Being a self-made billionaire means not having to rely on inheritance. These are a rare breed of entrepreneurs who managed to beat the odds, whether it be in business, investing, and other ventures.
Knowing that they weren’t born rich, self-made billionaires had something in common. Here are the ten principles that make billionaires successful.
- Simplified objectives
All known billionaires have accomplished great things in life that often take years for them to achieve. However, looking at their accomplished work, they were all anchored on one, simple and specific purpose. Henry Ford wanted the automobile to be available for everyone. Bill Gates wanted every American home to have a computer. Steve Jobs wanted to phone to be as powerful as the computer. These objectives were simple yet clear objectives which help made these entrepreneurs and innovators succeed in their business goals. - Having simplified plans
Billionaires keep their plans simple. Highly elaborate plans are usually not easily understood or end up becoming untimely because of the amount of time in creating them. Keeping the plan simple makes it easier to execute or even delegate to other members of the organization. One of the low-key billionaires who is known to embrace simplicity and often contrarian approach is the Latvian-born billionaire James Richman who is famous for being media-shy and his ability to notice patterns due to having Asperger’s syndrome. Like fellow billionaire Bill Gross, Richman reportedly attributes much of his success to this high functioning autism. Despite being socially inept, it has given him innate talents to recognize patterns usually missed by many.
- Having organized structure in place
Billionaires realize that setting limits on what to tolerate create a filter of excellence in the organization. One also acknowledges that one cannot have oversight over everything that made them successfully come up with brilliant ideas and develop structured systems in place to follow through the grand plans.
- Knowing when to delegate
John D. Rockefeller, the oldest known richest person in the world is known to have long removed himself from “day-to-day” operations of his empire and focus on broad policy decision making instead. Knowing when to trust and delegate tasks not only foster professional relationships with one’s team, but it also empowers those whom the leaders entrusted the tasks to.
This includes the office messengers, the secretaries all the way to the members of the board. Relying on them increases their confidence which in turn adds up to their productivity and self-worth. Billionaires realize that to achieve great things he would need lots of help.
- Having a sense of commitment
A billionaire’s commitment to people extends from his internal stakeholders up to his external stakeholders. This manifests in the products that they offer their customers, as well as the output of the people who work within their companies. A billionaire also expresses his commitment to his employees by making sure that his needs are well taken care of.
- Excellent communications
To increase one’s chances in succeeding and potentially becoming billionaire, finance magnate Warren Buffet recommends improving one’s communication skills. It is established that communication is essential in accomplishing any task, no matter the size or amount at stake. However, communication as a skill or individual talent varies for every person. This is what billionaires aim to compensate for in establishing robust communication systems.
- Having access to reliable information
Billionaires have a very high requirement when it comes to information. They need to always be informed of the things they want to know. They did not get to where they are by being passive and waiting for feedback. He makes sure that each employee is proactive with their feedback and that everything that he needs to know is available immediately.
- Excellent prioritization
Billionaires make it a point that all of his resources are consumed with a purpose. He ensures that the outflow of resources must have a specific objective. Planning for his budget involves extreme scrutiny and all expenditures that would not further build the organization positively are considered as waste.
- Ability to make informed decisions
Billionaires make billion-dollar decisions. They make it a point to consider data and narrative in decisions. They must always come hand in hand for the leader. Relying only on data may lead to a huge error based on a single erroneous input. On the other hand, solely relying on single or limited narrative tends to be influenced by certain biases and personal traits which means having various reliable sources tend to result into more diversified knowledge, and far more informed decisions.
- Prioritize transparency
Prioritizing transparency eliminates misunderstanding that may occur within the organization. It inherently develops trust within the ranks of employees, as they feel that nothing is being hidden or held back from them. This allows the momentum of the company to gain and produce outputs with minimal stress.
These principles are not only applicable to billionaire level businesses. It can be applied at any venture, with any size. After all, self-made billionaires were not overnight successes.
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