Want to Be a Billionaire? Learn the Successful Secrets of the World’s One Percenters
If there’s one thing that most people around the world have in common, it’s that they all want to become highly successful people with massive fortunes to their names. And when you really think about it, that common dream of becoming a billionaire is not really impossible considering that so many people everywhere have managed to amass their immense financial assets. Both men and women alike in various professional fields—from tech superstar Mark Zuckerberg to author J.K. Rowling—have proven that earning huge amounts of money is a realistic goal that anyone can achieve to guarantee their success.
The media often refers to people with ultra-high net worths as “the one percent”, which denotes a status of financial exclusivity that is markedly different from the rest of the world living on less affluent means, or what is known as “the ninety-nine percent”. But here’s a question to consider: is there a secret formula that the world’s one percent follow in order to achieve their fiscal goals? It’s important to remember that no two billionaires have the same strategy when it comes to acquiring their earnings, but they do share similar habits that helped them get to the top of the food chain.
If one closely studies the behaviors of the world’s top billionaire moguls, then one will realize that there are recurring habits that have likely contributed to their overall success. Bear in mind though that while such attributes are feasibly possible for anyone looking to improve their personal wealth, it still takes a considerable amount of hard work and talent to make such habits truly effective. Nobody has ever succeeded without applying some good old fashioned hard work, so you need to keep that in mind. Elsewhere, here are the secrets of success by the world’s one percenters that you definitely need to know now.
Establish a niche monopoly
Billionaires were able to generate their wealth because they established their foundations on a specific industry niche where their core competencies are able to shine through the brightest. This means that if you want to really want to achieve your goal of increasing your wealth, then you must focus on your strengths and use them to your advantage. It will be counterproductive for you to explore something that you’re not fully familiar with, so it’s in your best interest to stick with what you know, and do the job well to hit all your targets.
This logic makes good business sense because many billionaires are often known for a singular source of income. For example, various energy tycoons have built their empires by providing oil, coal, or electricity to consumers, and because they know their subject matter really well like the backs of their hands, they see no reason to fix what isn’t broken. Try to find whatever it is that you’re really good at and then turn it into your lucrative cash cow. You’d be amazed at how exciting it will be to discover you’ll get rich because of doing something that you know and love.
Expand your business quickly
Why wait for success to come to you when you should be the one to chase and grab it when the opportunity presents itself? A lot of super-wealthy people owe their success to how they managed to apply the element of expansion to their line of work, thereby ensuring that their profits are always on the rise rather than spiraling down. And aspiring billionaires know that if they expand their empires, it means that their brand will reach the broadest audience possible and thus, effectively giving them more reasons to thrive in constantly changing market conditions. In short: expansion of your business is a wise strategic move.
Leave no room for hesitation because if you know you already have the resources to make the necessary growth for your business, then you should strike while the iron is hot. Expanding early on in your career means that you’ll be able to enjoy a high return on investment since you managed to penetrate desirable consumer markets that your competitors haven’t yet reached. And businesses are likely to thrive for the long haul if people are exposed early on to your brand, and expanding quickly will help you get there.
Take big financial risks
Billionaires didn’t get to where they are by playing it safe; most of the time, they take risks that might strike fear in other people but they know for a fact that it could push them into even greener pastures. Wealthy individuals who are CEOs or chairpersons of major companies know that the world of business and finance is always about taking risks, and you would do well to follow their example if you want to get ahead in life. And it’s not just about taking risks with your own money, but also that of others who do business with you.
When you have a group of people acting as investors or shareholders of your business, it is your duty to ensure that they placed their bets on someone who is able to make generous profits. And if you have to spend money of other people to attain your goals, then you need to make sure it’s a risk that you know will pay off in the end. Shareholders and investors want to make sure that they’ll be getting a high return on investment (or ROI), so it’s essential that you won’t be letting them down with bad judgment calls in your line of work.
Make sure you own everything
If you plan on getting rich with whatever idea it is you came up with—whether it’s a nifty new product or an innovative service that no one has ever seen before—you have to protect that at all costs by making sure you own the rights to your original concepts. Owning the intellectual property rights to any physical creation or intangible service is of the tantamount importance to any entrepreneur because it prevents other competitors to steal your hard work and illegally profiting from something that originally came from you.
This is why you must always file for patents and copyrights to whatever work you produced that could prove to be useful and valuable in the consumer market, and make sure you file those rights as soon as possible. Many big businesses actually don’t release their products or services for a certain period of time because they need to ensure that the neccessary rights to their creations have been approved first. Moreover, you’ll receive creator credit from introducing something new aside from earning all of the sales of your original ideas.
Diversify your business empire
When billionaires have reached that comfortable financial position where they are deemed untouchable, they’re ready to explore other possibilities beyond their comfort zone without having to worry about incurring any major fiscal losses. Diversifying a business portfolio is something that the world’s super rich frequently do in order to ensure that they have alternative sources of income in addition to the one that they already have a strong affinity with. Furthermore, dipping their toes into other industries opens up a whole new world of collaborative opportunities that could strengthen their professional networks.
For example: if you’re known as the go-to name for luxury real estate properties, then you could think about opening a travel agency that focuses on luxury travel. Although they may be two different fields, they have a common denominator of having the aesthetic or branding of a luxury lifestyle, which is something that you know very well. This is also how other billionaire entrepreneurs operate: they diversify their business empires, but they make sure that their subsidiaries are thematically related to maintain the established brand.
