With only a rare few being able to make their way to being self-made millionaires, it is important to study the lives of these business owners and learn from them. In a study by U.S. Trust, a part of the Bank of America, 242 business owners were surveyed on their entrepreneurship journey.
TIME shared their thoughts on the study and took note of five career lessons that other business owners can learn from these self-made millionaires. The participants each had at least $3 million in investable assets.
First, U.S. Trust's survey revealed that most business owners revealed that a third of today's wealthiest entrepreneurs started from middle class or poor backgrounds and worked their way up. These business owners admitted that they were raised in a home that fostered discipline, talents and early work participation.
Second, about 40 percent of the participants work with their families. Moreover, they see their family's involvement as a competitive advantage.
Third, although these leaders believe that business ownership is more challenging, they still prefer to own a business rather than work for someone else. Eight in 10 entrepreneurs admitted that they would rather be their own boss.
Fourth, this desire is said to be driven by a need to take control of their destiny as well as to pursue their passions - and not to make a lot of money. Majority of the participants did feel that business owners earn more than employees.
Lastly, a large percentage of the respondents revealed that most of their income and assets are tied to their business. However, majority still do not have an exit strategy in mind.
The greatest concerns that these business owners currently struggle with are on the impact that events, which are out of their control, will have on their businesses. The 2016 Presidential election is the top concern, followed by cyber-attacks.
Personal income tax rates are revealed to be of greater concern for the respondents as compared to corporate taxes. The participants worried the least about the increase in minimum wage as well as access to funding.
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