ONE MILLION DOLLARS.
It’s a hell of a milestone. How long does it take to achieve?
Today I want to share with you the realities of how long the average millionaires and billionaires took to reach their first million dollars.
And if you don’t know, it’s a known thing that earning your first million is the hardest.
So let’s start with the big bad billionaires. They must’ve hit their first million pretty quickly right? Because they clearly know what they’re doing.
Well, according to VisualCapitalist.com, the average age that billionaires launched their company was 27.
And how long did it take from then?
Well, I hate to burst your entrepreneurial bubble because this won’t be as attention-grabbing or sexy as those overnight success stories you may be used to.
The average age that billionaires earned their first million was 36, which is an average of 9 years later from when they started.
How long to first $1,000,000 for millionaires?
Now let’s take away a zero or two or three and move from the billionaires to the millionaires.
Ryan Westwood is an individual that launched a study to ask 10,000 successful entrepreneurs how long it took them to hit their first million dollars.
For the vast majority, which was 63% of them, it took them 11 years or more to hit that 7-figure number.
So what does all of this show?
It shows that if you’re in the entrepreneurial game, whether full-time or part-time, one of the greatest characteristics to build up is persistence with a big ole splash of patience and resilience.
And I know that every entrepreneur has felt like they’re “lagging behind” when they hear these incredible stories of what seems like overnight successes, so sometimes, it feels like a shot to your personal ego.
What I’m here to tell you is that if you’re still in the game, you’re still better off than the majority of people who gave up after a few months or years.
When you stay in the entrepreneur game, it isn’t a matter of if you will eventually succeed, it’s when.
Why your first million dollars will come as an entrepreneur
I can personally admit that running a business is definitely one of the hardest things that I’ve done in my life. The mental rollercoasters of the ups and downs are wild.
But what I can say is that the longer you’re in the game, the more likely that the skillsets you’ve built up over making so many mistakes and constantly learning, iterating, pivoting, getting rejected, and more, the faster it is to hit a million dollars because you’ve gained the entrepreneurial experience.
What I mean by that is if, for example, Elon Musk went completely broke tomorrow and he had to start over from scratch, he wouldn’t become some homeless person that would take the average 9-11 years to hit a million again.
Instead, even if you were to take away his network and reputation, all of his business experience will propel him back to his a million bucks within a couple of years.
(Elon’s cult following would probably say he’ll make it in a month, ha!)
So if you’re like me and you know that in your core burns the entrepreneurial fire, then I’m here to tell you to remain patient and keep at it. Billionaires and millionaires have taken on average around a decade to hit their first million dollars, so don’t be discouraged.
And look, I know there are days when you feel super discouraged by it all, whether it’s a side hustle or full-time business.
Stay your course though because I don’t want your entrepreneurial fire to go out.
Practicing what I preach in the Freedom of Choice lifestyle
I’ve personally gone from full-time business owner to a job plus side-hustle.
Why? It was a personal choice I made because of what I preach in the Freedom of Choice lifestyle that I share here on my YouTube channel: I’ve set up my life professionally so that I have the option of both entrepreneurship or a high-growth career, and I decide based on the phase of life I am in.
And right now, I’ve chosen the job and side-hustle life.
I felt like after 10 years of business ownership, I reached the peak of what I could achieve on my own in lifestyle-type businesses.
Now, I want to collaborate with others who have done it bigger than me to learn more. I want to surround myself with mentors and peers of different talents so I can grow both personally and professionally.
And trust me, grabbing a job again wasn’t easy either because I feel like I gave up a part of my personal freedom. But it is all for a sacrifice for the bigger picture of entrepreneurship because that fire still burns very deeply in me, and I know it’ll never go away.
I would love to keep up this entrepreneur journey together with you. Feel free to hit me in the comments section of the YouTube video with your thoughts. Trolls are also welcomed.
This is Alan signing off and here’s to you investing in your knowledge and future in the Freedom of Choice lifestyle. I’ll see you soon 🙂