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Of course, there is a lot of luck involved. If you are born into a 3rd world country, you are sick and can't attend school your chances are slim. If you have an IQ of 50 you likely can work as hard as you want but you will only enjoy limited success.
But given that you are born into the first world, you are quite smart, healthy and you have huge ambition as well as drive what is the upper ceiling in terms of net worth before you have to get lucky?
@JScott thanks for your insightful answers. I think a lot of your potential net worth also comes down to the industry you choose. If you have a business model that isn't too risky and allows you to grow 30% per year for a long time you will get very far.
As an example, I think of Grand Cardone. He isn't in a risky business like a silicon valley startup. He likely has great cash flow and good profit margins. He reinvests pretty much everything into real estate and since he continues to increase his audience he will likely continue to grow year after year. I think it's not unlikely to expect him to become a billionaire in his lifetime.
Of course, you could argue that he got lucky for using social media right from the beginning or something like that but so have many other people. If I look at someone like Grant Cardone I see someone that chooses a business model that isn't risky but has the potential to grow for years to come at a great rate.
Or let's say an entrepreneur is specialized in running nursing homes and keep acquiring more and more nursing homes. If he has the skill to own a lot of nursing homes, say 100+ and works on this as a goal for 20 years shouldn't he be able to get to the $50 million dollar range without having to get lucky... just grinding it out like Grant Cardone day after day.
I once heard of a gentleman that owned over 80 fast-food franchises. If the gentleman has the skill to run many businesses isn't the factor of luck rather small?
Of course, you have to be very skilled and take a certain type of risk if you buy businesses but given the skill needed to succeed is luck really that big of a factor if you choose the right business modell / strategy?
I am just curious and would like to get your opinion on it.
But given that you are born into the first world, you are quite smart, healthy and you have huge ambition as well as drive what is the upper ceiling in terms of net worth before you have to get lucky?
@JScott thanks for your insightful answers. I think a lot of your potential net worth also comes down to the industry you choose. If you have a business model that isn't too risky and allows you to grow 30% per year for a long time you will get very far.
As an example, I think of Grand Cardone. He isn't in a risky business like a silicon valley startup. He likely has great cash flow and good profit margins. He reinvests pretty much everything into real estate and since he continues to increase his audience he will likely continue to grow year after year. I think it's not unlikely to expect him to become a billionaire in his lifetime.
Of course, you could argue that he got lucky for using social media right from the beginning or something like that but so have many other people. If I look at someone like Grant Cardone I see someone that chooses a business model that isn't risky but has the potential to grow for years to come at a great rate.
Or let's say an entrepreneur is specialized in running nursing homes and keep acquiring more and more nursing homes. If he has the skill to own a lot of nursing homes, say 100+ and works on this as a goal for 20 years shouldn't he be able to get to the $50 million dollar range without having to get lucky... just grinding it out like Grant Cardone day after day.
I once heard of a gentleman that owned over 80 fast-food franchises. If the gentleman has the skill to run many businesses isn't the factor of luck rather small?
Of course, you have to be very skilled and take a certain type of risk if you buy businesses but given the skill needed to succeed is luck really that big of a factor if you choose the right business modell / strategy?
I am just curious and would like to get your opinion on it.
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