Business Advice from a Son of A...

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I'm looking forward to reading a new book, "Profits Aren't Everything, They're the Only Thing" by George Cloutier.

According to the blurb, "this blunt work will not be for the timid business owner afraid to re-evaluate...". He offers some harsh lessons for those in business, such as "love your business more than your family" and "teamwork is vastly overrated."

Why do I find this so interesting? Because the research I'm doing for my new book based on a survey of 400 wealthy self-made Americans as compared to 400 "middle-class" (under $1 million net worth) Americans bears out a lot of what Mr. Cloutier says.

Indeed, business success tends to flow towards those who are willing to do the most to get it: the hardest working, the most focused, the most cut-throat, even.

To get wealthy, you need one or more of the following things to happen:

• Be born wealthy or marry into wealth


• Get very lucky--this is the strategy for those savvy lottery players out there


• Be extremely talented at something valuable--the route for most who aspire to Hollywood or sports fame (best when combined with "luck" above)


• Work very hard and put wealth creation first ahead of almost everything else.

Which of these approaches are you counting on?

Lewis Schiff

Lewis Schiff is the chairman and executive director of Inc. Business Owners Council. He is also the author of the book, The Middle-Class Millionaire and has conducted extensive research on high net worth and high-performing households. He can be reached by email, on twitter or by telephone: (800) 536-0046.