Have you ever asked yourself; what do millionaires do – or even what do billionaires do? Then you should read this…
I watched an interview where one of the richest tech guys talked about how he went from being broke to running one of the most valuable companies in the world with a friend of mine.
And there was a short conversation…
Tom: Oh what! see what he wears. With all the money?
Myself: Yea it’s good!
I only pretended, to avoid some unnecessary argument. I knew Tom: He would skip his launch and dinner for a decade to get a pair of “premium socks”.
But to say the truth; I was not surprised myself – and it led me to one question:
What do millionaires do – or what do billionaires do?
Do Super Rich People Think Different?
I read stories of some highly successful self made entrepreneurs and how they became millionaires. I will tell you 3 traits they all have in common.
1. The Mindset
If you will get anything right in the world, your believe about it must be right.
What do I mean by that? If you believe you can’t, the problem is not really that you won’t, the problem is that you won’t bother to do enough to make it work.
In the same way, if you believe you can grow up a million dollar business, you won’t quit before you make your first $1000.
You may struggle, wobble, but you won’t give up.
What am I saying?
Most times, the problem is not actually the problem. Our attitude to the problem is the the real problem.
These 3 Billion Dollar Businesses Had Very Rough Beginning
Jack Ma wasn’t a lucky guy who had everything he needed while growing up. He probably wanted a silver spoon but life threw him a wooden spoon:
- He thought himself how to program on a computer and failed.
- Applied for the university 3 times and was rejected.
- He once had to settle for a measly $10 a month salary
With all that, an average guy would probably call it a day, suck about his luck and accept what life’s got to offer. Not Jack…
He still went to pitch a top bank for $3000 loan to support Alibaba. He was turned down as usual. But he never quit.
Today, he has grown Alibaba to $40 Billion.
Oprah Winfrey show
Oprah’s world is a dream for many. But did you know it was never a jolly ride for a young poor Oprah?
- She wore tomato sack because her family’s budget couldn’t afford a gown.
- Her 19 year old cousin sexually assaulted her at 9.
- She was fired just seven and half months to her first job.
Life never gave Brian Chesky and Joe Gebbia the opportunity to start their journey with Adam Craig’s “It’s all good!”
- With thousands of dollars in credit debt
- The company was unprofitable for the first 2.5 years
Other guys would have sold off the beds, spent the little bucks on roasted corns, and gone to look for a ‘more meaningful jobs’.
But not these guys…
The new company could not support their basic needs. So, they sold some cereals for side income – but they never quit.
Today, AirBnB is one of the most valuable Silicon Valley companies.
“I’m fearless, I don’t complain, even when horrible things happen to me, I go on” – Sofia Vergara
2. A Million Risk
What do millionaires do – or what do billionaires do? Tom! They take risk…
You’ve probably heard this cliche a couple of times: “A bird at hand is worth a thousand on a tree”. Personally, though I only gave it a good thought a couple of days ago:
“What if keeping this bird from flying makes it grow weak, falls sick and die?”
You know what? Some birds can be caged. But some birds are not to be caged. They need to fly…
“Your money can be your bird!”.
You want to keep your money by all means. So you tell yourself:
“What if I put this into stocks and it drops – or I open up a restaurant business and some peeps eat up and run through the window?”
Rich people take calculated risks…
If you earn $55,000 a year and you invest 7% into your 401k and your employer matches it with 50% of 7%. How much would it yield before $65? $1,336,315.
If you sell $50 items to 30 people in one month, you make $1,500.
So of course, you would get more customers – double your income, triple it and so on. That is the power of business.
More than 90% of people become millionaires through business and investment.
“Take a chance! All life is a chance. The man who goes furthest is generally the one who is willing to do and dare.” – Dale Carnenie
3. Power of Networking
What do millionaires do? They network for help…
Let me tell you a short story I heard from my childhood and I believe it really captures the point I’m going to make here.
The horse and horse and the frogs story
In a litle town of Igolo, there was an arguement between a horse and a frog. The horse boasted of its strength and his ability to outpace any other animal in Igolo.
Then the frog asked Mr horse a question: What about 100 frogs? The horse answered: Even a 100 of you can’t beat a horse to a race.
The day came and the race was set and the whistle was blown: A single horse vs 100 frogs.
The angry horse raced past with a lightning speed. But the frog had a strategy: When the horse race past, you jump into the bush.
The horse raced a …. more kilometers, and then there was the second frog a…. far kilometer ahead. Confused, the horse looked back, the first frog was gone.
Now angry, he sped again and raced past it. Then the second frog also jumped into the bush.
The horse thought he had won. But unfortunately, the third frog appeard a few kilometers far ahead. Confused again, the horse looked back and there was no frog at the back.
Now annoyed, the horse galloped faster than ever, overtaking all until the 48th frog. But just before he could overtake the 49th frog, the horse had collapsed and lost the race.
Sometimes, you can’t go at it alone..
Aliko Dangote, the richest black man needed a Dantata to lend him N500,000 to start his business. Larry Ellison need a Bob Miner.
You need someone!
Most successful entrepreneurs reach out, and leverage on strategic partnerships to make their dream come true.
There is someone out there who has what you don’t have…