Stanley and Danko explain the final factor in becoming wealthy: choosing the right profession. The authors lament that reporters and the public often want a simple “soundbite” of which jobs are certain to bring them wealth. They caution people against making assumptions about any one job making them rich. While the majority of working millionaires are business owners, many entrepreneurs never make or save much money.

The authors warn the reader against people who claim to have the perfect idea, industry, or “kit” to establish a successful business; a business founder's ingenuity and discipline are what make them succeed. For instance, decades ago, hardware stores did not seem particularly profitable, but the founders of Home Depot managed to develop their business into a highly successful chain. The authors use a chart to illustrate how certain businesses have increased in profitability while others floundered between 1982 and 1992. Businesses are inherently unpredictable and easily affected by consumer trends, competition, government regulation, and more. The authors reiterate that many people are not cut out to be business owners; millions of small businesses make little, if any, income each year.

Only one in five wealthy business owners leave their business to their child. Instead, most encourage their kids to become self-employed in lucrative professions such as the law, engineering, accounting, and medicine. These fields are much more secure than businesses which require machinery, physical space or land, and safety regulations. One can work from nearly anywhere with much less overhead; the resource is one's own intellect. Many first-generation wealthy people are entrepreneurs who were unusually successful. However, they typically encourage their children to become educated and independent professionals. The drawbacks of this choice are delayed entry into the workforce and the pressure to adopt an upper-middle class lifestyle to suit one’s professional position.

Many successful entrepreneurs are not inventors and do not sell anything flashy. They offer regular services, like janitorial services, pest control, and manufacturing. The authors argue that working for yourself is financially risky, but not always as much as people think. After all, being an employee means you have one source of income which could be taken away, but having hundreds of clients gives a business hundreds of sources of income. Successful entrepreneurs must overcome their fears, feel passionate about what they do, and feel determined to succeed. The authors conclude their chapter with an anecdote about a frugal man named Mr. W who made money in the real-estate business. He would often purchase pre-built condos from developers and sell the units after they were completed. When he tried to live in one of these buildings himself, he realized that the new residents were highly protective of their sense of status, even trying to push him out of the building because he owned a dog. The authors contrast Mr. W’s frugal, down-to-earth lifestyle with the more luxurious spending habits and expectations of his neighbors.

The authors offer statistical data about self-employed business owners. Their facts illuminate how difficult it is to make any kind of living from a sole proprietorship—let alone a high income. They explain, “About 25 percent of sole proprietorships do not make one cent of profit during a typical year” (232). Their claim that “(m)ost people have no business ever working for themselves” functions as a clear warning to the reader (232). The overrepresentation of entrepreneurs amongst the ultra-wealthy is not a sign that most businesses are likely to succeed. By emphasizing the grit and determination required as a business owner, the authors avoid conveying a naive message about the realities of becoming self-employed.

Chapter Lessons

• Be realistic in how you assess your talents, passions, and capacity for risk
• While many first-generation rich people are entrepreneurs, they encourage their children to train as independent professionals
• Professionals such as lawyers, physicians, accountants, and teachers enjoy more security because they sell their intellect instead of a product

Reflection Questions

• Do you feel that you have an entrepreneurial spirit and ability, and would you pursue becoming a business owner? Why or why not?
• The authors claim that professionals such as doctors, lawyers, accountants, and engineers have more job security than businesses that sell a product. Does this influence the way you will educate your children about their work options?