7 Dos and Don'ts for Becoming a Billionaire
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Loading... - Fadi Dahirou
- 30 Aug 2022
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Becoming a billionaire seems like a great goal, but unfortunately, it's only a dream for most of us. The thing is, many billionaires didn't start as such. Some indeed had economic and educational advantages, but even without those, their smart decisions and business choices—plus a few key characteristics—led them to their billions.
KEY TAKEAWAYS
1.Billionaires can often fall into two classes: those who have invented something new; or those who do something else better than anyone else.
2. Being a billionaire takes an extreme work ethic and for many, quite a bit of patience.
3. Billionaires are always learning and if you have the chance to ask them, they will almost always say they are the student, not the teacher.
4. The most common traits among billionaires are work ethic and refusing to give up.
7 Real-Life Ways To Become A Billionaire
Do: Invent
Inventing is a challenging career path to take. But if you've got the smarts to create successfully, patent, produce and market a product that people need (and thus, will buy in droves), you can build your future billionaire life on it. Successful inventions aren't necessarily complicated or high-tech items but can improve existing items. For example, James Dyson invented a better vacuum cleaner, and Gianfranco Zaccai invented a better mop, the Swiffer.
Do: Innovate
Innovation is the fine art of considering a current mainstream market and finding a creative way to improve the current offering.
Successful innovators will identify the real needs behind customer demands and meet them with a smarter, better, more efficient product or service that provides more than its competitors. Others may develop a business that works in a way just different enough to stand out from the rest. IKEA founder Ingvar Kamprad is an excellent example of someone who used innovation to yield billions.
Furniture doesn't seem like a fascinating market. Still, his approach of providing modular, economical pieces with a modern flair from Sweden and other European designers and manufacturers to a global market proved fruitful.
Do: Invest
Self-made billionaire Warren Buffett is famous for his frugal ways and smart investments. Investing, of course, requires a little seed money and some accurate insight into which investments are smart and which could result in a loss. If you can follow in the footsteps of billionaire investors like Buffett, then this might be the route for you. Read More...
