We are all entrepreneurs! We are not all equal.
But we can aspire and strive to be the best!
We can create generational wealth if we plan!
Entrepreneurs start businesses for many different reasons. Remember it is not who they are at that point in time, it is their mindset.
Our research highlighted that there are three types of entrepreneur:
- Survivalist entrepreneur
- Lifestyle entrepreneur
- Wealth creation entrepreneur
Survivalists are those people struggling financially who are seeking to survive. It may well be their previous business failed. They may just be poor folks living in a trying environment. But they are looking for the opportunity that will relaunch them.
The Lifestyle folk have a mindset purely focused on their quality of life. They want cars, boats, motorcycles, holiday homes and a great quality of life. These people often do not create generational wealth, as they equate wealth with assets. Most assets purchased have relatively short lifecycles and depreciating asset values, generate costs, seldom generate revenues, or both!
The last group are the Wealth Creators who are very strongly focused on wealth creation. They focus from the beginning on wealth creation, most often multi-generational wealth.
The graphic above clearly shows the 12 types of entrepreneur.
Never forget this is the current mindset of these individuals, not who they are, or will be for life.
We are all at different points in our life at different times, and it is about understanding this and adjusting our thinking accordingly.