How hard is it to become a multi millionaire business CEO?

[jennifer_bloom]

My cousin runs a tutoring business with hundreds of employees and she spends money like she's a brain surgeon and hedge fund investor. She will spend over a thousand dollars per day on food when she travels to Canada and I think she has at least 7 different homes in America. I also think they bought 2 SUVs in an 8 month period.

Like how rich do you have to be to not care if people know you're rich? Even surgeons don't want people to know they are rich. Even hedge fund guys don't want people to know they are wealthy. And she's not the first millionaire business owner in my family. She might be the 7th in the last 3 generations.

Both my grandparents made high amounts of money and their home was turned into a museum when he died. My grandma had 4 siblings and each child had 5 babysitters totalling 20 caregivers watching all 5 kids 24 hours a day. My other cousin might be richer than Nicky Hilton as a self made female celebrity in East Asia.

[RealMarek]

“Like how rich do you have to be to not care if people know you're rich?”

In my experience, most corporate executives wanted everyone to know they were rich and at the same time didn’t get paid enough.

I was on the ladder. How hard is it? Very hard, especially if you don’t compromise ethics and “play in the gray area” on the way up. The more success I got, the more the knives came out from people who were jealous or just didn’t want competition. If you really want to be a multimillionaire CEO, odds are probably better starting up a company, although those odds are low too.

[jamesgoldman]

Takes years from those I know who did it

The lower millionaires tend to be flashy but the higher ones are less so but the not caring level I've seen up to the £50M level

[Mariammhan]

She’s living the life a want you need to study accounting , economics and business and sale’s market management to be a successful entrepreneur

[Oliverlogan263]

There are a few factors that determine how hard it is to become a multi-millionaire business CEO:

1) Industry - Some industries have much higher potential for huge financial success than others. Tech, finance and certain niches within consulting, for example, tend to produce more millionaire businessmen and women.

2) Location - Being located in an economic hub like Silicon Valley or New York City gives you access to more investment capital, lucrative clients and business opportunities. This can accelerate your potential for wealth.

3) Education - Having an MBA from a top school or other elite connections can open doors to more opportunity and exposure to growing a business exponentially.

4) Network - Your network of potential investors, clients, mentors, advisers and partners can make or break your ability to scale a business into a million or multi-million dollar venture.

5) Drive and work ethic - It takes extreme ambition, intense focus, and a tremendous work ethic to grow a company to the size that makes you a multi-millionaire. Most people simply don't have that level of drive.

6) Product/service - You need to offer something with huge demand and profit potential to make the kind of money we're talking about here. Niche, high-margin products and services tend to produce the most millionaires.

7) Luck - Certain elements of success come down to being in the right place at the right time, meeting the right people and sheer luck. Some of the most successful people will admit luck played a part.

So in summary, while hard work and drive are important, a combination of industry, location, education, network, the right product/service and lucky breaks greatly increase your chances of achieving huge wealth and business success. Not an easy feat, but certainly possible for the exceptionally driven and fortunate.

[BLP11520]

I had a cousin who was, cancer got him last year. He was aloof and rude but extremely smart in financial dealings had not seen him in decades he was worth 300 million

[BLP11520]

If I had that kind of money I would help people

[jennifer_bloom]

She worked 14 hour days for over 10 years, and 20 if you count high school and before. She had to get plastic surgery cause her labour made her look so old.

[BLP11520]

Too much work, my cousin drank too much wine

[BLP11520]

He was on the dean’s list at university of Michigan and was a student for 9 years

[BLP11520]

9 years? Still don’t understand why

[jennifer_bloom]

I was going to have a talk with her about the food she eats. It’s not a life prolonging strategy to dine at restaurants.

[DaBiggestBird]

Actually it’s super easy, barley an inconvenience.

[jennifer_bloom]

I believe everyone has to work hard to succeed, even very smart people. People who succeed without effort don’t hang on to their riches for ever.

[DaBiggestBird]

Yesh. These types of things can be complex but they’re not really complicated.