Billionaires are set apart from the average person mainly because of their net worth. Of course, they didn’t just get their assets with the snap of a finger. Self-made billionaires have grown their net worth almost exponentially through the development of several crucial business skills.
Here are twelve skills we can learn from many of the world’s richest self-made billionaires.
- Excellent communication
This is the backbone skill one must be good at in order to become successful in almost all endeavors. By having solid communication skills, other skills will branch out. Still, Having great communication skills is the most basic element of a successful person must have. The ‘Oracle of Omaha’, Warren Buffett, attributes much of his success in his efforts to improve his communication skills and he recommends others to do so, too.
- Solid sales skills
We can only pick one side in each transaction – either the seller or the buyer. Understanding the concept of sales will definitely bring about heavy returns. It is, after all, the highest paying profession and has helped many self-made entrepreneurs to thrive and succeed in their chosen fields. Mark Cuban revealed that if there’s one skill that anyone should have in order to succeed, it would be the ability to have great sales skills:
“ Success is almost impossible — in any field — without solid sales skills.”
Innovation is one of the key competitive edges of any organization. This is the reason why the customers will choose your product over another. It also does not hurt an organization to put a significant amount of resources on research and development. In fact, billionaires like Elon Musk, James Richman, and Steve Jobs most of their invest their time and much of their resources focusing on innovative thinking and technologies that set them apart from their competitors.
- Good at marketing and branding
This involves something which your customers can refer to. The reputation of the company might as well be its best advertisement. Your reputation is a very solid reference which spreads almost automatically. Hence, it is not enough to produce great output. You should let the world know about it.
- Great emotional intelligence
In order for employees to become assets to the company, they must be well-motivated. Being sensitive to the wants and needs of the employees is very useful to bring out their maximum output. It also works two ways, because while good performance is highlighted, weak performance is also noticed. Hence, the balance and momentum of the organization are maintained.
There is no exact science on how to best organize one’s workplace. This is because it involves personalities, abilities, and preferences which are unique to each individual. The point here is that you should have access to all your needed information at your desk, at the same time, you would waste no time in finding it.
- Goal setting and planning
Failing to plan is planning to fail, as they say. billionaires have well set up strategy maps and are basically executing activities that form part of medium and long term plans. They’re goals or achievements have already been laid out long before they executed their plans.
- Money management
Billionaires are hands-on when it comes to their finances. They make sure that the last dollar is accounted for. It also goes for their personal financial standing which is constantly updated. Even their taxes are computed personally.
While their net profit and worth increase, so is their power and ability to help others. What makes successful billionaires different from careless donors is that they ensure that what or where their money was supposed to support will get there.
Networking sprouts from solid communication skills. It is impossible to create a business that incorporates every process there is in the world. There will come a time when you would have to deal with another entity to achieve a goal. Who would you rather deal with, a trusted and reputable partner?
A true leader inspires. This is the mark of most billionaires. It compensates for the weaknesses a person may have because he knows how to make teamwork, and with the team liking to work at the same time.
- Time management
Time is the resource everyone possesses, but only a few know how to manage. With 24 hours a day, we are in the same boat with all the billionaires. The difference is they have the power to make more out of the time given to them.
We could still improve, however, by prioritizing our activities. Always be on top of the urgent things (deadlines, reports, and conferences) so that you will have time for the important things (family dinner, kid’s football games, recitals).
It can be very frustrating for many to look at many successful people and compare ourselves with them. However, let us not forget that they got there using specific set of skills. Fortunately for you and me, skills can be learned.
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