7 Business Lessons from Self-made Business Leaders
In order to be at the top of our professional game, and build great companies, we all need to be highly motivated. What motivation is better than observing some of the greatest minds, and getting inspired by what they have achieved? This week I bring you some precious lessons from the world’s top self-made billionaires to get you motivated and point you in the right direction!
Don’t be afraid to stand out from the crowd and have a different perspective. We all tend to fit in socially and go with the flow, but the brightest and most successful self-made billionaires are the ones who had the courage of embracing their uniqueness and think independently. When creating something new, there’s a 50% chance that you will make a mistake, but that shouldn’t scare you! Instead, gather all the relevant information, be prepared to learn something new, and analyze everything from a different point of view.
Courage is a skill that you can build in time. You can practice it by doing little things differently. Things that can push you out of your comfort zone, make you feel uncomfortable or even socially awkward, however, with no real negative impact.
Information is power in the world of business. Everyone can get information through a Google search, but that's not the information that can make or break a business. One of the best ways to get insider information is through your business network!
You can learn from other people’s mistakes, or hacks they used, get precious insider information or talk about topics that are too sensitive to disclose if not to a friend. This can all be possible only if you take the time to build deep relationships through the years with people you can trust.
Billionaires are all great storytellerspremierenglish.co.uk/blog/the-power-of-business-storytelling. Stories persuade and increase your impact on people so that they will remember you. Storytelling is a skill that you can learn and practice, that will help you express your ideas clearly and share your vision with your audience in a way that can evoke emotions and change their ideas. That’s how business leaders use storytelling to persuade the stakeholders to buy into their vision!
Check out my 5 tips to create your perfect success story here!
Many successful business leaders such as Elon Musk, use the Decision Tree Technique, to make big decisions. This technique uses a tree-like graph to help you evaluate your decisions, and the possible consequences, outcomes and resources.
You can understand both possible positive and negative outcomes and calculate the expected return or loss, as well as the probability for each option. This process can give you unique insights you wouldn’t have otherwise. It is particularly useful to examine each situation in order to avoid mistakes and make safer risks that are statistically expected to have a much higher return.
Investing continually in one core area over time, helps you build a deeper understanding of that area, which increases your chances of success. Continue till you become the best at it! Never jump from one trend to another, as you have to start from scratch every time, which makes your risks higher.
Apply the same principle to your business. Whether you are building a start-up or developing a company, identify your core customer need that will more likely stay the same in time, and build your company or services around that. This helps your company to be strategically positioned in the market.
If you’re not inventing something brand new, the chances are that there are others that have accomplished what you want to accomplish now. So, find them, contact them, and try to get as close to them as possible. Try to learn from them. Most successful entrepreneurs are happy to spare a tip or two if you approach them. Observe and become good at pulling out the wisdom of people, as some leaders might not want or be able to articulate how they succeeded.
Learn from other fields as well. If you have experience in other fields where you have developed different skills, you can transfer them to your current business situation. This can bring insight and help you develop your own unique perspective on a matter.
Improve your analytical skills by frequently brainstorming, working around your own limitations, and preparing for worst-case scenarios in case they happen!
Self-made billionaires are often highly disciplined & set extraordinarily high standards for themselves and the people around them. They mostly have strict routines and rituals that start early in the morning and include time for exercising, reading and contemplating.
They maintain their health by exercising regularly and sticking to a nutritious diet. Many claim that sports can teach them about winning and losing, which are essential skills in business and life.
Most billionaires are avid readers as well. They usually keep a priority list of titles based on their interests or recommendations from their mentors that can add value to their lives.
Contemplating is also a very important part of a billionaire's day. They often practice meditation or enjoy a relaxing activity. They all set aside some alone time to think.
