“Millionaire isn’t cool. Do you know what is cool? Billionaire” – The Social Network
Let’s face it in a world robbed of royalty billionaires and celebrities are all we have left and billionaires literally can buy celebrity or the presence of celebrities. It’s like the gold medal of business so how did they get there?
Some inherit of course, others marry into it but barring that there’s one thing that consistently changes your life…skills.
Think about it want to make great music? It requires a skill. Want to take amazing photos? It requires a skill. Want to win a gold medal? It requires a skill.
Skills change your life so there’s little in life more important than developing skills…the question is which skills?
Enter the billionaire study. A close study of dozens of billionaires identifying what they all had in common but didn’t have in common with non-billionaires reveals 6 skills they all share in common that you can pick up yourself so here they are:
Every billionaire is a master of his or her domain. Donald Trump knows lots of real estate and media. Bill Gates far from being just a business guy is actually a knowledgeable programmer same for Mark Zuckerberg. Steve Jobs was not only a skillful marketer he was knowledgeable about the computer and devices business. Elon Musk is a talented engineer. The list goes on.
This doesn’t mean they can do the work of the business, there’s lots Elon Musk doesn’t know but it means they are masters of the business, they understand it intricately. The stories of Henry Ford pressing a button to get answers from underlings are overstated by far because Ford understood an enormous amount personally about the car business from how they generally worked to the manufacturing process to distribution and market.
So every billionaire has made a habit of learning and mastering their field if you want to be a billionaire you need to as well.
Richucation Tip – Spend a minimum 30 min every day learning something new related to your business
There’s a caveat though they don’t just master anything they master something of value. Ideally, this is the intersection of two or three skills to make it more unique and consequently more valuable.
I’ve never met a rich person who doesn’t value a great deal. This doesn’t mean they don’t spend money on expensive things we all know billionaires often have insane lifestyles but they care about the value they get for their money.
People who are broke will often say “if I had millions of dollars I wouldn’t care what it costs”…which is part of the reason they don’t have millions let alone billions of dollars. Donald Trump may have the largest private jet but he got it for a great price.
Steve Jobs, Carl Icahn, Rupert Murdoch one after another they are known for being great negotiators. Richard Branson recommends reviewing all your expenses every month to find ways to cut costs. It’s very critical to be a billionaire you need to learn to drive costs down so you’ve got more to keep at the end…it also makes you more competitive, which means you can grow your business more.
Richucation Tip – Review ALL of your expenses at least monthly to see how you can decrease costs
You want to be a billionaire? Fall it love with great deals. Don’t brag about how much you’re spending, brag about what a great deal you’re getting.
Love him or hate him Donald Trump is great at self promotion. Steve Jobs was a master marketer. Richard Branson is known for his incredible marketing skills. Elon Musk stirs up stories and a following. Warren Buffett has gathered tens of thousands who come to see him every year.
If you want to make money you need customers. Billionaires learn to share a vision or an advantage to communicate in a way that attracts people and makes them want to get on board.
This doesn’t mean they are necessarily charismatic or good with the press. Many of them are but it isn’t a requirement. But what they do have is an understanding of the market and creating solutions to fit with the market and the importance of learning to communicate those advantages well.
They understand the need for product, distribution, competitive pricing, and promotion.
Richucation Tip – Spend at least an hour every day marketing your business
Every billion-dollar company has a multitude of customers it affects in order to generate that much money.
You don’t get big doing small deals.
To become a billionaire you need to learn to multiply your impact to reach a lot of people and have a significant impact on them. Billionaires know this and put a lot of energy into it. They’ll turn down hundreds of opportunities to say yes to one.
On a daily basis this starts with prioritizing how they spend their time eliminating low value tasks.
They also engage in projects that if they succeed will have major upside. Think of the mindset of Elon Musk who started by asking “what are the biggest problems facing the world today?” and then built companies around solving them.
Richucation Tip – Each day write down what you’re going to do then remove the lowest priority
If you want to become a billionaire you’ve got to pursue goals that have high impact or compound little goals into big ones.
There is no such thing as a truly self-made billionaire. It takes a team and billionaires are always looking for exceptional people and then engaging them to work together productively. This is about finding people who are skillful and aligned then letting them do what they do best.
Some billionaires are controllers and it’s certainly important to control within your circle of influence but you want the best people around you and they’ll be better than you so you need to give them space to do their thing. If you don’t it will stifle them and they won’t give as much value as they could regardless. Support them and get them working with others who compliment their work.
Richucation Tip – Spend time every day looking for or engaging someone who could do better than you
Billionaires are master delegators you need to learn not to do everything yourself to free yourself up to do only the highest value tasks for you and get the most skillful people on the highest value tasks for them.
You don’t become a billionaire through what you do but rather through what you own. So billionaires are focused on building things that last that they can own and grow and multiply into more and more so the compounding carries them forward.
Work on owning what you build…all that amazing upside and look for solutions that involve something you can own (build once) rather than needing to reuse over and over again.
Richucation Tip – What’s one thing you could build that would eliminate a repetitive task in the future?
Steve Jobs built around $600 billion in shareholder value in Apple vs only around $8 billion in Pixar but much more of his net worth came from Pixar than Apple because he OWNED more of it. As you do deals make sure you own upside that can multiply the value of what you’re doing.
Those are the six, you won’t find a billionaire who didn’t inherit or marry into it who didn’t follow them all and doesn’t possess all those skills. You might not be interested in being a billionaire but applying those skills will help to make you incredibly successful financially.
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