Many entrepreneurs struggle to make ends meet and make payroll on a regular basis. Others make it so big that they reach billionaire status. That’s a level beyond the dreams of most and that is why most will not ever make it.
According to Forbes magazine, it is the thought processes and patterns of billionaires that separate them from other business owners. So let’s look closely at a few of the characteristics of those that have achieved the ultimate.
Dream and mindset
Mark Zuckerberg of FaceBook, Richard Branson of Virgin, Steve Jobs of Apple, Bill Gates of Apple, and Oprah Winfrey of Harpo all dream large. This country is full of “mom and pop” stores and restaurants whose owners have fulfilled their dreams of business ownership. While many are happy and satisfied at their current levels of success, there are billionaires who have taken a store concept to a whole new level.
Consider Wal-Mart, which has multiple stores in cities across the country. Sam Walton had the mindset and vision to take the concept of one store to many stores. The goal was achieved as vision was coupled with the execution of plans to get there. Today, the Forbes Richest People in America List features several members of the Walton family.
No one expects the business owner to have all of the answers. Like Walton, you have to build the team to accomplish the dream. The thought process is critical.
To reach the millionaire level, the business owner must possess confidence, determination and a plan. Once millionaire status is achieved, the thought process has to be adjusted to grow to billionaire level. Billionaire real estate developer, author and television personality Donald Trump even wrote a book entitled, “How to think like a Billionaire.”
Fear of failure
One common characteristic of billionaires is that the fear of failure does not control their destiny. Billionaires acknowledge that the possibility of failure exists in any business venture. But they also understand that they can take steps to decrease the chance of failure.
Billionaire business owners tend to truly believe that if they fail at one venture they can always rebound with a bigger and better opportunity.
“If I lose a billion dollars, I will have it back in less than five years,” said Henry Ford.
Dedicated, confident and moving forward without reservation, many billionaires have experienced failure. How failure is viewed is a major part of the journey. Failure is not a sign of incompetence; it is a learning opportunity.
Solve a problem or meet a demand
Billionaires either solve a problem or meet the demand of the masses. While most entrepreneurs try to avoid problems, billionaires view problems as business opportunities. Steve Jobs was an expert at solving a problem and creating demand for Apple products. Bill Gates solved problems dealing with computers. Henry Ford made cars affordable for the masses.
Billionaires believe in giving back. So much so that J.K. Rowling of Harry Potter fame and fortune lost her place on the Forbes list of World’s Billionaires due to her charitable donations. Although not officially a billionaire, she is still one of the wealthiest people around.
Making the list
According to the Forbes list of billionaires, 118 inherited their wealth. Of the self-made billionaires, 77 made their fortune through investments, 45 through technology, 22 with real estate, 18 with fashion and retail, 17 through media, 15 with food and beverage, 12 from energy, 11 through health care, 10 with sports, and 10 from manufacturing.
So whatever lane chosen, dedicate yourself to it and dream big.
(Contact Carlee McCullough, Esq., at 5308 Cottonwood Road, Suite 1A, Memphis, TN 38118, or email her at firstname.lastname@example.org.)