Everyone wants to become rich. Everyone wants to become a billionaire. It’s not easy but you always have to keep faith. Here are tips on how to become a billionaire
1.Believe in change and innovation
These days we all confuse technology with change, but if you look at entrepreneurs and billionaires like Henry Ford, Warren Buffett, George Soros, Joseph Safra, Jacob Rothschild and Steve Schwarzmann, they aren’t technology investors, they are change investors.
Each one of them saw, understood and invested in change, and benefited from it. All of them understood changes in their economies, industries, markets and adapted and innovated. That’s how they made their money. You don’t need to be able to program to be a billionaire today anymore than you needed to do it a decade ago. Seek change and evolve with it
2. Build an Edge
Every single ultra-rich person understands their edge, what they are good at, and then what they aren’t good at, and therefore should pay to get done. They are very effective at this, to the point that they can extract the greatest economies of scale. They focus their energy on where they have the greatest competitive advantage and then leave the rest for someone else to do.
You can put this to work in our lives too. Once they have found their edge they make sure to exploit it. You’ll see them double and triple down on their most valuable activities, and keep investing in them and ignore everything where they don’t have an edge. Make sure to find your edge and invest in it, and say “NO” to everything else.
The billionaires don’t try to do everything on their own. They pay for results and they hold people accountable. If you can create value for them they are happy to reward you. They know and work with the best in the industry. This means knowing what works and what doesn’t. Sometimes this means being early.
They seek and work with high quality people regardless of what they are doing. They are skeptical to the exact innovation or style. They focus on whether it works or doesn’t and whether it will be profitable. Seek the highest quality people you can find, and then find ways to partner with them
Their best opportunities come from their network. They know they aren’t going to come up with opportunities on their own. They listen to the experts in their network, ask questions, find more experts and keep digging until they can unearth the best opportunities.
They aren’t satisfied with the first answer they get or the first opportunity they come across. They know that the best ideas and opportunities need to be discovered. Invest a few hours in your network and your people weekly that is the source of your opportunities.
5. Live in the Present
They aren’t trapped in the past and what they did last year or last month. They are pragmatic and practical. They focus on the reality of where they stand now and don’t do things just because they have done them for the last decade or year.
They go where others aren’t. Henry Ford wasn’t inventing the next horse drawn carriage. Jeff Bezos wasn’t starting the next hedge fund when he left D.E. Shaw.
Don’t be tied to what you have done or said in the past, focus on the current opportunity set