Recent statistics say that more than one hundred thousand people become millionaires in America every year. The vast majority of these people are business owners. So this basically means that if you want the highest odds of becoming a millionaire in the United States then the best place to begin is by starting your own business.
Any entrepreneur will tell you that becoming a millionaire is not an easy thing to do. You must posses certain qualities in order to be successful at business ownership. Many of these qualities are already built in to your personality, while others will be strengthened and developed over time. The key is being able to identify your weak characteristics, and take the steps to strengthen them.
All successful entrepreneurs have the ability to lead people, and get work done. To be a successful business owner you need to be able to effectively plan, motivate, coach, and evaluate your staff. You must be concerned about the well being of your staff because they are what is keeping your business alive.
Many studies have shown that most of today’s successful business men consider common sense as being the foundation to their success. You can define common sense as an ability to make sound judgements on issues that you encounter in your every day life. Your judgement is dependent upon acquired knowledge and past experiences. With a combination of the two you are able to understand complex issues easier in simpler terms.
You will have a much higher chance of success with your business if you stick with a field that you have a deep knowledge and understanding of. Studies have shown that about fifty percent of home-based business start ups were launched by those who had prior knowledge in the industry with another company. Approximately forty-five percent of all start ups fail to stay alive for more than two years because the owners did not know enough about the industry before investing in it.