Connect with us

Success Advice

3 Important Principles You Need to Know That All Billionaires Have in Common

Published

on

billionaires
Image Credit: Twenty20.com

I’ve always been highly interested in the similarities amongst the world’s wealthiest. Their habits, successes, mindset, and failures have fascinated me. The journey to great prosperity can seem overwhelming, but if you apply success principles to any endeavor you can quickly and efficiently overcome challenges and expand.

Michael J. Gabrielli, founder of WeRunAds, has spent hundreds of hours and tens of thousands of dollars studying billionaires and their habits. Michael has also studied over 2000 different billionaires and from this experience he’s found three principles they all had in common.

Here are the 3 principles the billionaires all had in common:

1. Be in a rapid growth industry at the right time

Timing is so important. Billionaires know when the time is right to enter a market. Most billionaires do not enter first or second into a market because of the inherent risks involved. Many billionaires let the pioneers pave the way and then leverage the knowledge gained to innovate and optimize in order to create something that works.

The key is to find an industry that is soon to take off. Stepping in at the right time is important. Let’s take a real life example that is known all too well– the founder and CEO of Facebook, Mark Zuckerberg. When he entered the scene, the idea of a social network was moderately known, but it was still not quite predicted to be the monster it is today.

Others like Friendster, Myspace, etc. had made some headway into this fledgeling industry and then Facebook entered leveraging the knowledge and expertise gained from the early pioneers. Zuckerberg saw the huge potential of social networking, took what was done previously and made it better.

He is presently worth over $66 Billion and the company has surpassed the 2 billion users mark with 1.4 billion using the platform daily. Not surprisingly, many billionaires were not the first to pioneer the industry they would later find success in. They came in at the right moment, learned from the mistakes and triumphs of their predecessors, and made a lasting final product.

Here’s a practical 3 question exercise you can do to judge if you have the right timing with your current venture:

  1. Look at your industry and say—is this brand new?
  2. Am I trying to invent something that doesn’t exist?
  3. Am I too late to the party?

2. Position yourself better

In addition to finding the right industry and getting in at the right time, billionaires position themselves in the best way. They provide the solution to the need and they think outside the box to do it. Optimal positioning is a commonality amongst billionaires. For example, during the California Gold Rush, people rushed to mine for the gold itself blinded by the promise of large profits.

However, it turned out that Sam Brannan had the better idea for how to position himself for success. He knew the chances of finding gold were risky, so instead he committed to a sure thing. He manufactured the tools that were needed by all the miners to mine gold. As each new miner migrated West, they were happily met by Brannan and his company who were ready and waiting to sell these new hopefuls the shovels and tools they’d need to strike it rich.

Digging for gold seemed to be the most profitable route, however, greater returns were yielded in the supplying of materials required to mine for gold! A good company that also illustrates this concept is Microsoft. They did not seek to create their own computer, but the software that computers would run on. Most people mistakenly think they have to “go for the gold” to attain wealth, but it’s evident in history that selling the necessary tools to the gold miners can be far more profitable.

The two questions you need to ask yourself to see how you could position yourself correctly are, “What industries will need the supplies that I could provide? And, “Am I following the trend instead of innovating?

“Big shots are only little shots that keep shooting. I can see your sun rise out of obscurity. Keep shooting” – Ikechukwu Joseph

3. Take calculated risks

Most people choose the safe bet that is secure, however, this is not common among billionaires. Billionaires take big calculated risks in order to propel themselves to higher levels of influence and success. The most important thing to note here is that while to others the risks seem big—to billionaires, they are calculated.Risk and Calculated Risk are not the same. Calculated risk is measured and well-thought-out. Risk is impulsive and immeasurable. Understanding the difference between the two is a commonality among billionaires. The world’s most prominent figures have at some point in their lives disagreed with the ordinary and took a shot at the unknown. Proper calculation and clever thinking certainly accompanied the bold moves they made in their careers.

Howard Schultz, the CEO of Starbucks, is a great example of this. He had grown up in poverty and made his way out to earn a comfortable wage as an executive at a company that manufactured coffeemakers.

“Risk more than others think safe.” – Howard Schultz

He risked it all when he discovered a small coffee shop named “Starbucks” in Seattle that prompted him to quit his job and step out to create a company that was inspired by the Italian coffee culture and personal relationship people could have with their coffee.

Of the 242 people he spoke to, 217 said no to investing with him. Despite the discouragement, lack of agreement, and investment, Schultz kept pushing on. Fast forward to present time, and Starbucks’ is a massive success. Strong intuition and unshakeable belief is common among high achievers. Many successful billionaires risked their safe jobs, personal assets, and even their reputation to take calculated risks that they knew would pay off huge in the end.

The questions you need to ask yourself now are, “where can I take a calculated risk? Am I holding back when I should be going forward? What tangible steps can I take today to move forward?”

These 3 success principles are staple elements that are common among many billionaires. Now, there are more principles that you must discover and implement in order to become a billionaire. Work diligently and do all that can be done each day. Be inquisitive and study those that you wish to emulate.

Which one of these principles do you need to work on more this year? Let us know in the comments below!

Image courtesy of Twenty20.com

Rob Fajardo is 23 year old Thought Leader from NJ. He founded a brand called Leave Normal Behind, a content, community, and events hub for purpose driven people. The mission of LNB is to bring together purpose driven people and inspire them to become the best versions of themselves by creating things that matter and encouraging others to do the same. He is also the viral marketing mastermind behind fidget spinners (check @fidget360 on IG) and helped Gerard Adams, Co-Founder of Elite Daily, establish the executive team at Fownders responsible for building the Seed-2-Scale program there. If you want to get connect with Rob you can email him rob@leavenormalbehind.com.

Advertisement
2 Comments

2 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Success Advice

How to Stay Calm, Think Smart, and Lead When Everything Feels Uncertain

Let go of the need for constant certainty, and instead, focus on resilience, awareness, and adaptability

Published

on

Leading in uncertain times
Image Credit: Midjourney

When Alexander the Great led his army of 30,000 foot soldiers, with cavalry units bringing up the rear, through the unforgiving Gedrosian Desert, he found himself in a crisis. In the sweltering heat of midsummer, with no clear path forward and little water, the troops grew desperate. But Alexander didn’t panic. (more…)

Continue Reading

Success Advice

7 Strategic Loan Options to Fuel Your Business Growth in 2025

Thoughtful borrowing can be the catalyst that transforms challenges into success stories

Published

on

loan options for startups
Image Credit: Midjourney

Many small businesses struggle to pay back COVID-19 loans to the government. An average startup has over $663k as its loan amount. Combining these two seemingly unrelated statistics explains why more small enterprises are looking into alternative loan types today. (more…)

Continue Reading

Startups

The Young Man’s Guide to Creativity: 10 Daily Habits to Improve Your Creative Mind

10 daily habits you can put into practice right now to improve your creativity

Published

on

How to boost creativity
Image Credit: Midjourney

When I was 22 years old, I became a Top Writer on Medium.

It’s not an easy path. I lived in the Philippines and had never received a penny after writing over 100 digital articles. But I treated it like practice. If I couldn’t get other people to read my work for free, why would they trust me? (more…)

Continue Reading

Startups

If You’re Not Reinventing Yourself, You’re Falling Behind! Here’s What To Do

Reinvention is the secret weapon of high performers.

Published

on

Reinventing yourself
Image Credit: Midjourney

Reinvention is the secret weapon of high performers.

Most careers follow a predictable script. You start at the bottom, climb the ranks, and eventually settle into something resembling stability. But the people who make the biggest impact, the ones who don’t just play the game but change it, break that script. They evolve. They shift. They reinvent. (more…)

Continue Reading

Trending