Why do rich entrepreneurs never tell people how they became rich step by step?

[Anonymous]

I hate when entrepreneurs talk about having a proper mindset, but never divulge into how they actually became rich. They say to invest, but invest in what? Which specific companies? Using what platform? For how long? They never talk about copyright registration nor business registration, they never talk about how they got their funding nor how they got their manufactures, web designers, distributors, etc. They only give bs advice on “mindsets”. Why hide all the actual useful information?

[jakerson181]

I'm going to resist the temptation to be snarky and just say this... rich entrepreneurs get rich by conceiving a brand new product that fills a need that's not been filled before or improves upon an existing product that is currently being used. A new technology, a new process, a new way of doing things. Without that, nothing else matters. You can't teach someone that. Look at the marketplace. What's missing? What could be improved upon? What are people asking for that they can't currently get?

You and a professional chef are asked to create a new chicken dish and are given a bunch of ingredients. His or hers is delicious and has people lining up to order it. Yours tastes like shit. Why? Because the chef has the innate ability to understand how to create something from scratch where no recipe exists. Often times this ability is developed from advanced study, working with mentors and working within the industry for many years seeing what works and what doesn't work.

If you have a great idea, you'll have no problem getting the funding. Hire a recruiter. They can hire people for you. A copyright attorney can file the paperwork. All that is easy. What's hard is the idea. Have you spent all of your spare time since you were 14 tinkering with things, trying to build something, create something etc? These people have.

You want to be handed an easy, detailed recipe so you can be rich just like them. Thousands of companies fail each year. Their product wasn't good and didn't work reliably, the market wasn't interested, the design couldn't be scaled up to manufacture in volume, by the time they developed the product, the technology was already obsolete. Yet you only hear about the rare few that succeed and write books or get interviewed and you naively think if they just laid out all the steps, it would be easy for you to do it too. It isn't and you couldn't. Maybe you're the one in a thousand, the wildly creative person who will come up with the next great thing. Odds are you aren't cause if all someone had to do is read a bunch of steps someone else used and then do the same thing, everyone would be rich.

[Asker]

The issue is that they don’t explain things that need to be explained in order to actually get started. I’ve been coming up with ideas too, but I can’t start them because I don’t have the money nor knowledge to. Where do you get a copyright attorney? How much does that cost? Where do you find people to manufacture your product? Where do you find people to set up your website and have good SEO? Where do you find a recruiter and how much does it cost? It’s that stuff that no one is talking about and that rich entrepreneurs keep to theirselves because it’ll create competition for them. What about the market itself? Is it perfectly competitive? Is it an oligopoly? Is it a monopolist competition? These questions aren’t answered.

[jakerson181]

Do you really think these entrepreneurs had someone hand them a list of recruiters or copyright attorneys? You have access to the most powerful search engine in history. Do some searches, do some research. It's not that hard. You think everyone is going to hand everything to you? Figure it out. That's easy. If you can't do that, how are you going to ever research the marketplace to see what's needed. And yeah, YOU need to research the marketplace for your idea. No one is going to do that for you and hand you a completed report. As far as money is concerned, no one's going to give you a dime until you've created a working prototype and can show it does what you claim it will do. Have you ever watched Shark Tank? Does anyone come on there and just say "I have an idea/" They've produced something. They've investigated the market. Save up the money. Borrow it. get your parent to loan you some money. Your belief expecting someone is just going to hand you this information is ridiculously naive. Trust me, rich entrepreneurs don't give a shit about you much less are scared of you creating competition for them. As soon as you finally figure out how to compete with them on Product A, they're already developing Product F.

[Asker]

How do you research a marketplace? There is no website that will tell you if people are interested in your market and what the demand looks like. Google only spits out vague information that isn’t any good. Why not pass information you already know onto someone who wants to be wealthy as well? You can hand them at least a grocery list of what needs to be done instead of giving useless advice. That’s why I think most rich entrepreneurs are scammers because they could tell people their materials but they won’t.

[jakerson181]

How do you research a market place? Take some classes in marketing. Read books on it. If there is no website, then get out and talk to people. do interviews, walk into stores and ask what's selling, if they think your idea would sell. Again, this is basic stuff anyone should be able to figure out. Sometimes figuring out the right product takes years of research and many rounds of trial and error.

You want to be rich and you want a step by step guide handed to you. It doesn't exist. I don't mean to be unkind but if you can't even figure out how to do these simple things, the odds of you being creative enough to come up with the next great product is pretty much zero. I keep trying to explain to you that there's no magic guide that covers all of these things that entrepreneurs are selfishly holding back from you. I really think I've wasted my time here. You don't have the mind of an entrepreneur. That's what they mean by mindset. You're not naturally curious. You don't seem to have much ability to figure things out for yourself. You're just sitting there waiting for someone to tell you how to do everything. Successful entrepreneurs don't require that.

[Asker]

Where do you find the materials for the products? Where do you take these courses? No one gives a shit about mindset. What is it? Meditate everyday, eat healthy. Wow. Because that will get me rich. I don’t understand the difficulty giving away information. Tell me who your attorney is. Tell me who you go to for manufacturing and distribution. Does some sort of contract prohibit that? This whole “it’s not that easy” thing you’re trying to say is obvious. Of course it isn’t easy, but why not give away specific details about how you became rich for others to fine tune theirselves?

[Asker]

I have a notebook of business ideas I can never execute because I don’t know where to go to find people who can aid me. I can’t find any attorneys, registration groups, etc.

[jakerson181]

What good would giving you a name of a copyright attorney be if that attorney specializes in the entrepreneur's area but not yours? What good would be telling you who to go to for manufacturing if who they use doesn't manufacture what you're thinking of making or they do it internally? Telling you who their attorney is, is not going to tell you "how they became rich". They became rich by thinking of a great product that the market needs. They did not become rich by starting out as you are just thinking about how you can become rich.

You're hungry. Do you need someone to tell you how and where to get food too? Yet another kid who wants to be rich and wants someone to tell them exactly how to do it cause they think it's that easy. You haven't heard a fucking word I've said to you. What a waste of time. it's not going to happen for you. Figure out something else to do with your life to make money.

[Asker]

No you moron. Telling me how they found their attorney, manufactures, distributor, etc will give me a pretty damn good idea on where I can find mine. They never discuss that. Just admit you’re afraid of competition like the guy below and I would understand. If I’m hungry, I would like suggestions on good food places so I can see if it’s worth my money.

[Asker]

I already have product ideas that I can put into fruition, but I can’t because no one is sharing how they actually started. They share stupid mindset ideas that anyone can implement. Do you see the problem now?

[jakerson181]

How did they find their attorney? They asked people they knew for recommendations. They googled patent attorneys in their region and interviewed a few who had expertise in their product area. Nobody is afraid of competiton from a fucking idiot like you. You haven't got the faintest idea how to create anything that anyone would want.

[Asker]

How would you know if I have good ideas or not? I’m just keeping things to myself just like you rich people do with your information to keep the poor in poverty

[jakerson181]

You think I'm some rich entrepreneur who's afraid of you and trying to keep people in poverty? That's how stupid you are. I'm not an entrepreneur at all. I work in a company for other people and I'm not rich. But I have enough intelligence to figure out how to do basic things for myself which you clearly don't. Very few people become rich by starting out with the goal of becoming rich. How do I know you don't have good ideas? Because you have zero ability to figure out anything even the simpliest things for yourself. You'll spend your entire life waiting for people to tell you exactly what to do next. Those are the people who never get rich.

[Asker]

You don’t think I’ve tried to figure these things out? Google doesn’t tell you jack shit about finding materials to create a prototype nor finding registration. I’ve tried to do it on my own but there isn’t enough detailed information to give me anything good. It’s just very vague information that no one can work off of. I may not be intelligent. After all, I’ve failed to get into my business college twice, but even so, it doesn’t make sense not to divulge in your company information other than to drive down competition. It isn’t a means of copying step by step but a means of having a general direction of where to go and how much money to save up.

[bingbongbangbung]

Hate to spoil the mood, but I was just like you until ChatGPT and other LLM chatbots came along in the mainstream. I've now been setting up my own business since July 2023 (currently December 2023), but as that guy has said, it does take time and effort. I'm still not even close to being done my MVP but I've been looking for a normie job and working on another startup on the side (this one isn't officially registered yet).

[winterfox10]

As a successful guy, I'll tell you the exact reasons:

1. Successful people make the most of the opportunities that present themselves. We don't spend a lot of time pursuing opportunity; we just identify the ones that are available. A huge part of being successful is being in the right place, at the right time, with the right preparation. Truly successful people generally don't feel comfortable giving advice, because they recognize how strange their lives are.

2. You need to have a very specific mentality and understanding of reality to be successful. Not many people have it. It represents a huge level of personal motivation, but when you have it; opportunity comes to you. It's extremely difficult to explain what that attitude is. You either get it, or you don't. If you don't, that's fine, but it's not an attitude change that will happen over night.

3. Successful people FAIL a lot. Like A LOT. Like a stupid amount. They fail like crazy, but they learn from it every time. Eventually they get something right, but it's only after they've learned their lessons.

So hopefully this gives you an idea of the problem. You're asking someone who is living in a strange reality, to distill the hard-learned emotional lessons that have defined their twilight-zone life.

[Asker]

There is nothing in there about actually important stuff. How do I register my business with the government? Copyright laws? Manufactures and distributors? Investors. Who’s gonna invest and how? How much do you save up to invest? How do you establish a HQ and find a relator that will allow you to buy an office space? How do you find the right attorneys? How do you find web designers? How do you find materials to produce your products (if you are selling a physical product)?

These are more helpful than useless mindset tricks.

[winterfox10]

You register your business by filing your corporation with your state's department of commerce. Your copyright laws are filed with the national patent office (it'll take approx. 3-5 months to process). You establish HQ by creating a solid business plan (one that shows investors how you'll protect their investment and pay them back if they give you their money), and then factoring your cost of production + rent cost + employee costs + cost to distribute your product. You find the right attorneys by asking an attorney (seriously, word of mouth is their preferred way to advertise). Your web designer is a google search away, and you source materials for your products by finding the least expensive alternative that aligns with your company mission and values.

[winterfox10]

Seriously, you start your business by coming up with a business plan. That's a written out document that explains how your business will generate revenue to prospective investors, the bank, etc...

Don't even worry about an office space until you have a big enough operation that you could put something in it.

[bingbongbangbung]

To add on to what OP wrote, you also need a financial projections report, pitch deck, and a working prototype. Team members are optional if you can manage everything yourself. In terms of business structure, you don't have to go for a corporation although that does give you the least liability; there's also LLC, partnerships, sole owner, etc. There's also many ways to get funding besides borrowing money or getting investment, such as crowdfunding or grants.

[Aiasis]

They don't tell it because they never know when they will lose all their wealth in something like a market crash and need to implement the strategy again. Also, they know there are other wealthy people that don't like those"started from the bottom" stories and will pay lobbyist to make it illegal for them or anyone else to reach wealth like that again. You can't have a food shop that serves fresh, hot food without several permits and insurance that are costly bills that recur every quarter and or month.

www.fda.gov/.../how-start-food-business

foodtruckempire.com/how-to/license-permits/

Now the big wigs are trying to squash Uber and Lyft.

www.reuters.com/.../us-uber-lawsuit-california-idUSKBN22H2KA

[jennifer_bloom]

My old pastor used to say - if a guy tells you God made him succeed - or he is just blessed - he doesn’t respect you enough to share the details with you - success is not an accident for anybody - people sacrifice and suffer and work and humble themselves and take risks and invest their emotions and give up things to get there

[Asker]

They don’t tell us specifics on how they actually got rich. No copyright education, nothing about manufacturers or distributors.

[RickPen]

They became rich by hiding the details and preventing competition. The mindset to have to become rich is to do anything for money. One must love money, and be willing to value it above humans.

Also, insider trading is a real thing, often covered up since it's illegal. Investment tax loopholes exist, and they invest in things such as owning real estate (finite supply item).

[jamesgoldman]

Because investing is different to everyone... personally I'd go for tangible assets
Most business owners pay advisors to handle paperwork and out of house stuff
Funding most are self-funded or started before the banking regulations changed after the crisis of '08

[Asker]

What specific assets? I want names.

[jamesgoldman]

Real estate and precious metals are safe (I have PM's)
Classic cars, fine jewellery, diamonds, luxury watches, designer handbags, art and fine alcohol are far more speculative and focus on inflation

[bingbongbangbung]

Lol diamonds don't have any instrinsic value; their extrinsic value is artificially inflated by the diamond industry

[jamesgoldman]

Depends on the stones, Argyle pinks are very different to the shit in Zales window

[XavierSteele]

Because what works for one person doesn't always work for another, and to be honest, if you are in my area and I don't want competition, I am not going to help you become it.

[Asker]

That’s exactly what I told the previous guy. These rich entrepreneurs are scared of competition. They should’ve said that before trying to act high and mighty by giving bs advice on mindsets. Giving me exact details on how your manufacturers are and etc is much more beneficial.

[XavierSteele]

I agree if you are going to sell something sell it well, and in the end sell something that is worth buying. These guys on TV and Online that brag about this "rich" lifestyle are not selling anything except a dream to the person who buys it. Think of it like this, the guy who tells you he can tell you how to get rich is simply taking your money and many other peoples and creating a loop of people who will do the same thing. A "real" business man will not divulge information unless he is among friends, but his process actually works and provides a tangible product to someone. Hard to explain I guess.

[Asker]

It’s easy to explain. The ones selling a dream are lying and the ones telling it to their friends don’t want competition because they are scared of it. But even so, it’s dumb not to divulge when we can all become wealthier together.

[HOAAH]

Have you tried reading a few books on this? What books have you read?

[OddBeMe]

Bc there is no step by step. The majority were already rich by being born into it. The minority of the rich started businesses that, luckily enough, skyrocketed. It’s about who you know, and luck.

[alice55]

Because they don't want to, they surely became rich doing not so legal stuff

[codyccc]

Same resion doctors and lawyers never give diagnosis or legal advice online because by doing so creates a legal issue

[Anonymous]

Secrets are never meant to be revealed.
It can be fatal to them or their competition.
They speak very carefully, they only show what is general.

[Anonymous]

You should already know those things because it's a basics.

[Asker]

The basics? No one ever told me any of that. Ever.

[Asker]

Plus I’d rather hear these “basics” from someone who has been successful at becoming financially successful

[Opinion Owner]

You learn those things in business school.

[Asker]

I didn’t get into business school. Didn’t do well in calculus. These entrepreneurs should of talked about these things if they are considered basics

[Opinion Owner]

So they should have talks that's 3-4 years long aka degree courses , covering the basics.

[bingbongbangbung]

You don't need to attend business school or do well in math to be a successful entrepreneur. You can learn the fundamentals quickly by asking LLM chatbots like ChatGPT as you're setting up the business. Make sure to also ask people that are knowledgeable and/or experienced since AI isn't perfect and sometimes hallucinates facts.

[Numbnuts89]

trump told us

only, they were lies

[bingbongbangbung]

I wouldn't exactly trust someone who declared bankruptcy multiple times for business advice