Did you know that there have been only 2208 people in the world who have hit billionaire status to date? And 15% of them are self-made billionaires, which means they didn’t inherit their wealth from their families. It is not easy to reach this status because it takes a lot of hard work, dedication, patience, and many other things. Let’s have a look at some of the things or steps to get that billionaire status.
1. Start Today:
All the billionaires that we know today started very early in their lives. If you have somehow not started at an early stage of your life, then without even wasting a second, start now. The sooner you start, the quicker you will reach success.
2. Limit Social Life:
If you want to have that billionaire status, you will have to work at that level. Work at least 90-100 hours a week and limit your social life because this is the first thing on the list that kills most of our time. If you are passionate about your work, then you will be easily able to do it.
3. Educate Yourself:
Education never stops, and it is undoubtedly not only gained in schools or colleges. Have a habit of constantly educating yourself. Learn from whatever’s happening around you and how successful business people make decisions.
4. Build Your First Successful Business:
Build your business and then work hard to grow it. This process will make you learn so many things about the market, consumers, competitors, etc. You will become more mature and will have a better understanding of things.
5. Sell Your First Business:
Now that you have successfully build a business and grown it to a certain level, it is time to sell that business and become a millionaire. I know it’s hard to let go of your 1st business, but this will only help you further in your career.
6. Fail But Keep Moving:
People fail multiple times in their careers, but those who learn from their failures are the ones who are going to make it. Be resilient and do not give up after having a couple of failures in your way.
7. Build A New Business:
The only constant thing in this world is change. Once you have sold your first business, it is time to move on and change the way you used to think. Build a new business as by now you have enough knowledge about the market, consumers, etc.
8. Meet Influential People:
It is imperative to build a good network around yourself because people with a good brain will always help you in the future. Make them your friends, mentors, or business partners.
9. Expand Quickly:
It is very important to become a big player in the market before anyone else overtakes you and overshadows your business. Expand as quickly as possible and grow aggressively.
10. Invest in R/D:
Surviving in an industry, in the long run, is a challenging task to do. There are hundreds of new companies that are coming every day. The only way to overshadow them is through innovation.
11. Either Build A Monopoly Or Get Acquired:
This applies to every industry in the world. Look at Facebook who acquired both Instagram and Whatsapp. Yahoo failed to buy Google, and it is now one of the wealthiest companies in the world. You can either make your competitors irrelevant or buy them.
12. Go After Huge Money:
Do your math very wisely, and then work according to it. We all are working almost the same number of hours a day, but some are super-rich, and many aren’t. This is because you are not focusing on the bigger picture. Come up with good solutions and earn big.
13. Secure Your Wealth:
Now that if you are rich, the next step is to learn how to secure your money. Learn the funda of money making money for you. Invest it in proper places where you can have a higher interest. Even if you want to buy something, make sure to purchase long-term assets like real estate, art, etc.
14. Focus On The Good And Big Ideas:
There are few industries like technology, fashion, finance, manufacturing, real estate where most of the billionaires come from. Try to work around these areas and read the behavior of your customers. Try to focus on their needs and the kind of product you want to sell them. Good ideas will always give you an edge over other competitors in the market.
15. Bankroll Business Sharp Individuals:
Find people who have the same drive as you and help them in all possible ways. Dream bigger and try to help humanity. The world needs more and more people like you who can take the world to a whole new level.