Emil Barr, 22, built 2 startups to $6M+ revenue; now scaling a $100M edtech company, Flashpass, transforming AI workforce training.
In 1848, James Marshall found gold at a place called Coloma and triggered a large migration. People flooded California over the next few years, chasing rumors of fortunes buried in the ground.
Many left broke, but some got extremely rich… and often they weren’t those digging. Sam Brannan sold mining supplies, eventually becoming California’s first millionaire. Levi Strauss sold pants. Merchants often made steady money while prospectors went bust.
Fast forward, and in 2024 alone, over 1,000 people hit millionaire status every single day in the U.S. Not over a decade. Not over a century. In one year.
This metric might suggest it’s never been easier to become a millionaire, though the wealth gap feels like it’s growing. Why? Because determined entrepreneurs are becoming millionaires faster than ever, while others are left behind. With stagnating wages and rampant inflation, the era of the piggy-bank millionaire has been replaced by a new wave of “enterprise value millionaires.”
Enterprise Value Millionaires
Enterprise value is not about getting lucky or gaming the system: Instead, I’ve learned that what’s needed is a clear understanding that your time is worth more building equity in your own small company than collecting a paycheck from someone else’s, along with a willingness to execute with enough intensity to make that decision pay off.
People across different social statuses, geographic locations and ages can create enterprise value. I would know: I became a millionaire at 22 by building a social media company from my college dorm room. It was exceptionally difficult—I averaged just 3.5 hours of sleep for a whole year, gained 80 pounds, lived on Red Bull and struggled with anxiety like never before—but it’s possible.
Here’s the playbook I used:
Step 1: Starting A Business (Not A Job)
Millionaires in America are often business owners, not employees. The internet has democratized access to information and capital in ways that make this path accessible to anyone. You no longer need a degree, specialized knowledge or elite connections to start a successful business.
I started my first company because I identified that local businesses weren’t growing on social media. I didn’t invent new technology or create anything revolutionary, but combined existing tools in ways that created value faster than clients could do it themselves.
Step 2: Capturing Market Share
This is where many entrepreneurs fail. They obsess over taking a salary from day one or bringing on outside investment that can dilute ownership, when in the early stages, I’ve found it’s important to focus on capturing market share.
I can’t emphasize this enough: In the early stages, your job is to dominate one problem better than anyone else in your space. At 18, I landed billionaire clients not because I was well-rounded, but because I knew social media growth better than people twice my age. When you own a skill that solves a high-value problem, you don’t compete on price—you capture entire markets. Speed and expertise can beat funding.
Step 3: Selling To An Eager Buyer
This is where the modern gold rush diverges from the past. Today, private equity funds are competing to find deals. They have capital they need to deploy, and they’re actively hunting for businesses to acquire.
But private equity isn’t the only option. New tech platforms have democratized business exits, connecting entrepreneurs with buyers who are specifically looking for online businesses to acquire.
Another option is direct competitors. If you’ve been capturing market share aggressively, there may be a company in your space that sees you as a threat. If they’ve watched you grow and they know your revenue numbers, they may view acquiring you as cheaper than competing with you.
The market for online businesses has exploded, in part because these companies can often be scaled quickly, operated remotely and integrated into portfolios with minimal friction.
Today’s Gold Rush Opportunity
UBS projects 5.34 million (download required) new millionaires by 2029, which sounds like plenty of runway until you realize many of those millionaires will be people who started building years ago. Someone starting today could be competing against entrepreneurs who’ve been building for five, 10, 15 years and already captured significant market share.
During the gold rush, prospectors who arrived in 1848 found what a historian called “fabulously rich diggings.” By the time the 49ers showed up, the best claims were often already staked and finding gold became harder.
We see a similar pattern today: Early movers in e-commerce, software and social media often capture enormous value, but newcomers face higher competition and lower margins at every step.
The difference is that today’s gold rush isn’t confined to one location or one extractable resource. There are still untapped markets, underserved customers and unsolved problems. AI is creating industries that didn’t exist two years ago. Remote work has unlocked geographic arbitrage. And global internet access continues to expand.
I think today’s gold rush is about identifying the pain points businesses face navigating AI adoption and workforce transitions, and building companies that solve those problems at scale. For example, my current company helps people displaced by automation find work, treating AI-driven unemployment as a market problem with market solutions.
Building The Future
In a 2017-2018 survey of millionaires with 10,000 participants, 79% said they did not inherit their wealth. Instead, many achieved it through paths like investing and smart long-term decisions.
Another path is starting a business. Building a business today comes with advantages that previous generations didn’t have. The tools are cheap; the information is free; the markets are global; and the opportunity is available to those willing to build.
The rush is already underway.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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