Want to build wealth through entrepreneurship? These 6 habits can help you grow your business and money

For many people, building significant wealth through a regular salary can take decades. Entrepreneurship, however, can potentially shorten that journey by giving people the ability to build businesses, scale income and create multiple sources of wealth.

That is the argument made by Tom Corley, a CPA, Certified Financial Planner and author of Rich Habits: The Routines Millionaires Use Daily That Will Help You Build Wealth. Over five years, Corley studied the daily routines of 233 wealthy individuals, including 177 self-made millionaires, along with 128 people living in poverty, according to a report by The Entrepreneur

His research found a notable difference between people who built wealth through entrepreneurship and those who followed a traditional saving-and-investing route.

Entrepreneurs built wealth faster

According to Corley's five-year Rich Habits Study, “Saver-Investors” took an average of 32 years to accumulate $3.3 million, while entrepreneurs reached $7.4 million in just 12 years.

Entrepreneurs have the advantage of being able to scale businesses, develop multiple income streams and have greater control over their financial outcomes than employees who generally depend on fixed salaries. But Corley argues that entrepreneurship alone is not enough. Certain habits can play an important role in determining whether a business owner successfully builds and retains wealth.

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Here are six habits he says aspiring entrepreneurs should focus on.

1. Set clear, actionable goals

Goal-setting was a common feature among the wealthy people in Corley's research. He found that 80% of self-made millionaires set specific, long-term goals and worked towards them consistently.

For entrepreneurs, this could mean setting a revenue target, deciding how many customers they want to acquire or establishing a timeline for launching a product. The idea is to turn a larger ambition into smaller tasks that can be acted upon every day.

Corley also identified a “do it now” mindset among successful entrepreneurs, which encourages them to act instead of continually postponing important tasks.

His suggestion is simple: Pick one major business goal for the next year and break it down into monthly and daily targets.

2. Keep learning

Running a business requires entrepreneurs to keep updating their skills and understanding of their industry.

Corley's study found that 88% of millionaires spent at least 30 minutes a day on self-education, including reading books on personal development and keeping up with industry trends.

The contrast with the people in the poverty group was significant. According to the research, 77% spent more than an hour a day watching television, streaming, reading fiction, engaging on social media and other online activities that Corley classified as time-wasters.

For aspiring entrepreneurs, Corley recommends replacing at least 30 minutes of social media use with a business book, industry podcast or relevant journal.

3. Keep expenses low and reinvest profits

Frugality is another habit Corley associates with wealth-building. Saver-Investor millionaires in his research generally saved 20% or more of their net income and invested it themselves or through financial advisers.

Entrepreneurs, however, can use that discipline differently. Rather than simply saving their surplus income, they can reinvest profits into the business through marketing, product development, technology or hiring.

Corley recommends keeping personal expenses under control, including spending no more than 25% of net income on housing, 15% on food, 10% on entertainment and 5% on vacations.

He also suggests investing 20% of company profits into a business savings account to create funds for expansion or a financial buffer.

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4. Build strong professional relationships

For entrepreneurs, the right network can be as valuable as capital or skills.

Corley's research found that 93% of millionaires who had mentors credited them, almost entirely, for their success in life. According to him, mentors can provide guidance, share proven processes, explain what works and what does not, and introduce entrepreneurs to influential people.

He describes these connections as “Power Relationships”, referring to relationships with optimistic, success-minded people who can contribute to personal and professional growth.

For someone starting out, that could mean finding a mentor, seeking specific advice and also helping others through mentorship.

5. Take calculated risks

Starting and running a business inevitably involves risk, but successful entrepreneurs do not necessarily rely on speculation.

Corley found that 27% of millionaires in his research had failed at least once in business. The difference, he argues, was their ability to learn from those setbacks and use that experience in future decisions.

Market research, mentorship and testing an idea on a smaller scale can help entrepreneurs understand potential risks before committing significant money or resources.

His recommendation is to test a business idea through a small-scale pilot programme before making a larger investment.

6. Look after your health and mindset

Building a business can demand long hours and sustained focus, making physical and mental well-being important for entrepreneurs.

Corley's research found that 76% of millionaires exercised regularly. He links physical activity with maintaining energy, focus, resilience and better decision-making.

His “rich thinking” approach also involves managing negative emotions and maintaining an optimistic outlook.

Corley recommends spending around 30 minutes a day exercising, whether through walking, yoga, weights or resistance exercises, while also practising gratitude.

Passion and persistence still matter

Beyond these habits, Corley says passion can help entrepreneurs stay committed when businesses face setbacks, mistakes or rejection.

Passion can make the work more enjoyable while providing the energy and persistence needed to continue through difficult periods. But even what Corley describes as the entrepreneurial fast track to wealth is not an overnight process.

His research puts the average timeline for entrepreneurs to reach multimillion-dollar wealth at 12 years.

Entrepreneurship is not a guaranteed shortcut

While Corley argues that entrepreneurship can accelerate wealth creation, he acknowledges that individual habits are not the only factors determining financial outcomes.

Critics of his work have pointed to systemic factors and demographic biases that can affect wealth accumulation. His research, however, focused on behaviours that individuals can control.

For aspiring entrepreneurs, the broader lesson is that starting a business is only one part of the equation. Setting goals, continuously learning, controlling expenses, building relationships, taking calculated risks and maintaining physical and mental discipline can influence how effectively an entrepreneur turns a business opportunity into long-term wealth.