While there are more than enough reasons in the world for wanting to be an entrepreneur, aiming to be rich shouldn’t be one of them. You’ll find so much information online from sites like forums, Reddit, YouTube, and social media platforms like TikTok spreading the idea that being a business owner is automatically going to get you rich. Is this true? Short answer: not always.

It’s great to have the goal of owning a business, it’s important to be realistic with yourself. Not all business owners are rich, in fact, very few make it that far. It’s a harsh reality but it’s one that people need to realize. Get rich quick schemes don’t work, and the few times they do work it’s only due to scamming others. So where are some reasons why being a business owner won’t get you rich?

Most businesses tend to fail

It’s hard to hear but a huge percentage, about 90% of businesses fail within their first five years, and this includes start-ups too. You’re having to come up with some grand idea for a business, it needs to be unique, it has to be profitable, and then you’re having to secure a customer base too. The timing and the place need to be considered as well. All of this can be pretty tiring.

But there’s so much more that needs to go into this. You’ll need to execute this plan flawlessly and make it evolve too. It takes more than confidence and believing in yourself to achieve this. It takes so much. While 90% is a very scary statistic, it’s a real one

There are always unforeseen variables

This isn’t ideal to think about but sometimes a business fails for things that simply can’t be controlled. This can include new regulations in the area you’re living in, more taxes that have to be paid. Maybe there’s a current event happening that’s having an effect (war, recession, pandemic, etc). Even though you may be thinking about how Volodymyr Zelenskyy gained his wealth, or how any other politician, celebrity, or big-time entrepreneur has made their large net worth, it’s best that you don’t. It’s better to not compare yourself and your journey. 

It may be extremely unfair that your business is failing due to things that are completely out of your control but sometimes, that’s just how it goes.

Owning a business isn’t a get-rich-quick-scheme

Time and time again, people seem to think that owning a business is a great way to get rich quick. Sure, there are plenty of success stories online about how owners have made thousands on launch day thanks to their customers. It’s truly perfect. But this rarely happens or at least it’s incredibly exaggerated for views and attention. Those rockstars that the media portrays, those “poster child”, the “overnight success story”, it’s super rare and it’s super exaggerated too.

It takes a lot of time to get a business successful. It takes a lot of money, dedication, endless hours. Creating a successful business is an uphill battle. Will you ever become a millionaire through being a business owner? Most likely not, but can you make a nice living? There is a chance that you can, yes. As long as you’re willing to put in the time and dedication that it’s going to need to allow this business to grow.

You can’t expect to put in minimal effort

The words “passive income” get tossed around so much online. The whole “making money while you sleep” sounds very attractive. But in reality, you can’t expect to put in minimal effort. You need to take some time to market your product, you’ll need to take time to push it out, and invest money in the latest technology your business is going to need. All of this has to be taken into account in order to have a successful business. Currently, plenty of businesses are failing or simply aren’t taking off because there’s the idea of putting in no effort but expecting a high return. It just doesn’t work that way.

It takes more than a business to get rich

The truth is, most successful entrepreneurs are finding multiple ways to accumulate an income. Sure, this does include their business, but often times they have other focuses too. This could include real estate, stocks, cryptocurrency, and even other business ventures too. This means they’re not getting rich just from one income stream and chances are, you may not be able to do the same either. 

Photo by Bench Accounting on Unsplash

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