How to become a billionaire? 13 Steps to becoming a billionaire from scratch

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How to become a billionaire? 13 Steps to becoming a billionaire from scratch

Becoming a billionaire is one of the dream which young people have but as they progress in age, they realize that becoming a billionaire seems like a distant dream

But how is it that other people become a billionaire at a young age?

These people have several tips and tricks they used to make billions of dollars at a young age

So if you’re interested in becoming a billionaire, you need to make sure that you read this article to the end

In a survey of billionaires, it was found out that 56% of all billionaires are self-made

They did not inherit wealth but started businesses that are geared towards solving problems

If they did it, you too can do it

“In every 36 hours, someone becomes a billionaire”

What makes people billionaires?

  • Technology
  • Access to finance
  • Innovatively
  • Creativity
  • Market
  • Infrastructure
  • Luck

Without further ado, let’s look at the 15 steps to becoming a billionaire from scratch

Become a billionaire: Start young

Majority of all billionaires started young, look at mark zuckerberg founder of Amazon, Mark Cuban, Elon Mask, all started at young age

By starting young you have enough time to make mistakes and also rectify your mistakes

Most of billionaires like Jack Ma started at a young age and went on progressing from time to time

Become a billionaire Accept to learn

Learning is essential if you’re interested in becoming a billionaire, learning involves taking online courses, reading book and also reading articles from google.com

Learn from your failures and accept to fail forward

You can learn anything from the internet and with this digital world, there is no excuse for not learning

Learn all the steps people used to become billionaires,

You need to learn the following skills:

  • Selling
  • Persuasion
  • Business start up
  • Communication
  • leadership
  • Copywriting
  • Listening
  • Public speaking

Learn from people who have achieved what you want

Become a billionaire Go where the money is

One day the bank robber was asked why he robs banks and his answer was because it is where money is

Why would you join an industry where there is no money?

Before starting any business, you need to ask yourself, is there money that can be made there

There is no reason for starting a business where there is limited amount of money to be made

Become a billionaire: Accept failure

Failing is part of every entrepreneur; you should be willing to learn from failure

Most people fail before they start a business but failure is not bad

Failure is just the feedback you get from what you have done, it teaches you what you need to adjust and make tricks

Most of the billionaires failed several times before they achieved success

Learn, adapt and overcome

Become a billionaire: Plan for long time

Becoming a billionaire is a longtime game; it will not take you a night, month or years

So if you interested in becoming a billionaire and you know that your business idea will take you there

Concentrate on that one thing that will enable you reach your dream

For example Alibaaba is a billion dollar company but it did not make profits within the first years

They knew that   in future once the people are aware of their existence they will make money

So be prepared to make losses or work for long time without expecting any   return

Become a billionaire: Sacrifice time

To become a millionaire, you need to be committed, working only for 40 hours a week only gives you survival money but if you’re interested in becoming a billionaire

You should be willing to sacrifice your social life, while others are on a vacation, you should be working on your project to make sure that it is a success

Invest in your time and money

Become a billionaire: Work on only one business idea

When you pay a close look at all billionaires, they started with only one business

Once the business becomes a success, this is the time for you to go for another business

Look at Jeff Bezos who is well known as the founder of Amazon, Jack Ma co-founder of Alibaaba, mark zuckerberg founder of facebook and larry page co-founder of google

All these people concentrated at a single business, you need to learn the ins and outs of running a business

Once you’re well versed with business

Now it is time to move on and start other businesses

Become a billionaire: Don’t quit

Most of people who are interested in starting businesses quit before even starting

They are not willing to sacrifice and put in their time so that it can generate revenue in a long run

Nice you have started your business, you may quit at a time when you’re almost at a point of getting returns from your business

Be committed to put in time without expecting any return in the nearby time

Become a billionaire: Network with influential people

Networking is very important; the people you network with can be your potential clients

By networking you will get to learn new skills which you can apply into your business

From networking you will get people who can even help to market your company to their audience

Become a billionaire: Acquisition

Once your company is established, it is now time to decide whether to keep your business or sell it

Many big companies and your competitors will be interested in acquiring your company to add it to their portfolio or to reduce on the competition

This is where facebook acquired instagram at $1 billion and ebay acquired PayPal and $150 million went to elon musk pocket

Once your company has been established, it is time to play monopoly and buy all your competitors and remain in the market alone

But remember that all other people will copy you; all you need is to keep a head of your competitors.

Become a billionaire: Choose a business idea that impact a lot of people

In business, the main aim is to make money, start a business that impact a lot of people

People should be willing to pay you according to the perceived value you bring in the market

Look at these billion dollar companies such as facebook, amazon, ebay and Alibaaba, these companies sell plenty of product to their audience

This is why they are billion dollar companies because they solve billion dollar problems

People should be willing to pay you for the solution your offering in the market

You will make money according to your perceived value

Your business idea should be scalable, you should be able to sell multiple copies without incur high production and shipping costs

The best business ideas are in the following niches:

  • Personal finance
  • Business
  • Health
  • Transportation
  • Real estate
  • Technology
  • Manufacturing

These are billion dollar industries to go for since they impact a lot of people

We are in business to make more money so you should go where money is

Become a billionaire: Hire the best employees

Employees will determine the success of your business, you need to hire people basing or what they can bring to the company not on tribe, friendship or denomination

Most of the billion dollar companies like google.com and facebook.com hire people who can bring positive energy into the business

Hire people who have the relevant skills you need to move your business further

Innovation and inventions is key to success

As the world progresses there is a change in technology, new ideas are coming on the market

As a business person you need to keep updated with the tools that people are using to move your business further

You need to keep coming up with new ideas

This will help to keep you a head of your completion

This is why most billion dollar companies invest in research and development

Research and development helps you come up with new business ideas that help them keep on top

Congratulations

You’re now on the path to becoming a billionaire

Solve a billion dollar problem and you will become a billionaire

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