Generating Wealth Beyond The First Million

Curious, isn’t it? You must surely have read stories about entrepreneurs and how they made their first million. It is something we all want to know more about, and it’s not hard to see why. Most of us would be delighted to make one million dollars, so it stands to reason that we would want to hear about how other people did it. In learning their stories, we might be able to move closer to making our own first million as well.

But even when we do find such stories, there isn’t much of an epilogue. Why is it that there is so much interest in the first million and no sign of any information about the second million?

Maybe it has to do with the fact that a million dollars is still a fairly significant amount. Perhaps we assume that once someone has made a million, they have all the tools they need to scale their earnings up to the next stage and beyond.

Of course things, aren’t always so simple. But why then do we not read about it? It’s almost as if we expect to learn about the trek to the first million and then to skip all the way to where they are now.

Personally, I think that the concept of making a million dollars is still how we believe that success is made. Once we hit the magic million mark, we are a success and we have achieved our goals. But this may very well be the first and only stage of that success. If there’s a next stage, it is arguably more challenging than the one before.

I have this belief that there are far more things that could go wrong when you have made a million and you are looking to get to the next step. An entrepreneur who has reached this hallowed stage must feel as if they can do no wrong by now. After all, if you can hit your first seven figure goal, then surely you can accumulate ten million dollars or more quite easily?

The truth of course, is very different. Reaching multi-millionaire status involves dealing with much bigger figures. This means that there are bigger mistakes that could potentially be made. To me, this makes for a far more fascinating insight into the life of an entrepreneur than you would get from learning about their first ventures. The story stops just as things really start to get interesting!

The best way I have found to get the answers we seek is not to read interviews with these people. Instead, find the autobiographies of entrepreneurs who have become truly successful and have gone beyond their initial goals. They will have more answers than you could get through any other way.

In truth, unless and until we end up reaching the stage where we leave behind the idea that making one million dollars signifies success as an entrepreneur, these people won’t volunteer the information on how they carried on from there. We need to ask the questions we want answers to.

Look out for this question in the future: “so, tell me how you went on to hit another seven figures…”

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Categorized under: Small Business