8 different mindsets of billionaires
In addition to the difference in assets compared to ordinary people, billionaires also have their own way of thinking about starting a business, investing, competing and recognizing failure.
If you want to become a millionaire or even dream bigger - a billionaire -then you should start thinking like them. Therefore, understanding the thinking of successful people to learn their wisdom is an indispensable way.CNBC Make It has rounded up eight quotes from self-made billionaires whose thoughts can change the way you think about money, success, and innovation.
Start a business on a small budget
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“I think like any other limitation, frugality leads to creativity. The only way to get out of a tight box is to create a way out,”Jeff Bezos - Founder and CEO of Amazon, the richest billionaire in the world, said.
Step one to creating a successful company
“First thing: selling conquers everything. No company has ever been successful without selling. Anyone who has ever told you, 'Don't worry about selling, you can grow and worry about it later,' is lying to you. They will fail, you will fail. You have to be able to sell, and you know who really is the best salesperson in the company? You are.”Mark Cuban - businessman and investor in the American Shark Tank program, emphasizes the role of sales.
Money and career relationship
“When I look back at everything I've been through in the past and the successes, my biggest rewards have been the people and the relationships I've made. The money was just a surprise. I mean, a nice surprise that I got it while playing a game that I love."Ray Dalio - Founder of Bridgewater Associates draws on his own inspiration.
Competitive mindset
“I always think back to my time as a runner at Oregon. I competed against better, faster, more physically gifted athletes. Many of them were future Olympians. But at the time, I trained myself to forget that unpleasant truth.
It is often said that competition is always good, that it always brings out the best in everyone, but that is only true for those who can forget about competition. What I learned from this period: the art of forgetting is also the art of competition.
And I still remind myself of that now. You have to forget your own limits. You have to forget your doubts, your pain, and your past," Phil Knight - Founder of Nike, author of the autobiography "Shoe Dog" shared.
Long-term investment strategy
“Build a portfolio of companies whose total earnings have increased over the years and that is also the market value of this portfolio. If you are not ready to own a stock for 10 years, do not think about owning it for 10 minutes,” billionaire Warren Buffett advised.
How to perceive failure
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“Dare to fail. If you have never failed, you have not truly innovated,” Elon Musk, CEO of Tesla and SpaceX, said succinctly.
Motivate yourself
“What I like to do is create things that I can be proud of. If you create things that you can be proud of, then you can become a millionaire or a billionaire because of that product. Because people love what you create,” the billionaireRichard Branson - Founder of Virgin Group said.
However, being a billionaire is not everything.
"I can understand the ambition of wanting millions of dollars, because it comes with meaningful freedom. But when you have too much money, I guarantee you're still eating the same hamburger."Bill Gates - Microsoft co-founder commented.