How would you like to be part of the most exclusive club in the world? This club is so exclusive that there are only one thousand eight hundred and ten members currently. Welcome to the Billionaires Club, whose net worth is over $6.5 trillion. Now this club is open to all and sundry, but the only criteria that allows one access is the ability to amass a net worth of a Billion Dollars or more. Your net worth is that princely sum that remains when you deduct what you have earned from what you owe.
Forbes Inc. has made it part of their corporate mission to chronicle the exploits of this exclusive group. For instance compared to
2015, 221 people fell of the list, and 198 newcomers joined. Aggregate net worth fell by $570 Billion less than the previous year, while average net worth is currently $3.6 Billion, $300 Million dollars less. The U.S. has 540 billionaires, more than any other country in the world. It’s followed by mainland China with 251 (Hong Kong has another 69) and Germany with 120. Russia has
77, ten-figure fortunes, 11 fewer than last year, while Brazil is down to 23 from 31.
I’m willing to bet that you my dear reader would like to be one of the privileged few in this exclusive club. I’m glad to let you in on a little secret – it’s possible! However in order to be able to do this you must get involved in building your own business empire. According to the Oxford Dictionary a business empire is a collection of businesses with shared
high-level management, especially one ultimately under the control of one individual. Joel Brown of addicted2success. com shares 10 signs that you have what it takes to build a business empire:
Vision
Successful entrepreneurs know exactly what they want and do visualize themselves doing it. They know “what” they need to do to achieve their entrepreneurial vision and they go ahead to establish “how” to do it. They establish through intensive but targeted networking. They are so open to new ideas and new people but do not make meaningless conversations. They have a natural curiosity when interacting with people and by so doing, learn about what people want. Courage Every successful entrepreneur
has courage that is the key strength you need when going against the odds. They may pose as confident but they are equally confronted with fears and doubts presented to any aspiring entrepreneur. Their strong will and vision is what catalyzes them to just take action and focus less on the negative outcomes. That is what sets aside the hopeful entrepreneurs and successful entrepreneurs, they don’t over-analyze situations or spend too much time thinking about the consequences; they just take action.
Sticking to your beliefs
All successful entrepreneurs strongly believe in their capabilities to succeed in their venture, that is what drives them to success along with their vision. Their inner belief drives them against all odds and hurdles and they will stop at nothing until they have hit
the mark. While ‘ordinary’ business startups dread and shy off from challenges and business hurdles, successful entrepreneurs think outside the box and use these hurdles as a learning and correction tool to better their chances of success. They do believe, subconsciously or otherwise, that these hurdles fuel them forward.
Self-Starter
Entrepreneurs understand that if something needs to be done, you should start it by yourself. They put in place objectives and parameters and make sure that their project(s) follow that path. They come out as highly proactive individuals and don’t sit around waiting for opportunities to come knocking.
Discipline
These individuals are solemnly focused on making their business a success and they are keen to eliminate any distractions or hindrances to their goals. They have clearly stated strategies and outlined tactics on how to accomplish their goals. Discipline takes them as far as strictly following their business schedules and activities, observing there spending and investing habits to adhering to their personal and general business principles and ethics. Simply put; they are disciplined enough to daily
take steps towards archiving their business objectives.
Confidence
True entrepreneurs don’t question their ability to succeed or whether they are worthy of success. They are always confident with the knowledge that they can make their business succeed. Their confidence pushes them to take even bigger risks that come with bigger rewards. When you come to think of it, a confident entrepreneur secures more trust and similar confidence in their clients and potential investors, another recipe for entrepreneurial success.
Thriving in Competition
Many companies and businesses are formed because an entrepreneur believes that they can do better than another. They need to win in the niches they choose and therefore need to win in the businesses and ventures that they create. True entrepreneurs take competition positively and formulate strategies on how to come up with better products or services that draw interest in the market.
Open-mindedness
Successful entrepreneurs understand that every situation and event is a business opportunity. Ideas are constantly generated about efficiency and workflows, potential new business and people skills. They have a receptive mind to new ideas and the ability
to focus on the business side of everything around them.
Creativity
One element of creativity is the ability to make connections between seemingly unrelated situations or events. A close look at
trumps problem solving and investment techniques reveals that he formulates solutions from the synthesis of other seemingly unrelated items. Creativity puts his products and services above all others of a similar category in the market.
Passion
Passion is very vital for the success of any entrepreneur. Entrepreneurs genuinely love what they do. They are willing to invest in those extra hours to ensure that their business succeeds because they derive joy and satisfaction that goes beyond the money. Successful entrepreneurs always read and research within their field on ways and techniques to create an outstanding and long-lasting business. One key takeaway is that if you want to be a billionaire you must establish, develop and manage more than one business venture. In fact it is common place to find billionaires involved in more than twenty-five or more business opportunities. While they may be famous for one of them they usually have their fingers in many pies.
One thing that the Forbes research fails to highlight is the number of years it may take to make it into this exclusive club. In many cases substantial net worth cannot be built overnight. So keep at it, assess where you are with regards to the ten steps above and keep improving and developing. All the very best as you build your business empire.
Kenneth is currently the Managing Director of GfK RT Nigeria, the West African subsidiary of the fourth largest Market Research Agency in the world. He promotes Moneytalk, a knowledge based organization committed to dispensing financial intelligence that leads to financial freedom. You can reach him with your feedback on money@ moneytalkng.com or 070 6337 3391 if you would like him to facilitate Money talks and lessons at your events, seminars or conferences over the weekend in the Lagos area. You can also visit www.moneytalkng.com for additional resources on financial intelligence. You can also follow him on twitter @moneytalkng. Or visit Moneytalk Resources Youtube channel for Money Lessons videos.
