For many, the path to substantial wealth through a traditional salary can span decades. However, entrepreneurship offers a potentially accelerated route, empowering individuals to build businesses, scale income, and cultivate multiple sources of wealth.
This perspective comes from Tom Corley, a CPA, Certified Financial Planner, and author of Rich Habits: The Routines Millionaires Use Daily That Will Help You Build Wealth. Over five years, Corley meticulously studied the daily routines of 233 wealthy individuals, including 177 self-made millionaires, contrasting them with 128 individuals living in poverty.
His research unveiled a significant disparity in wealth accumulation speed between those who built fortunes through entrepreneurship and those who followed a conventional saving-and-investing strategy. According to Corley's "Rich Habits Study," "Saver-Investors" typically took 32 years to amass $3.3 million, while entrepreneurs reached an average of $7.4 million in just 12 years.
The Entrepreneurial Edge in Wealth Creation
Entrepreneurs possess distinct advantages, including the ability to scale their ventures, develop diverse income streams, and exert greater control over their financial destinies compared to employees reliant on fixed salaries. Yet, Corley emphasizes that simply starting a business isn't enough; specific habits are paramount for a business owner to successfully build and retain wealth.
Six Habits for Entrepreneurial Success and Wealth
1. Set Clear, Actionable Goals
Goal-setting was a pervasive trait among the wealthy individuals in Corley's study, with 80% of self-made millionaires consistently setting and pursuing specific, long-term objectives. For entrepreneurs, this translates into defining revenue targets, customer acquisition numbers, or product launch timelines. The core principle is transforming grand ambitions into manageable, daily tasks. Corley also noted a "do it now" mentality among successful entrepreneurs, prompting immediate action rather than procrastination. His advice is straightforward: identify one major business goal for the upcoming year and break it down into monthly and daily milestones.
2. Commit to Continuous Learning
Operating a business demands that entrepreneurs constantly update their skills and industry knowledge. Corley's research indicated that 88% of millionaires dedicated at least 30 minutes daily to self-education, which included reading personal development books and staying abreast of industry trends. This contrasted sharply with individuals in the poverty group, where 77% spent over an hour daily on activities like watching television, streaming, reading fiction, or engaging on social media—activities Corley classified as time-wasters. Aspiring entrepreneurs are encouraged to replace at least 30 minutes of social media use with a business book, an industry podcast, or a relevant journal.
3. Manage Expenses and Reinvest Profits Wisely
Frugality is another habit Corley associates with wealth creation. While "Saver-Investor" millionaires typically saved 20% or more of their net income for investment, entrepreneurs can apply this discipline differently. Instead of merely saving surplus income, they can strategically reinvest profits back into their business through marketing initiatives, product development, technology upgrades, or hiring. Corley recommends keeping personal expenses in check, suggesting limits such as 25% of net income on housing, 15% on food, 10% on entertainment, and 5% on vacations. He also advises allocating 20% of company profits into a business savings account to build funds for expansion or a financial buffer.
4. Cultivate Strong Professional Relationships
For entrepreneurs, the right professional network can be as invaluable as capital or skills. Corley's study found that 93% of millionaires attributed their success almost entirely to mentors. Mentors provide guidance, share proven processes, explain effective strategies, and introduce entrepreneurs to influential individuals. He refers to these as "Power Relationships"—connections with optimistic, success-oriented people who contribute to personal and professional growth. For those starting out, this could involve seeking a mentor, asking for specific advice, and also paying it forward by mentoring others.
5. Embrace Calculated Risk-Taking
Starting and operating a business inherently involves risk, but successful entrepreneurs do not rely on mere speculation. Corley's research revealed that 27% of millionaires had experienced at least one business failure. The crucial distinction, he argues, was their capacity to learn from these setbacks and integrate that experience into future decisions. Strategies such as market research, mentorship, and testing ideas on a smaller scale can help entrepreneurs understand potential risks before committing significant capital or resources. His recommendation is to pilot a business idea through a small-scale program before making a larger investment.
6. Prioritize Health and a Positive Mindset
Building a business often demands long hours and intense focus, making physical and mental well-being critical for entrepreneurs. Corley's study indicated that 76% of millionaires exercised regularly, linking physical activity to sustained energy, enhanced focus, resilience, and improved decision-making. His "rich thinking" approach also encompasses managing negative emotions and maintaining an optimistic outlook. Corley suggests dedicating approximately 30 minutes daily to exercise, whether it's walking, yoga, weights, or resistance training, alongside practicing gratitude.
Beyond these habits, Corley stresses that passion remains vital for entrepreneurs to stay committed when facing setbacks, mistakes, or rejection. Passion makes the work more enjoyable and provides the energy and persistence needed to navigate difficult periods. However, even what Corley describes as the entrepreneurial fast track to wealth is not an overnight process, with his research indicating an average timeline of 12 years for entrepreneurs to achieve multimillion-dollar wealth.
While Corley argues that entrepreneurship can accelerate wealth creation, he acknowledges that individual habits are not the sole determinants of financial outcomes, and critics have pointed to systemic factors. Nevertheless, his research highlights actionable behaviors that individuals can control. For aspiring entrepreneurs, the overarching lesson is that launching a business is just one component; consistently applying these habits can significantly influence how effectively a business opportunity translates into long-term wealth.