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One of the best paths to building wealth is entrepreneurship. It doesn’t matter if you are the CEO of a large company like Steve Jobs or a relative unknown like Todd Greene. Listed below are a just a sampling of profitable product ideas of the past decade.

Apple Ipod - The Ipod was launched by Apple at the end of 2001. Since its launch Apple has sold over 200 million Ipods and the stock has risen over 2000%. Steve Jobs entrepreneurial vision has reinvented the company and has made Apple relevant in the technological industry again.

The Snuggie - When I first saw the Snuggie I thought it was one of the stupidest inventions ever. Boy was I wrong! Over 20 million snuggies have been sold over the past 15 months. The product has been so successful that ASM is now selling designer snuggies.

Kernel Seasonings - Brian Taylor turned a popcorn seasoning business into over 5 million dollars in sales. Kernel Seasonings sells 14 types of seasonings to movie theaters and grocery store chains.

Headblade - Todd Greene proved that you don’t have to reinvent the wheel to be successful. Greene developed the headblade razor. He has sold over 1 million of his headblade razors which makes shaving your head easier.

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I was reading Forbes magazines list of the richest people in the world to learn how each individual amassed great sums of wealth. I discovered that most of the billionaires listed fit into one of five categories. I call these categories the 5 I’s. Below is a list of the most common categories that have lead to wealth.

1) Innovators - These are the people that develop a new way of doing things. You don’t have to come up with the next great idea, just improve upon an existing one. Steve Jobs of Apple is one of the great innovators. From the ipod to the iphone to the imac, Apple is always on the cutting edge of innovation.

2) Inventors - These are the creators of a new good or service. You just have to see a need for a product that others do not see. James Dyson became a billionaire by developing the bagless vacuum cleaner. His idea was initially rejected because it was seen as hurting vacuum bag sales. Today the dyson vacuum is an international best seller.

3) Inheritors - This is the easiest path to wealth. You need rich relatives for this one though! Ask Jim Walton, S Robson Walton, Alice Walton and Christy Walton who are the 4th, 5th, 6th and 7th richest Americans. They are the heirs of the Walmart fortune.

4) Investors - Investors commit money to an endeavor with the expectation of profit. This can be through saving or purchasing an asset for capital gains. Warren Buffett has built his fortune through stock investing. Donald Trump made his billions by investing in real estate. Jerry Jones got rich in oil and gas exploration.

5) Entrepreneurs - Entrepreneurs are the risk takers that start and manage a business. Entrepreneurship can take many forms from purchasing a franchise to creating a start up. Bill Gates of Microsoft and Larry Ellison of Oracle grew small technology firms into the world’s largest software companies. Oprah Winfrey began her career in local news and is now the CEO of a media empire.

I know. I know. Entrepreneurship doesn’t start with the letter I. But the 5 I’s sound a lot better than 4 I’s and an E.

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