Every business is started for one basic reason, to earn money and more money. So, when it comes to quantitative worth, entrepreneurs want to be worth crores and billions and not hundreds and thousands. But, that's not easy, right? Well, it not impossible or even that tough for that matter. All you need is to strategize your life, can you can climb on top of the ladder in no time.
Here's some tips to the road to becoming a billionaire:
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1. Set your goals straight
It has been seen multiple times, that as soon as people start earning big bucks, they loose their way. Plan ahead to define your goals and never let anything deflect you from that path. Say, you run a tyre company and your goal is to expand in all the metropolitan cities. You company is earning good profit and you are advised to manufacture new automobile products. Now, in order to do that, you have to take a step back on your goal to expand and use the money on this new product. If you are in such a situation, do not be impatient. Weigh your opportunities and see how much this new product has demand in the market and will it bring in more profit than opening shop in a metropolitan city. If it does, you can easily go for it, but also hold on to your goal to expand and make it a point to use the profit from this product on expanding.
2. Invest Right
Owning a business is a matter of responsibility and also pride. It's like a child who you have nourished to growth. But since profit's the main objective, there's no point in getting sentimental. Do not invest all your surplus money on a single business, but invest in other growing businesses. This way, even if one faces loss, some way you would be earning money.
3. Prioritize your time
One of the most common sayings that we all know is - time and tide waits for none. But that doesn't stop us from enjoying our time as per our will. And specially when you are the boss, all you have to do is order around and the work is done. But, by doing this, you are letting your opportunities pass by. Taking a page from history, NOKIA which has been acquired by MICROSOFT, is a company that has may be reached every home. But, why did the company go in loss? Simply because they became lazy. By thinking that since they are the market leader, it would stay this way, NOKIA had led their biggest competitors step ahead with new technology and snatch their market hold. So, never let your guard down. Don't sit back and relax when you dream to be a billionaire. Invest every minute in doing something worthwhile, which will improve you as an individual and also your startup.
4. Never walk out on opportunities
In securing a good future for the company, many entrepreneurs at times forbid themselves from taking risks, even if can be worth it. There's only one thing to do in such cases, take the risk. Because you can never say what will happen till you make it happen. While the risk can turn out to be a blunder, it can also turn out to be your biggest decision. Always analyze become you decide, see it is worth it. And if you do decide to ahead and take the risk, make it a point to always have a contingency plan, in case everything goes wrong.
5. Get a advisor
Nobody wants to reach on top with anybody's help. We want to do it on our own and make it big. But, do not forget there are others who have already made it bigger. So, always try to get effective advice from experienced professionals in the same field to know what the nicks and nacks of the trade. These small advices can turn out to be life changing in regards to the business, like telling you where to invest and how to invest or how to formulate your marketing strategy and so on.
6. Plan ahead
Sometimes at interviews we are often asked, where do you see yourself in __ years. A true entrepreneur, has not only planned for the next couple of years, but may be till the very end. You do not need to be precise in your thought and chalk out each day. Just ask yourself, what's your plan for the next three years. Once you get an idea bout that, ask yourself, what's your plan for the next three years after that. Your thoughts might be vague and imaginary, but it is only if you know want you want in life, can you work to achieve it. Otherwise, you are just going through life each day, just to survive.
Bottomline, there is no shortcut to success. Work hard and smart and only then can you reach your goals. And if you are reaching your goals easily, you need to aim higher. And on this journey to be an billionaire, do not forget others who aspire to be the same. Help them in their achievements also, and only then can you be a Billionaire Entrepreneur.