Most people think that there is a whole gulf from bankruptcy to wealth, and it is impossible to overcome it. Nevertheless, there are examples that prove the opposite. Many people, including Roman Abramovich, Francois Pinault, Howard Schultz, Oprah Winfrey, Shahid Khan, Do Won Chang, Ralph Lauren, John Paul Dejoria, Larry Ellison and Mohed Altrad, were left penniless one day. But they all later became billionaires.
How did they do it? The most important thing is that they have mastered the skills that we recommend you to learn:
- Leverage an abundance mentality and laser-focus your mindset
- Become an expert at business networking
- Overcome the often-stifling fear of failure
- Effectively manage your time
- Create long-term goals and take daily action towards them
- Never give up no matter how tough things might be
- Focus the power of your thoughts on the positive over the negative
- Never look for shortcuts or try to cut corners
- Understand the underlying principles of sales and marketing
- Become a fervent brand-builder
In addition, billionaires use one of the following strategies:
Create something that adds value to the world
The most successful people of the planet made a huge contribution one day — the idea brought them wealth. Find your own way. Of course, this will not be quick. Big changes take time. But it is important to notice the opportunities and not to miss them. The founder of Patagonia Yvon Chouinard became incredibly wealthy not by inventing something new, but by improving something that has already been created.
Although Patagonia is a giant retail clothing store today, the company became bankrupt as a result of a series of lawsuits, when its owner turned 50. Nevertheless, Chouinard did not abandon his business, because it was important not only for him. He worked on improving quality to make his products more environmentally friendly and sustainable. That is how Patagonia became a market giant — due to its contribution.
Create a consumable product that people love
Manoj Bhargava, the creator of 5-Hour Energy Drink, has developed his business from a startup to a successful corporation with $ 1 billion from the sales.
John Paul Dejoria, who was not only once broke, but also homeless and living in his car with his son, also did the unimaginable. He created salon-quality products and went door to door to sell them. He focused on quality and he took action every single day. At the age of 36, with a $700 loan and while living in a car with his son, he grew Paul Mitchell Systems into a behemoth, becoming one of the world’s richest persons in the process.
Use social networks
Mark Zuckerberg has become one of the richest people in the world, having established a connection between people on the Internet. Today we all know about the successes of Facebook. But Zuckerberg was never poor or on the verge of bankruptcy — he came from a middle-class family.
More interesting was the story of the founder of WhatsApp, Jan Khoum. In 2007, a Ukrainian immigrant Khoum worked at Ernst & Young. Soon after the release of the iPhone, he and Brian Acton decided to create a mobile chat application. It saw the world in January 2010.
Khoum turned WhatsApp into an extremely popular application that was later acquired by Facebook for $ 19 billion. Like other billionaires, Khoum led a new industry, keeping the opportunity that others might miss.
Become a service provider into a high-growth industry
Identify a high-growth industry and become a service provider. We watched how Airbnb became a global corporation from an unknown site for renting beds, making three young people billionaires — Brian Chesky, Nathan Blecharczyk and Joe Gebbia. Airbnb became a groundbreaker of its industry. Strictly speaking, housing rental services have been before, the VRBO Company has laid the foundation. Nevertheless, Airbnb was more successful.