time

One person said they bought NVDA in 2011 at $17 a share. “The stock traded below my buy price for 2 years and 10 months,” the millionaire shared on Quora.

At the time of this writing, NVDA trades at $596.54 a share. That is a 3,505.88% return.

Family Inheritance

First, this is not a repeatable process. Whether it’s lump sums of cash or paid-off residences, inheriting assets from deceased relatives can catapult one’s net worth above a million in short time.

Most recipients seemed to use the inheritance money to pay off debt and buy a house outright.

High Commission Sales Jobs

One millionaire got into a sports and media agency at age 27 and became a sports agent working off commission. He took a base salary of $50,000. However, he makes a 7.5% commission on clients who pull in around $73 million from contracts alone.

So if you’re good at sales (most entrepreneurs are), you can figure out a way to scale your net worth to seven figures.

Own a Real Estate Portfolio

The millionaire who wrote the longest answer said he got his start in real estate, beginning with a $405k house he rented to his college friends and sold for $120,000 profit after graduation. This opened his eyes to real estate as a wealth-building tool.

He eventually accumulated 11 buildings worth $3.5 million… by raising $500,000 in cash from friends and family (almost none of it was his own money, he admits). So the lesson is real estate is a proven path to a net worth of a million dollars.

There are many ways to build wealth in America, but for me there are 3 different ways that produce the

1. Build your own business

2. Invest in the stock market or a business

3. Build a real estate portfolio

That’s it. Everything else isn’t sustainable or repeatable, or could be lost instantly. Only these three build true wealth in the USA.

So ask yourself, do you have a plan to use one of these?

If not, it’s time to get rolling.

'I’m Going To Change The Game

It's a phrase dripping with ambition and intent, yet how often does someone genuinely change the entire game? 

Most 'innovations' are just rebranded versions of existing concepts – which isn’t necessarily a bad thing!

But what if instead of focusing on changing the game (which probably means reinventing the wheel)... 

We consider changing how the game is played? 

It's about taking the existing framework and twisting, turning, and tweaking it to create a fresh approach. 

Your unique perspective, creativity, and experiences can bring a new flavor to the old.

Taking the best from what already works and envisioning the potential of everything else that's possible.

So the next time you feel the itch to "change the game," 

It’s already been done countless times. 

Instead change your strategies, the tactics, and the methods.

This is where the real potential for growth is possible. 

Rooting for ya!

~Nate Kennedy

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