OC Emberton

The difference between entrepreneurs and everyone else

Most people spend their money to get the most utility – fun, food, whatever. Entrepreneurs spend their money to make the most money.

This one habit pretty much accounts for everything, and it’s a big reason why the rich get richer, and the poor stay poor.

Entrepreneur mindset

Consider our average lottery winner. Most end up blowing their multi-million earnings in a few years because their mindset is to spend everything they have on the most utility. When most people buy a house, they get the biggest they can afford. If they get a pay rise, they go out and buy a new car. And when that’s not enough, they take out credit to buy more stuff.

To the entrepreneur this is madness. All money is a means of making more. As a sophomore Warren Buffett and a friend bought a used pinball machine for $25; within months they had expanded several-fold into a regular income. How many kids think like that?

From this single habit all else follows:

Now you don’t have to think this way. It’s certainly not the only way to live. But if you’re going to be a successful entrepreneur, you’d best make sure you’re thinking like one.

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