Vikas Shah, a Professor of Entrepreneurship revealed the secrets of billionaires to Daily Mail after interviewing and working with some of the richest people in the world.
Below are 10 secrets to success of billionaires
1. FIND YOUR PASSION
You can’t achieve financial freedom if you don’t find out what you are passionate about. Don’t just chose a career path because you feel it pays the most; your passion can become a huge wealth generator for you.
2. DON’T GIVE UP EASILY
Every billionaire had moments when everything didn’t seem to work but they never gave up. If you want to achieve financial freedom, you have to be resilient and be able to get back up when life knocks you down.
3. DON’T CHASE WEALTH
Every single billionaire Prof Vikas Shah interviewed always told the same thing about starting a business – starting a business should never be about money. When your aim about going into business is just to make money, you might never achieve the financial freedom you desire. When starting a business, you should think about making a big change in the world, whether that’s revolutionising technology, solving a problem, improving lives or creating something. When you achieve this, wealth will follow.
4. TAKE CARE OF YOURSELF
According to Prof Shah, all the billionaires he interviewed were committed to their health. Billionaires ensure they sleep well, eat well, take breaks to ensure they are in peak performance.
5. GIVE
Prof Shah also discovered all the billionaires he interviewed and worked with love giving. So if you want to achieve financial success, you shouldn’t just be interested in just receiving; make a commitment to change lives by giving.
6. THINK LONG-TERM
You can’t create a sustainable business if you only think short-term. According to Prof Shah, most billionaires are constantly thinking about how they can make their business sustainable, often long after they’re gone. If you want to be successful, you have to think long-term.
7. IDEAS AREN’T ENOUGH… EXECUTION IS ALSO IMPORTANT
Another important trait Prof Shah discovered about billionaires is that even though ideas are important, they aren’t enough. Just because you have the best ideas doesn’t mean you will make it. Having a great idea is important but executing the idea is even more important.
8. HAVE A TEAM
According to Prof Shah, every single billionaire he met always credited their success to their team. To achieve financial freedom, you need to have a brilliant team who are motivated and led by your passion.
9. HAVE A MENTOR
Prof Shah discovered every single billionaire he met has a mentor, a coach or a close friend they can confide in. According to Prof Shah, finding a mentor is important because “nobody knows all the answers.”
10. BE YOURSELF
Prof Shah also discovered the secret to being a billionaire is being yourself. If you want to achieve financial success, don’t try to be someone else, just be yourself.
Phil