EP 025: Why Do Most Business Owners Fail at Wealth Creation?

I just got back from a trip to Western Australia (Margaret River).

What a beautiful part of the country and a great chance for me to get a new perspective on things.

I was very lucky to have wined and dined across the region as I was the keynote speaker at a business event discussing the importance of wealth creation for business owners.

A big shoutout to Kim Barrett and the YSV team the hospitality was incredible.

Something I had forgotten is just how powerful it is to get outside of your usual environment and speak with different business owners.

Has to be one of the quickest ways to level up your game.

If you haven’t been out of your usual circle in a while now might be the time.

Anyhow,

In this week’s episode:
○ Why most business owners fail at wealth creation
○ Are in-person events back? (and worth doing?)

Prefer to listen or watch?

You can hear Grant and I discuss these topics in more detail on the podcast.
Click here to tune in: https://linktr.ee/businessandinvestingcom

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COMMUNITY QUESTIONS

Why do most business owners fail at wealth creation?

OK…This is a topic I have been obsessed about.

As the majority of business owners get into business to create financial independence and build wealth.

However… barely any of them achieve it, especially when it comes to wealth building.

Business owners in general are an intelligent group.
They are also great at solving problems.

So, why do they suck so much at wealth-building?

After studying it for so long I’ve put it down to 4 critical reasons.

1- Bad money wiring
As soon as they make some money they blow it on things to look rich instead of being rich.

2- Lack of business owner skills
Many business owners get stuck working as the technician inside their business.

This means it takes up all their time and resources just making it through the day.
They never have the ability to focus on wealth creation.

3- Poor quality network and mentors
You become who you spend time with.

If you don’t hang out with people who are wealthy there is a slim chance you will ever become one.

4- Limited education on wealth creation.

The vast majority of business owners I have spoken to have done nothing to educate themselves on building wealth.

Maybe they have read “Rich Dad Poor Dad” but that’s about it.

(We might have to do a whole podcast episode on this topic at another point.)

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COMMUNITY QUESTIONS

Are in-person events back?
And… Are they worth doing?

Both Grant and I recently got back from some in-person business events.

After years of not attending anything in person, it was nice to get out and amongst the business owner community.

One thing that was most notable for me when comparing in-person VS online events was…

The speed in which you can develop a relationship with someone and a sense of trust.

That is something that is just not replicable online in the same way.

Yes, I absolutely do enjoy online events but I will be bringing back in-person experiences in a big way.

It also reminded me what a shortcut it can be for levelling up your business.

Many of the business owners I spoke to at the event were crushing it using strategies and tactics that I had never heard of.

I’ve since been able to bring those strategies back with me and implement them in my own business.

Which has saved me the hassle of working it out for myself.

***Hot tip***

My favourite question to ask when getting to know a new set of business owners,
“What is working for you right now?”

In summary.

YES. In-person events are back.
YES. You should likely get involved.

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DON’T FORGET

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If you have a question you would like answered on the show, then hit reply to our newsletter or send it here: grant@businessandinvesting.com

DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.