There are 1,400 billionaires in the world - 4 Real-Life Ways to Become a Billionaire - Becoming a billionaire seems like a great goal, but unfortunately it's only a dream for most of us. The thing is, many billionaires didn't start out as such. Some certainly had economic and educational advantages, but even without those, their smart decisions and business choices, plus a few key characteristics, led them to their billions. So, what can we learn about our own real-life options for becoming billionaires?
First things first: find a way to make money. Four of the most often used methods of money making in the world of billionaires are: inventing, investing, innovating and being an entrepreneur. But remember that how you pursue your billions is just as important as what you do to get them.
Do: Invent
Inventing is a tough career path to take. But if you've got the smarts to successfully create, patent, produce and market a product that people need (and thus, will buy in droves), you can build your future billionaire life on it. Successful inventions aren't necessarily complicated or high-tech items but can be improvements on existing items. For example, James Dyson invented a better vacuum cleaner, and Gianfranco Zaccai invented a better mop, the Swiffer.
Do: Innovate
Innovation is the fine art of considering a current mainstream market and finding a creative way to improve the current offering.
Successful innovators will identify the real needs behind customer demands, and will meet them with a smarter, better, more efficient product, or with a service that provides more than its competitors. Others may develop a business that works in a way just different enough to stand out from the rest. IKEA founder Ingvar Kamprad is a great example of someone who used innovation to yield billions. Furniture doesn't seem like a very exciting market, but his approach of providing modular, economical pieces with a modern flair from Sweden and other European designers and manufacturers to a global market proved fruitful.
Don't: Think You Know It All
The moment you think you have nothing left to learn is the moment you kill your potential for becoming a billionaire. Especially if you're interested in building your wealth through inventing or innovating, you have to be curious, open-minded and always learning. Those qualities allow you to look at old things in a new way, to see the potential for change and profit where others see only what already had been done.
Do: Invest
Self-made billionaire Warren Buffett is famous for his frugal ways and for his smart investments. Investing, of course, requires a little seed money and some accurate insight into which investments are smart and which are a waste of money. If you can follow in the footsteps of billionaire investors like Buffett, then this might be the route for you.
First things first: find a way to make money. Four of the most often used methods of money making in the world of billionaires are: inventing, investing, innovating and being an entrepreneur. But remember that how you pursue your billions is just as important as what you do to get them.
Do: Invent
Inventing is a tough career path to take. But if you've got the smarts to successfully create, patent, produce and market a product that people need (and thus, will buy in droves), you can build your future billionaire life on it. Successful inventions aren't necessarily complicated or high-tech items but can be improvements on existing items. For example, James Dyson invented a better vacuum cleaner, and Gianfranco Zaccai invented a better mop, the Swiffer.
Do: Innovate
Innovation is the fine art of considering a current mainstream market and finding a creative way to improve the current offering.
Successful innovators will identify the real needs behind customer demands, and will meet them with a smarter, better, more efficient product, or with a service that provides more than its competitors. Others may develop a business that works in a way just different enough to stand out from the rest. IKEA founder Ingvar Kamprad is a great example of someone who used innovation to yield billions. Furniture doesn't seem like a very exciting market, but his approach of providing modular, economical pieces with a modern flair from Sweden and other European designers and manufacturers to a global market proved fruitful.
Don't: Think You Know It All
The moment you think you have nothing left to learn is the moment you kill your potential for becoming a billionaire. Especially if you're interested in building your wealth through inventing or innovating, you have to be curious, open-minded and always learning. Those qualities allow you to look at old things in a new way, to see the potential for change and profit where others see only what already had been done.
Do: Invest
Self-made billionaire Warren Buffett is famous for his frugal ways and for his smart investments. Investing, of course, requires a little seed money and some accurate insight into which investments are smart and which are a waste of money. If you can follow in the footsteps of billionaire investors like Buffett, then this might be the route for you.
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