3 tips for success from the world's richest self-made female billionaire

According toForbesWith a net worth of $7.4 billion, Zhou Qunfei, 48, founder and CEO of Lens Technology, continues to be the world's richest self-made female billionaire.

Born in a village in Hunan, eastern China, Zhou did not have an easy childhood. She lost her mother when she was five. Her father lost his sight and a finger in a factory accident. “I was constantly thinking about what my next meal would be and how I would get it,” she recalls.

Zhou dropped out of school at 16 and went to Shenzhen to work at a watch glass factory in 1986. She was later promoted to manager. But she had bigger dreams.

In 1993, with about $2,500 in savings, Zhou and eight family members set up a glass factory in a three-bedroom apartment.There she founded her first company.

Over the next 10 years, Zhou built a factory specializing in making watch lenses and employing 1,000 workers. Her fate changed in 2003 when she received a call from Motorola, asking her to become a supplier.

Zhou accepted the offer, which helped her expand her career internationally. In March 2015,22 years after starting up, Lens Technology went public.

Today, the company is worth $11.4 billion, with more than 82,000 employees across China. The company is now a supplier of glassfor Tesla, Apple, Samsung and Huawei.

In an interview withCNBC Make It, Zhou shared three tips for success.

Prepare carefully

Zhou believes that entrepreneurs must always be prepared for what is coming. “First, improve your overall competitiveness. Second, you must have a strong spirit. Third, strengthen your understanding of the market and competitors,” Zhou said.

She credits her experience working as an assembly line worker and then as a manager for her first employer with giving her the confidence she needed, which was also crucial in the early days of Lens Technology. “You have to muster the courage to face failures,” Zhou added.

Female billionaire alwaysPrepare some backup plans when meeting with clients in the early years of starting a business. “I always think about what I will say if they reject my proposal. Since rejection is inevitable, you need to be well prepared,” she recalls.

Always enthusiastic about learning

“Customers will not give you a better price for your product just because you have a higher degree. However, your knowledge of the job will help maintain the company's competitiveness,” the billionaire said.

Even when she was a factory worker, sheZhouShe took part-time courses, which led to certifications in accounting, computer operations, and even a commercial truck driver's license.

“As long as you have the ability to learn, you have the ability to continue to grow,” she said.

Never give up easily

Ms. Zhou believes that many people will get a big boost of confidence when they encounter failures. But the key to success is perseverance, especially in the most difficult times.

The billionaire once organized a team-building exercise by taking 20 of her company’s executives to climb Dawei Mountain in Hunan, which is over 5,000 meters high. Some members wanted to give up halfway through the climb. However, she asked them not to give up.

“When you give up halfway, you won't have the courage to come back and start again. You will keep giving up. Only when we persevere can we succeed. Don't give up because of a little failure,” she advised.