Do you want to create wealth for yourself?
Of course, you do! Who doesn't?!
The solution is simpler than you might think.
Want a handful of tips? Take a listen to this podcast episode.
Do you want to create wealth for yourself?
Of course, you do! Who doesn't?!
The solution is simpler than you might think.
Want a handful of tips? Take a listen to this podcast episode.
Pete: [00:00:00] Good morning, Nat.
Nat: Good morning, Pete. I'm not even awake yet. You seem like you're ready to go.
Pete: Woo hoo! I'm pumped up.
Nat: What's on deck for today?
Pete: Oh, well, I gotta tell you first. You know, we got history. It's gonna be made. We're going to have the first street or city NASCAR race here in Chicago.
Nat: Oh, I heard something about that.
That's like, sounds pretty cool. Are you gonna go watch it at all?
Pete: I'm going to try to, yeah, this is history, you know, and these guys are just used to driving and going around and taking a left the whole time. Right. Around the loop. I mean, this is a, I heard some of the drivers are got a little bit concerned cause it's going to be a tight track.
And so it'll be interesting to see, I pray for their safety, but it's going to be. That's kind of fun to see history.
Nat: Yeah, no, I will have to check into that. That actually sounds pretty awesome. It'd be cool to get a hotel and you could like look down and watch it going on, you know?
Pete: Yeah, I don't know if I'd want to be those stands because they brought in all the barriers and the fences and stuff like that.
[00:01:00] But you know, those cars are going pretty fast. And I don't know if I would trust my safety to some of those temporary barriers.
Nat: Yeah, that's going to be loud.
Pete: So I thought today what we would do, it was, we'd talk about how entrepreneurs Create wealth faster than corporate executives, right? We always know that that as an entrepreneur That's how you get wealthy Right, very few corporate executives get wealthy.
I mean real wealth is created through being entrepreneurs So I thought we kind of compared the two maybe we'll come up with like 10 reasons why? Entrepreneurs create wealth faster. So what would you think? The first one would be reason why entrepreneurs become wealthier faster.
Nat: Well, I think entrepreneurs are typically known for being able to quickly adapt to changing markets.
So when you have your own business, you know, you can take advantage of opportunities as they come your way. Sometimes that corporate, you know, you're kind of. And maybe in a little bit of a rut where, you know, you have to go [00:02:00] to work and do what your boss tells you. Yeah, yeah. So,
Pete: yeah. Well, you get caught up into the bureaucracy.
Exactly. Right. So an entrepreneur, you can, you can just, you can move on the fly with corporate bureaucracy, you get red tape and all that kind of stuff.
Nat: Yeah. You might see opportunities, but by the time you run it up the flagpole,
Pete: you know you're done. It could be 18 months later.
Oh my goodness. It's so much fun.
I miss all that. All right. What would be a second reason why, Entrepreneurs usually have a higher appetite for risk or they have a little bit more like a little bit more aggressive.
Nat: I think, you know, they get kind of used to exercising those muscles of making those decisions. Sometimes I, you know, think of it like walking the tightrope with a.
The net under you or sometimes as an entrepreneur, there's no net. So you have to make sure you're, you're comfortable taking those risks.
Pete: Yeah. And I think it's from the standpoint is that they can explore innovative ideas and disrupt existing industries because they can move a little bit faster.
Exactly. Yeah, absolutely. All right. We'll be a [00:03:00] third. 3rd reason
Nat: Having more control and accountability. I think entrepreneurs, you know, like, we were talking a little bit before about the bureaucracy they have entrepreneurs have direct control over their business. So they can make decisions, which leads speeds things up basically.
Right. And it's a hundred
Pete: percent accountability. We've talked about this before, right? When you're an entrepreneur, it's a hundred percent accountability. So your butt is on the line. So you're making decisions and you're going and you're just moving a little bit faster because, you know, to your point, there's no safety net.
Right. Right. You know, I think, what would be another one? What would be another area? Well, all the
Nat: entrepreneurs I know are really focused on growth, so they're always in a growth mindset. They're trying to grow their business, they're working on their business, not necessarily in the business. So they're not, you know, they're not going to be going in and out working on spreadsheets all day.
You know, they're going to be trying to figure out how to grow the business.
Pete: Yeah, I think when executives, they get kind of caught up and having to [00:04:00] deal with stakeholders and short term profitability, they're always trying to manage, you know, the other stakeholders opposed to just focus on what is right for the business.
And I think that makes it, it makes it easier. Okay, what else?
Nat: Well, we kind of talked about a little bit, but just being able to innovate or disrupt because you have a little bit more flexibility, more control, you're able to look at new business models, maybe add in some new products and services you know, it kind of helps you capture market share, have a competitive edge when you can be a little bit more nimble like that.
Pete: Yeah, absolutely. So you, you don't have any barriers to try new things. You can move faster and hopefully get a competitive edge.
Nat: All right, for example, like, for example, you could have a NASCAR race, downtown Chicago, and we'll see how that goes.
Pete: Yeah, I bet they've been planning that for like 10 years, and we'll see if it makes money, right?
Nat: Yeah, that's, I mean, I guess that's probably the key ultimately, right?
Pete: All right. I mean, it's you know, because they have to shut down part of the city [00:05:00] for a period of time. I mean, it's, it's a, it's going to be, right? Yeah, well, it's but the tickets are expensive, too. It's like 250 a ticket. I mean, it's not cheap.
Nat: Yeah, that's almost as bad as a like a Taylor Swift concert.
Pete: Don't get me going. All right. Fair enough. All right. What else? What would be another reason why entrepreneurs get wealthy faster?
Nat: I think just being having like motivation, personal motivation or ambition, like you're building something for yourself and your family.
So a lot of times I joke that, you know, entrepreneurs only work half days. And then the punchline, of course, is 12 hours a day. But, you know, when you build something for yourself, you can, you know, you can lean into the, you can lean into it or embrace the suck, as the teenagers say. So I think that that I see that play out a lot.
Pete: No, I agree. And I believe that too, because you, you are dealing with less baloney or, or resistance, you just can focus on working hard and doing what's needed for the business. So I agree a hundred percent. [00:06:00] All right. We'll be a seventh one. I think
Nat: Scalability and using technology for example, when I started my most recent senior care business, you know, we're able to kind of use all the latest technology which actually makes it super scalable.
So that's kind of the fun part is being able to use the most recent tools and resources. You know, when you have a big established business or corporate setting, it's very hard to embrace a new technology or like, you know, convert hundreds or thousands of people over to different platform.
Pete: Yeah, you got bureaucracy, all that kind of stuff.
So there's a lot of resistance to scalability. You think it would be so obvious that you need to, but you know, the organization gets in the way. All right, what would be the
Nat: eighth? Being able to have a high degree of creativity. So, you know, again, like we were kind of talking about, like thinking outside the box.
Finding innovative solutions, it's things that, just being more nimble. I think that's kind of the common theme throughout this whole, you
Pete: know, topic. Yeah. And I think [00:07:00] on the executive side, they're just, again, more constrained to be able to use some of that resourcefulness, some of that creativity, because the, the organizational structure and all those set processes and stuff like that.
I agree. All right. Open number nine.
Nat: You know, at the end of the day, it's kind of nice as an entrepreneur to be able to basically have a direct relationship with how well the business is doing so you can benefit financially much more when you have your own business. I mean, at corporate, of course, you have good, you know, bonuses and incentives and all that.
But if your business is just crushing it, you know, you're going to be able to take a lot more money out of the business too. And it makes a lot more fun. You know, you, you make a, make more money and then take more money home.
Pete: Yeah, and I think, you know, sometimes with the corporate executives, it isn't a direct connection.
Like, when I was an executive at Ford, we got evaluated on quality of the production. I didn't have anything to do with the quality of production, the quality of the vehicles, but, but [00:08:00] bottom line is that was part of our incentive. And so, you know, it's a direct alignment. If I work hard, I deliver to the customers as an entrepreneur.
I, I financially benefit. There's no, no resistance there. All right. What's the last one?
Nat: Yeah, just staying on topic for a second, it's like you have a lot more control, I think, is kind of what you're alluding to also, like, at Ford, you were getting compensated on things you had no control over, but with your own business, you basically, it's kind of the buck stops here, I mean, I really think you have, you know, pretty much have to take extreme ownership and the you have a lot more control, therefore, you have a lot more financial rewards, or you're connected to that.
Yeah,
Pete: agreed, agreed 100%. All right, what will be number 10?
Nat: Well with franchising, you know, specifically, we always talk about how it's hyper local, so just the ability to be involved with your community you know, doing that traditional networking, building relationships, helping, giving back to the community sponsoring the little league team [00:09:00] or the hockey team or, you know, those kind of fun things.
Yeah, I heard something
Pete: One of the things with Darren Hardy, he was talking about that we're not in the B2B business, we're not in the B2C business, we're in the human to human business. Exactly. And I think, you know, when you talk about that hyper local, you're involved and engaged in the community. And when you're a corporate executive, you're on planes, you're at, you're, you're out of town, you're, it's harder to be connected, to have that network, to have those relationships.
And so that's very rewarding for
Nat: entrepreneurs. And as you're getting more dialed into the community and you know, all that other, more opportunities come your way and so then that kind of helps you accelerate and build your wealth faster. Absolutely.
Pete: So, all right, Nat, I got to get ready. To go to the race.
Nat: So, all right, where, where your fire resistant jump suit.
Pete: All right. Awesome. Thanks so much.