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7 Common Mistakes That Billionaires Make

Joel Brown (Founder of Addicted2Success.com)

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Billionaire Money

If you are currently working your way to be successful in your own line of business or in your field of profession, one of the most important things you ought to have is a good mentor. Naturally, small and starting entrepreneurs and professionals as well as aspiring millionaires and billionaires all look up to the existing top-grossers in the world today and try to follow their examples. What many fail to realize is that these amazing billionaires at present have also had their share of mistakes in the past that have helped them become what they are today.

What are some of the most common mistakes that most billionaires make? These are also the same blunders that have probably caused them setbacks in their careers or businesses and have even caused great failure for some. The only thing that sets them apart from those who have not reached their level of success is that they chose not to give up and to instead use these slipups to help them achieve more.

 

Billionaire Mistakes

 

Mistake #1: Lack of Research

Sometimes when you are suddenly hit with a striking idea that you deem as a stroke of genius, you jump right into it without doing the proper research involved. Naturally, any idea for a product or service can turn into a great business and can also end up in the opposite direction. No matter how excited you may be to get right into something, you need to research all the details involved first, to study your target market, and do a feasibility review. This is especially important when you are planning to shell out a huge amount of money for a business idea that can turn out as a flop.

Henry Ford Color Automotive PictureHenry Ford, for instance, is a well-known billionaire today in the field of automobiles. He has always been recognized as a man of efficiency, being able to make ordinary things extraordinary. However, Henry Ford has also had his share of gaffes.

One very big and expensive mistake Henry committed was to start up a company town called Fordlandia to serve as his own rubber production plant. Because he was not an expert in putting up a town especially in Brazil, he failed. He made the mistake of not doing sufficient research first before indulging in this project. He also did not hire excellent specialists who could have given him the needed advice and guidance for going about this town.

 

Mistake #2: Focusing on the Wrong Opportunities

It is certainly difficult to tell the right opportunities from the wrong ones, especially if you lack experience. Being a risk-taker is an important characteristic in the business world. However, you ought to weight the risks you take. You also need to know when to quit. Always remember that when you focus too much on one or two things that do not seem to be picking up even after you have given so much, you might not realize that you are actually missing out on other better opportunities for you. Thus, you still have to keep your eyes and ears open for other breaks or prospects while you are trying to work out your existing ones.

Warren Buffett BillionaireOne example is the story of Warren Buffett, one of the most popular billionaires of today. Back in the 1960s, he chose to buy a New England textile mill and ran it for twenty years even though it was not improving at all.

Warren Buffett did not immediately see that the textile business then was truly hopeless. Eventually, when Buffett accepted his mistake and decided to move on, he shut down this company and went on to the insurance arena and to other industries that brought him great fortunes.

 

 

Mistake #3: Miscommunication

It is very important to communicate well with the people you work with and those who work under you. Keep in mind that the people who work for you are your greatest assets. You cannot be as successful if you do not have leverage on these individuals. Thus, it is vital to build a good relationship with them.

Steve Jobs Apple BillionaireSteve Jobs, for example, was known to fail in open lines of communication. Because he always assumed that people ought to instantly understand and grasp his ideas and suggestions, he ended up losing highly talented people who could have made work much easier in the future. When you lose people, you will end up spending more from hiring and training efforts.

Even billionaires cannot just buy people’s loyalties and emotions. Relationships are of essence too.

 

Mistake #4: Cost-Cutting

When you really need to cut on your costs to save your business or to make a greater profit, you have to carefully weigh the pros and cons first. You also need to check if the methods you will be utilizing are worthwhile and will not aggravate many. The successful billionaires today have had their share of cost-cutting decisions.

Ralp Lauren SuitIn the case of Ralph Lauren, he made the huge mistake of having Chinese laborers make the 2012 US Olympics team uniforms under his brand name. Since this event is rooted in a nationalistic aspect, it is imperative that the uniforms bear the sign “Made in the USA”. This wrong decision certainly caused a big stir in the nation, which has provoked tons of people to boycott Ralph Lauren.

Indeed it has caused a stain on the name of this famous clothing company.

 

Mistake #5: Missed Chances

When you are engaged in a certain industry, you have to continuously study the market and its needs. Even if your current products and services are doing well, you still have to be on the lookout for related opportunities in this field. What’s more, it is best to keep up-to-date with the latest innovations.

Bill Gates Microsoft BillionaireWho would have thought that Bill Gates, one of the well-known billionaires at present, would make the mistake of overlooking the great potential of the search engine?

When the Internet was just beginning, Microsoft chose to concentrate on developing a browser or navigator instead of coming up with its own search engine. Hence, Google beat Microsoft to this turf, quickly tripling its revenue shortly after it came out.

Bill Gates admitted that it was a lost billion-dollar opportunity.

 

Mistake #6: Failure to Explore Options

When you see an opportunity that you want to grab, it is crucial for you to check out all your options. Along with the proper research, you have to explore the different ways that you can make this opportunity work out for you. If you fail at one, you have to try another one before someone beats you to it. Would-be billionaires should learn how to weigh opportunities.

Larry Page Google BillionaireOne great story in this regard is that of Larry Page of Google. He already had the idea about the amazing promise of social networking especially when Friendster had become popular. When Google offered to buy Friendster in 2003, Larry Page did not act on developing their own.

Before Larry realized it, it was already too late because Facebook had captured the market and no one else stood a chance against this booming social networking site.

 

Mistake #7: Negative Publicity

In every business and in any industry, publicity is very important. Your public image and that of your brands count. Of course you need to carefully build a positive name that will make people feel good all the time instead of reminding them of negative things. This is why PR is a very important aspect in business too and even in a career that exposes you to the public. Hence, you should learn to be more charismatic and to know how to use the media to your advantage.

Mark Zuckerberg Facebook BillionaireSince young billionaire Mark Zuckerberg has always expressed himself without much regard for what others think, he has made a lot of mistakes already with his statements and actions. Mark Zuckerberg’s cocky, arrogant, and blunt personality has been known to give his company ‘Facebook’ a bad image as he is a representative of the website. As a public figure, he is still in the learning process. Not taking crap from people is good in business, but the thin line between cocky and confident should be something you are very clear on when you are constantly in the public eye.

These are the seven common mistakes that a lot of billionaires have made in the past and have learned from. As an aspiring billionaire, you ought to consider these mistakes and do your best to avoid them and to use them for your own good.

 

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances.I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

Success Advice

How Your Friends Determine Whether You Succeed or Not

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Can anyone do without having friends? We all have our friends, we share ideas with them, talk together, have fun, and fight. Yes, that’s the baseline of friendship. But, do you know that aside from you, your friends can determine whether you achieve success or not?

There are two things in friendship which are the ability to ”love” and the ability to “influence”. This means you are loved and you are influenced. How do your friends affect your success in life? How are they one of the biggest deciding factors of your success? Let’s find out.

What type of friends do you keep? 

First, what type of friends do you keep? Who do you call your best friend? There are two different kinds of friends, good friends, and bad ones. A lot of people have lost their pathway to success and some have also found their road to success all because of the friends they keep, the people they mingle with. 

Who is your best friend? Answer carefully. Having a best friend means you find each other compatible and understanding. Analyze who your best friend is. If your best friend has not motivated you to do something positive, if who you call your bestie has never given you positive advice, lastly if your best friend has never informed and advised you on your shortcomings, then you don’t have a best friend.

This quote tells us “birds of the same feather flock together”. Countless people have changed from their good nature into a bad one all because of friends. One thing to note is, “negative people move with negative aura”. If your best friend is filled with negativity inside-out then you will surely be affected by his/her negative aura.

They influence your success with positivity or negativity 

The friends you keep can either influence you with positivity or negativity because your friends have the power to change your kind of person completely. 

This is how your friends influence you:

  1. They influence you indirectly with what they do
  2. They influence you directly by teaching and giving you advice 

Yes, that is how they influence you. For instance, you watch a movie and you like the way the actor walks. The question is if you truly like the way the actor walks, won’t you try to imitate the actor? Of course, you will.

Just the way you imitate the actor is the same way your friends can influence you with their character. However, the funny part is, they don’t have to teach you to do things like them. You just find yourself imitating and copying them gradually.

An important question to ask is, are you imitating a good friend or a bad one? If you imitate a good friend then you will be good, but if you imitate a bad person, you will surely become a bad person.

Everyone wants to succeed, a good friend will always teach, enlighten, and motivate you for success. A bad friend will only motivate you to do evil things (smoking, drinking, fight, envy,).

And you should know that things like that are a great enemy of success and even of God. So, if you have these bad elements in your life, how will you achieve success? There is no way!

And also, they can teach and advise you directly. But, what do your friends teach you? When you ask them for advice do they inspire you positively or teach you the bad stuff.? A lot of people have regretted lifelong decisions just by listening to the advice of friends. 

The company you keep has the power to influence and change you. Never forget that a positive influence will teach, motivate, and brush you up for success. While a negative influence will inspire you to become a bad person, change your good nature, and leave you with regrets in the end.

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The 3 Step Process to Building a Profitable Pitch

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As a communication coach, one of the top questions entrepreneurs ask me is how to deliver a winning pitch to potential investors. They want to know if there’s a magic formula to get an investor to say yes and buy into their dream and their business. (more…)

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The 4 Pillars of Wealth and Abundance

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Have you ever wondered what the formula for a wealthy and abundant life is? Many people have. Lots has been written about the subject of wealth creation and living an abundant life. It was a breaking point in my journey and pursuit of success when I found out that there is a clear path to achieve success in life. Thanks to those who have shared their journey, we can clearly see and follow the principles of prosperity. (more…)

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Success Advice

Here Are 4 Reasons Why You Should Have a Podcast, Youtube Channel or Online Show

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Confidence comes from a place of strong understanding of self. After close to three years on radio, I’ve grown from a shy introvert to a shy introvert with an extrovert persona. When the mic is turned on, I can channel a version of myself that some say is attractive, strong, and of course, confident but it wasn’t always this way.

What I want to share with you is what I discovered on this journey into broadcast that you can apply to your life, your ventures, and your personal development. This doesn’t require any fancy gear. It does require a leap of faith on your part because once you go down the road of media; it can change your life.

1. Perceived Expertise

When you go to a doctor, you expect their knowledge will guide them to a solution to your problems. When you have a show, you become your listeners’ doctor. For all the multiple thousands, maybe millions, of YouTube channels, podcasts, and user-created content in the world, each person that gets behind a mic takes a position on their passion, their opinions, and their themes.

They challenge the status quo for the benefit of their listeners in hopes to entertain and educate. With consistency on your side, those fans place you on a platform and give you permission to influence them.

2. Global Acknowledgement

One of the benefits to increasing confidence is when you receive thank you notes from people you may never meet. The feeling of enriching someone’s life from halfway around the globe, provides validation you’re enhancing someone else’s life with your wisdom and your wit.

The very first time I was told I was making a difference in someone’s life in a country other than my own, I felt like I caused massive impact that transcends my circle of influence. When you experience just how much you can cause impact and it comes back to you, it’ll change your worldview.

“Be grateful for what you have and stop complaining – it bores everybody else, does you no good, and doesn’t solve any problems.” – Zig Ziglar

3. Backed By Numbers

One of the most exciting ways to measure success is to quantify your growth. It’s not enough to just broadcast. Having subscribers and downloads helps to know, numerically, how well you’re doing. Word of caution. This can be a way to set yourself up for distress because of number envy but if you understand what the numbers mean; you can control the narrative of the numbers.

The major number that makes most people smile is 10,000. I’d advise it to be 1. Here’s why. As you grow in your industry, so does your reach. If you learned that the one person that subscribed totally changed for the better because of you, wouldn’t that be worth the effort?

4. Effective Communication

While it’s not talked about much, having a show is documentation. You create a dynamic account of your life, your industry, and the pulse on what’s important simply by having a show. When you find a channel to improve your communication skills, you demand attention and people will listen to you. You become more trusted as a leader and people will follow you once they believe you can lead them to their wants and needs.

“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins

These insights have helped many people become leaders and, ultimately, move others to their best selves. It’s worked for me and I hope it works for you. At the end of the day, it’s all about showing up and showing out.

Have you ever thought about having a radio show? If so, what would you talk about? Let us below!

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