Billionaire Mindset

Extracted from “The Star – 28 May 2013”

Four great ways of thinking to achieve great success

Here is a thought: What makes successful billionaires so successful?

   Sure, some are born with an obscene fortune to their name, but most started out just like us, maybe with even less opportunity than we do. So, what makes them so special, since they are just like us normal folks in so many ways?

   Simple, it’s the way they think.

   You see, billionaires think differently in the sense that they focus every ounce of their attention on achieving the success they desire.

   This mindset is exactly what differentiates them from the rest of us and more importantly, gives them the drive to succeed.

Hiring The Right People To Execute Quickly

Billionaires are usually the bosses of their empires, right? Well, as bosses their main job is to handle the overview strategy and more importantly, acquiring the right people to the right job.

   Now, hiring the right people to work out the details and operation elements into place is important for success because a high execution speed is essential in pushing forward with profit-generating initiatives.

   As such, a key success mindset is to be ready to hire the right people so you can get your plans in place and your business on the road to success.

   Never, under any circumstance, try to master everything yourself because you are overly paranoid about your operations.

   If you do, you probably won’t get very far in terms of profits because you will be too busy to be a boss and cannot galvanise your business towards executing the proper plans in time.

Gun For The Money

Most companies target the “easy money” by selling mass products or services with very low prices. The issue with going for this easy money is that it isn’t easy at all.

   You see, the problem is that approximately 90% of business owners have the same mentality and are competing for the same market.

   So, if you are going to go into this market, you are going to face an intense amount of competition.

   In this situation, the best course of action is to avoid this situation. However. succeeding will take far more than that.

   To achieve the success you desire, you need to be ready to aim higher at the profitable niches that everyone else is too afraid or unwilling to reach.

   The logic is simple: there isn’t much competition in these sectors because most companies do not dare to gun for it.

   Billionaires gain success and higher profits this way because they need to spend less time overcoming their rivals and won’t even need to compete with everyone at the bottom.

Be Willing to Create Multiple Income Streams

The problem with all business is that no matter how much you market or sell, there will always be a cap in your profits.

   Now, billionaires circumvent the tiresome situation simply by identifying and seizing opportunities to maximise revenue, and that is what you must be ready to do as well.

   To put in a fine point to it, you need to be willing to step out of your comfort zone and create your own money opportunities by diversifying your income streams.

   The easiest way to do this is to build one segment of your business while simultaneously being aware of the opportunities around your industry.

   When you identify a viable option, you then need to have the courage to create new product and service tiers, expand or improve your business offerings, or even launch a new business.

   It is monumentally important that you become highly skilled at making money in one form of business before launching anything else without the necessary experience and knowledge is plainly suicidal.

Avoiding Opportunity Cost

Opportunity cost is basically the amount of money you are not making by not taking the right action.

   While this concept can seem irrelevant and trivial, the hard truth is that opportunity costs are perhaps one of the worst losses you can ever make in business.

   Every minute you waste means you are losing money from your company simply by not taking action.

   By embracing the necessary mindset, you too can gain the great success that comes with it.

   The key is to be willing to kickstart your journey towards achieving the mindset of billionaires and never waver your commitment to your success.