How to be a Billionaire
Dreams and ambitions when partnered lead to success....while some of us have simple dreams some of us dare to dream big....to become a billionaire. We all lap up the ‘rags to riches’ story. It forms the very fabric of the ‘classic American dream’.
Well, billionaires do not happen overnight. It is a matter of sustained effort. One needs to create opportunities, invest wisely and retain wealth. Develop a business sense. While some of us may have an added advantage, for some it is laying the foundation stone.
1. Create Opportunities
Planning and strategising are imperative to successful business practices. One needs to be well-informed about the prevailing market trends and the financial implications. Consumers govern the market. A future billionaire is one who can create, patent, produce and market a product in demand. He/she needs to invent. One needs to adopt the continuous process of keeping abreast of the worldwide financial and economic scenario.
Influencing the market trends to suit one’s business is a smart business tactic. It is known as innovation where the current mainstream market is influenced in a creative and subtle way.
Entrepreneurial pursuits are another way to hit the billionaire rack. Starting a business and sustaining it is largely dependent upon good business sense and the ability to spot opportunities, which prove to be vehicles to success and wealth.
Inculcate the habit of saving, as money makes money. A smart business man always invests. His investments yield profit, and thus a cycle is created. How one handles his/her money on his/her way to becoming a billionaire, will have a significant impact on his/her future plans. It is absolutely imperative not to have any debts. Real estate is a wise investment option.
Spotting and investing in a good business idea, even if it is someone else’s may help one make billions of dollars. As the business grows, so will the profits and returns. As an investor, one is sure to hit big times. It may come as a surprise to most of us, but the rich believe in investments. Their wealth is proportionate to their savings and investments.
Future billionaire will have to choose the right investment options at the right time. Learn to make money and allow the money to grow....
3. Maintain Wealth
Money is as good as the advice received. Don’t hoard money. Smart financial decisions will pave the path to becoming a billionaire. Equally important is to understand when to step back from a business deal or undertaking. There is no point in fighting lost battles.
It is important to concentrate on making your business grow and improve its market standing. The next step is to focus on improving the value of your business so that you can sell it for a premium. Just being a successful entrepreneur is not usually enough to become rich. The equity locked up in the business must be converted into liquid assets. Selling an established and profit generating business is a good idea. Another way could be to go public with one’s business. Selling a part of the shares, while retaining some stake in the company has a two-way advantage. This way one continues to be a manager and part owner, and at the same time have a chunk of your wealth in liquid assets outside of your business. One can also involve the management team and encourage the members to buy out the business over a period of time. The management team can be included in the profit-sharing.
4. Inculcate the Right Habits
Learn to take calculated risks. At times one has to go for the kill. Being wise does not mean not considering any new ventures. Being decisive is important. Learn to be creative and think-out-of-the-box. On doing a survey, one will find that billionaires are very systematic people. They develop a frame-work of proper time management and routine.
There is a popular saying- “Don’t put all your eggs in one basket”. A statistical study will show that a billionaire is always one to plan and experiment. He has a broad vision. He has created a frame-work of his ideas and implements them according to their feasibility.
5. The DOs of a Billionaire
Positivity harnesses positivity! Sporting a positive attitude in life and surrounding oneself with well-meaning and pleasant people are crucial for one’s state of mind. Remember that the good in us and the good in the people close to us are instrumental in what we achieve in life.
Anger, stress and bitterness are the destroying force in one’s life. Learn to channelize your thought process and block all the unpleasant thoughts that worm their way into the sub-conscious. There is so much in life to be grateful about. The fact that one is healthy, alive with a sea of opportunities and conquests waiting to be savoured, is enough to make one smile.
While there is no substitute for hard-work, a smart way of functioning is the mantra of becoming a billionaire. Blaming others for your setback does not feature anywhere in the story of a billionaire. Also mistakes and failures have been an integral part of a billionaire journey of life.
Success is not an overnight fixture. Be prepared to deal with loss as well! Luck has very little to do with success or the billions stacked away in one’s back account. Smart choices, smart investments and long-term learning and growing are the deciding factors. Once you hit that first billion, remember you are on your way.