Top secrets of self made billionaires:
Start a business with innovative ideas: Most of the self made billionaires started their small business with an innovative idea. Their innovative ideas helped them to beat competition and in luring major market share towards them, because the customers were able to enjoy additional benefits from these innovative ideas as compared to the products that were previously available in the market. Before the advent of Google search engine, stalwarts like Yahoo! and other major search engines were already successful and leading in the market. But, Google came up with a few innovative ideas like conducting searches based on the keyword and the websites popularity that helped people search for information in a much better way. These ideas were so well received and popular that Google went on to become the number one search engine.
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Do not fear competition: Rather than fearing competition, these people focused on coming up with ideas that would offer something better and additional to the user. They concentrated and focused on ways to improve their products or develop and generate something new and thereby, got many investors to invest in their business as the investors also could see a lot of scope and potential in their ideas that would help them to make millions. Perfect examples of those who made it happen are Bill Gates and Larry Elision. Bill Gates knew that there were various billion dollar industries such as IBM who had numerous software developing experts. But, he had confidence in himself and his idea and really made it happen. Similarly, Larry Elision came across a research paper that had been written by a certain IBM expert and, with his vision, converted the idea into a business opportunity, of which IBM itself was unaware of. Always try to develop a sound idea that will prove to be helpful to a business as well as to the customer.
Learn to develop sound ideas: Most of these self made billionaires came up with sound ideas. With billions of people in the world, there are billions of ideas that are generated daily, out of which only a few are successful and reaped into billions. Along with a successful idea, you also need to master specialized knowledge because in order to develop something new you need to be aware of what is available and how you could improvise on it.
Compensate for your education:
There are many self made billionaires who are school or college drop outs, but as they aimed at becoming rich, they learned things by themselves through self education or sheer experience and honed their skills. Owing to their smart mentality, some of them could manage to convert others ideas into billions. People like Larry Elision and Bill Gates have proved this theory. Ideas along with innovations alone cannot bring you the riches till you merge certain business aspects with the innovative ideas. Here, business aspects mean that if you market your products or services by advertising and promote its benefits and usefulness to the customers it will increase the demand of your products and people will be ready to spend money on the products earning you profits. Remember, a buyer will purchase a product, only if it proves beneficial to him.
Develop creative and innovative skills: Such people developed their skills in order to innovate and generate sound ideas. These are the skills that make a big difference and separate the self made billionaires from ordinary people. These skills should be developed with regular exercises. You may start thinking of at least 10 improvements or innovative ideas on a daily basis as to how some additional benefits can be provided to the customers or businessman, and eventually some of the ideas can fetch you a fortune. You might think of improving the efficiency of a particular machine or may plan to improve the existing products. You may try to look for loopholes in the existing system and may plan as to how you could offer solutions for such problems. Assume that you are making use of the product and note down how it would help you if additional features would be developed.
Go for excellence and perfection: They believe in perfection and learn all about latest technologies and the trends in market and develop plans to produce something surpassing the international standards. Li-ka- Singh started out as a salesman working in a certain plastic factory. He had to drop out of school when his father died and he needed to support and help his family. His education was limited, but that did not suppress his unlimited desire to earn and to become rich. So, he made up his mind to make something of himself. He started working with the mentality of a boss and began to learn everything about products, quality, and purchase, sales and marketing. He first became a top salesman and then began reading various business magazines in order to learn more about the products that could be in big demand. Since there were numerous products that could be manufactured out of plastic, he tried to think up of many consumer products that could be sold based on quality and look of the product. He then settled on making exclusive artificial flowers. He mastered all the techniques regarding mixing of colors and making flowers look real, and also developed the techniques of making better flowers than his competitors. This person without any money or enough education started his own business and today is worth over billion. So, it is important that you believe in perfection and ultimately you will get rewarded for the same.
Think about superior products instead of planning about making more profits: They do not concentrate on reaping profits, but instead think of providing the best to the consumers or to solve their problems and believe in the fact that money will follow with such sincere efforts. You will anyway make money by providing good products and offering solutions. So the wealth you earn really only depends on what you have to give to the customers.
Start with a business that depends on innovative ideas: Majority of such people started with business that demanded creativity along with innovations. If at the beginning, you have a limited amount of capital, then you should enter the business with creativity as your strength and base or pick a business that requires innovation along with creative skills. Graff learned as how to mold and make jewelery and how to make it look better than the rest. He converted this skill of his into billions because of the fact that it is beauty and exclusiveness that a customer looks for and not at a billion dollar company. Similarly, Li-ka Shing started manufacturing artificial flowers and made them look as good as real and then went on to diversify to the field of real estate and today his worth is over billion. Larry Elision stepped into a knowledge based field and today he is worth over .5 billions whereas he started his business with only 00. So, never underestimate the power of your innovative ideas because for all you know, they could be worth billions.
Make innovations your permanent habit: Constantly finding innovative ideas became a habit for them so they could provide new and improved products to their customers. Today, with all the competition and rapidly changing technology, expectations of the people have also multiplied. Every now and then, they are looking for new and improved additional features. So, they prefer companies that produce products that go beyond their dreams or imagination and create fantasies that they may have only imagined in their dreams. The products such as I pod or I phones belong to this category of products that have created hysteria among everyone. With the invention of such products people lined up outside stores to purchase them as it was new and unique.
Never accept destiny: These are people who never make compromises when it comes to their destiny and if and when they fail, they make up another plan and try to know and improve on the reasons that led to their previous failure. Most people suffer from negative attitudes and mentality as they cannot overcome problems like lack of capital and education. They give in to the fact that they are meant to be working for others and are satisfied with whatever they receive in life. This is why they never manage to make any progress, because nature's law is that you reap what you sow. if you keep a positive attitude and a millionaire's mentality and try to find ways in which these problems can be solved, and then you can come up with positive ideas. Lika Shing was compelled to flee from China and began his career as a salesman in the city of Honk Kong in a certain plastic factory. In spite of the fact that he had very limited education and also limited capital, he was constantly thinking of ways to make millions and showed us that if you are determined enough, then there is absolutely no one who can stop you. Larry Elision had a similar story to tell.
He was adopted by his uncle and Larry soon dropped out of college to look for a job in order to survive. He soon became adept at computer programming and honed his skills through various jobs. He was always alert and looking out for opportunities and when an employee at IBM published a paper it gave Larry the opportunity to make billions and today he is worth well over .5 billion. Had these people blamed their destiny or life, they would have never made any progress.
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