Most of the entrepreneurs that I've met are dreamers and optimists. I'm sure that most get into it wishing to make it rich (I'm betting most of the ones that want to make the world a better place also hope to get a little rich along the way). Most don't succeed.
But that life is definitely sustainable. You might not have the biggest house and nicest car, but you should definitely be able to live an OK life. It gets more difficult as you have dependants, but some things will work, some things wont, and overall you just kind of hope it works out in the long run. There are no guarantees, but I don't know many people who pursue that life and end up on the street.
I wouldn't say I live a truly cutting edge entrepreneurial life but in 20 years of "adulthood" I have never had a "real job", I've gotten married, two kids, nice house in a leafy part of London. I drive a Mazda rather than a Ferrari so I'm definitely not where I'd like to be, but life is pretty good.
Don't worry about the future too much and just go for it, things will work out.
Some people become entrepreneurs because they want to make loads of money. Others do it for the freedom and lifestyle it affords them. It just depends on what your priorities are. Personally, I prefer setting my own hours over driving a BMW.
The question is what percentage of successful entrepreneurs are really concerned with living rich and how many are just after the freedom. Looking at it in terms of expected value of a startup there would be far better ways for one to focus solely on making money if that was the only goal.
The author presupposes the goal of being an entrepreneur is getting rich. Yet his outlier examples all infamously eschewed lavishesness. They were about building something to impact humanity.
No doubt many successful entrepreneurs have a goal of wealth in mind, but for what aim? I can justify my efforts at financial independence to live freely and not to live under any conditions which compromise my personal ethics, as one priceless example.
I hear this argument a lot. Why would lifestyles become more expensive if you become an exec but not a successful entrepreneur? Successful entrepreneurs like fancy, nice things too.
That doesn't seem correct either. Extremes at either end are where entrepreneurs tend to live. Most people have to be willing to be poor, lose everything, and fail miserably in order to have a chance to be rich and live the life they want.
This life obviously doesn't appeal to everyone, and many entrepreneurs manage to keep a balanced life. But at some point they'll get outmaneuvered by the ones who move faster and just want it more (and are willing to take the chance of flaming out in a big way).
This entire comment is predicated on the assumption that getting rich is the underlying reason entrepreneurs build businesses. I disagree with this assumption.
Other:
Money isn't everything, and I'd rather have relationships and free time over the need to build something. If I really need to build something from the ground up I go into my garage. I make good money, work at a startup (but not a founder) and if it hits big, I'll get some of the payout, but I won't be a millionaire. Unlike the founders though I'll have a relaxing life! Money and fame isn't everything.
You assume most people/entrepreneurs want to be rich and have a lifestyle.
And it sounds like your view of the process cones from only examining high profile winners. It's like basing your opinion of music or sports as a career based on the highly improbable success of the musicians and athletes you've heard of.
I imagine that there are some people, especially in finance, who do what they do purely for money and lifestyle, but the "entrepreneurs" I admire would do what they do for free.
I think there's some kind of echo chamber or distortion field among entrepreneurs, which makes them believe everyone's goal in life is entrepreneurship, "being your own boss" and some nebulous idea of "success".
It's really not. I'd much rather minimize the amount of stress and working hours in my life, thank you very much.
I believe the major assumption is actually that getting rich is the underlying reason entrepreneurs build businesses that they are not passionate about. Of course, "getting rich" could be something to be passionate about, but I don't think that precludes other sources of motivation.
It all comes down to the yuppies (myself included) wanting to get ahead. The dream of becoming a wealthy entrepreneur is what keeps me from being satisfied working 40 hours a week and reading and relaxing after that, for better or for worse! Also the dream of injecting wealth into my larger family for generations to come.
Entrepreneurs won't spend their time reading reddit.
If they do they won't reply to those questions. I have friends that are terrible rich by earning it and the first thing they learn is that life is better when few people know about it. (Thieves, kidnappers and envious get out of your life). They life normal lives.
Rich, powerful, and famous is probably the end goal for most entrepreneurs.
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