Elon Musk recently criticized Warren Buffett’s method of making a fortune as “boring,” but is this “boring” approach actually the key to building lasting wealth? Surprisingly, 94% of billion-dollar entrepreneurs used this method to launch their ventures, and 76% used it to build them. This method, known as the Unicorn-Entrepreneur method, emphasizes substance over hype and has been followed by successful entrepreneurs such as Bob Kierlin, Richard Burke, Dick Schulze, and Gaston Taratuta.
These successful entrepreneurs avoided the limelight and focused on building their ventures with cash flow and skills, rather than relying on hype and venture capital. While the Silicon Valley VC method works for a small percentage of entrepreneurs, the Unicorn-Entrepreneur method has been proven to work for all entrepreneurs, including those in Silicon Valley who delayed VC funding and retained control of their ventures.
The Unicorn-Entrepreneur method has allowed entrepreneurs to build real unicorns, with sales of over $1 billion, without the hype of VC. This method reduces risks, allows for greater control over the venture, and can result in higher wealth retention. By focusing on skills rather than luck and VC funding, entrepreneurs can avoid ethical pitfalls and scandals that have plagued high-profile figures like Elizabeth Holmes and Sam Bankman-Fried.
Elon Musk, considered an outlier due to his exceptional talent, has achieved success with his bold approach and reliance on VC funding. However, for the majority of entrepreneurs, following a “boring” strategy may be more reliable and likely to lead to success. This method, which is accessible to a greater number of individuals and emphasizes skills over outside funding, has been the preferred route for many successful entrepreneurs who have built billion-dollar companies.
Ultimately, entrepreneurs must decide whether to follow Musk’s lead and pursue a more high-risk, high-reward strategy, or to opt for the “boring” path that focuses on substance and skill. While Musk’s approach may work for those with exceptional talent, the “boring” strategy has proven to be a dependable and successful method for the majority of entrepreneurs. By choosing this method, individuals can increase their chances of building a lasting fortune and retaining control of their ventures in the long run.
