Top 10 secrets of success from 5 self-made billionaires.
Steve Jobs, Bill Gates, Mark Zuckerberg, Richard Branson and John Paul DeJoria are self-made billionaires.
Here are top 10 inspiring lessons you can learn from their journeys to the top.
1) Richard Branson: Dream big.
“Dreaming is one of humanity's greatest gifts; it fosters aspiration, fuels innovation, drives change and moves the world forward,” says Branson in a blog post earlier this year. "In a world without dreams, there would be no art, no adventure, no moon landings, no female CEOs, and no civil rights."
"The benefits of dreaming far outweigh the perceived risks, because the value of dreaming is measured not only by the outcome, but by the inspiration that comes from the journey to achieve the dream."
2) Mark Zuckerberg: Be willing to make big bets.
When Facebook launched the News Feed feature in 2006, protesters demanded that the social network revert to its former state. Zuckerberg is proud of his team for not succumbing to popular opinion.
"One of the things I'm most proud of at Facebook is that we believe things can always be better, and we're willing to make big bets if we think it will help our community in the long term," the CEO writes. "News has been one of the big bets we've made over the past 10 years that has most shaped our community and the entire Internet."
3) Richard Branson: Love the journey.
Writing about the closure of the Virgin American brand, Branson celebrated the process of building the airline: "It's been the ride and love of a lifetime. I feel very lucky to have been there with all of you."
4) Steve Jobs: Obsession with details.
Jobs had a reputation for being ruthless, but Kara Swisher, Record's executive editor, says that was the result of his obsession with perfection.
"People said he was callous," Swisher says, speaking with Tim Ferriss, author of "Tools of Titans" and "The 4-Hour Workweek," on his podcast, "The Tim Ferriss Show." She sees it differently: "I think he had too much heart. You know what I mean? He cared too much. He had so much heart that he just couldn't take it when things weren't right."
5) Mark Zuckerberg: Apologize quickly when you mess up.
After emotionally sensitive user content was removed by Facebook's content moderation algorithm earlier this year, Zuckerberg issued a public apology.
"We saw it in the misclassification of hate speech in political debates in both directions — removing accounts and content that should be kept, and leaving content that was hateful and should be removed," Zuckerberg says on his Facebook account. It was painful for me because I often agree with those who criticize us for making mistakes.
Afterwards, management experts said the CEO's apology boosted his credibility.
6) Bill Gates: Look for simple solutions.
"The obstacle to change is not too little care, it's too much complexity. To turn care into action, we need to see the problem, see the solution, and see the impact. But complexity blocks all three steps," said the Microsoft founder in his 2007 Harvard commencement speech.
"Finding solutions is essential if we want to make the most of our care," Gates said. “If we have clear and proven answers whenever an organization or an individual asks, 'How can I help?', then we can act, and we can make sure that no care in the world goes to waste. However, the complexity makes it difficult to mark a course of action for anyone who cares, making it hard for their care to matter.”
7) Steve Jobs: Focus is everything.
"He had a focus like no other," says Tim Cook, explaining why Steve Jobs was the person who influenced him the most. What allowed Apple's legendary CEO to focus so intently was his ability to prioritize, Cook says: "His thinking was so pure. He wasn't trying to maximize his wealth or anything else."
8) John Paul DeJoria: Start a business in an industry driven by repeat customers.
The co-founder of Paul Mitchell hair products and Patron Tequila is now a billionaire, but early in life he was homeless and collecting cans for money.
His best advice for entrepreneurs is to build a business in an industry that doesn't require a lot of convincing buyers. Instead, it looks for products or services that will become part of the customer's routine.
"You don't want to be in the sales business," DeJoria says. Instead, you want to be in the repurposing area where your product or service is so good that people want to order it again or use it again.
9) Richard Branson: Be yourself.
Branson has four young grandchildren, three toddlers and one newborn, he says in a blog post. "I've been thinking a lot about the meaning of life and the things I want to teach them to live the best life possible," Branson says.
Virgin's founder and chairman says he keeps coming back to the quote from the children's book "Happy Birthday!" Dr. Seuss: "It's You today, that's truer than the truth. There's no one alive who's You but You!"
Branson suffers from dyslexia. He had to learn to embrace his uniqueness rather than allow it to be a hindrance. "You are always the best version of you - and being yourself is some of the best advice I've ever been given," says Branson.
10) Bill Gates: Bring it back.
"My mother, who was full of pride the day I was admitted, never stopped pushing me to do more for others," Gates told the Harvard graduates. "A few days before my wedding, she hosted a wedding event where she read aloud the wedding letter she had written to Melinda. My mother was very ill with cancer at the time, but she saw one more opportunity to get her message across." and at the end of the letter she said, From those to whom much is given, much is expected.
Gates listened to his mother. He is one of the founding members of The Giving Pledge, through which wealthy individuals commit to giving away more than half of their wealth. He is also the co-founder of the Bill and Melinda Gates Foundation, which works to lift children out of extreme poverty.
You must be logged in to post a comment.