For those out there who have dreams of one day becoming a billionaire, it should be no surprise that you have a long road ahead of you. The reality is, a majority of people with ten-figure aspirations don’t have the drive or discipline to bring those dreams to fruition. However, if you’re ready to put in years of hard work and dedication, here are a few things you should do to get headed in the right direction.
Become a Lifelong Learner
If you want to be a billionaire, you have to be an expert in your chosen industry. This starts by studying up on everything related to the industry you wish to dominate. Aside from trying to gain knowledge on your actual field of work, you also need to be learning about and practicing your leadership skills. Running a business is hard work and it takes a lot of experience to lead a team. You should be taking classes, reading books, and asking questions. You have to know your trade inside and out so that when you start a new business or try to grow an already established company, you’ll have the necessary skills.
Study Those Who Have Made It
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The best way to get to where you want to be is to find someone who has already made the journey. You need to know how they got to the top of their industry, and how they were able to beat out their competition. It’s also important to be aware of the mistakes they made and failures they were able to overcome.
You might choose to study a well-known billionaire, such as Steve Jobs, Mark Zuckerberg, or Bill Gates, or you might look for a billionaire in your chosen industry. For example, if you have aspirations of entering the pharmacy industry, research the career moves of someone like Daryl Katz. Katz’s billionaire path began with his ownership of pharmacy chains in Canada, that expanded into the United States. After years of hard work and commitment Katz’s net worth is now an impressive $3.4 billion.
Start or Grow Your Own Business
You’ll never become a billionaire by working a nine-to-five job and saving up your pennies. Investing is one way to grow your money, but unless you happen to invest in the next Apple before it releases the iPhone, or the next Google before it dominates the online ad space, the chances of turning that small fortune into a bigger one are slim. Your chances of generating lasting income are higher if you have a business that can continue to grow.
Find a New Take on the Way Things Are Done
Your goal should be to create a company that reinvents or innovates an industry or product, in a way that hasn’t been done before. This is where your knowledge of your industry will come in handy. In 2015, a new website called Jet.com came onto the scene. Competing against the likes of Amazon and Walmart, Jet.com sells everyday items while saving customers money. Consumers are appreciative of saving just 5 percent at Jet and enjoy the convenience of having these items shipped directly to their doors. What can you do in your industry to change the game?
The most important thing to remember is that you’re not going to become a billionaire overnight. You should look at this as a long-term goal that you’ll be working on for years to come. However, if you’re able to stay focused on your goal and not be discouraged by the hardships you are bound to encounter, you might one day find yourself rubbing elbows with some of the world’s most powerful people.