Alex Charfen posted an article on Success.com’s blog called The 10 Principles of Self-Made Billionaires. Charfen writes: “I’ve spent a significant amount of time with billionaires. I’ve studied them extensively, and here’s what I’ve discovered: Billionaires are billionaires because they all follow a set of unique perspectives, or principles, that help them persevere where others find challenges.”
The principles are these:
- Simplicity of Purpose – those who have attained success that rates them as billionaires have simple but highly focused purpose. They build a company, an empire, a product… and that is all they focus on, at least most of the time.
- Simplicity of Plan – most of these very successful people did not start out with some complex plan. They kept it simple. Simple is easier to manage. It is easier to grow.
- Limit What You Will Tolerate ––
- They don’t tolerate incompetent or unhelpful people.
- They don’t tolerate an absence of results.
- They don’t tolerate social pressures—they’re willing to embrace the isolation, solitude and suffering it takes to build something truly great.
Henry Ford was an example of the third of those on the bulleted list. He was repeatedly scorned and ridiculed for his idea of building an affordable automobile. He ignored the scorn and the social isolation it initially caused. He pursued his dream.
Charen notes: “Billionaires are the 1 percent of people who tolerate what 99 percent of us avoid, and generally avoid what 99 percent of us tolerate. They are constantly optimizing their lives. They are asking themselves on a daily basis, Where’s the operational drag in my life? What can I get rid of today to make tomorrow better?”
- Absolute Reliance on People – they understand that no one achieves success alone. Success is a group effort.
- Absolute Dedication to People – they do not all get this right all the time, but generally because successful people understand that they must depend on others to succeed they equally understand that they therefore must be dedicated to help their people.
- Rely on Communication Systems – this is vital to working effectively with other people. It is essential to success.
- Require Push Communications – to maximize communication they do not wait for others to communicate. They demand that others communicate with them and they step out and communicate as needed.
- Be Intentional with what you consume – “Billionaires are incredibly intentional with their consumption of resources, and no resource is more thoughtfully consumed than information. Typically the information they need is relevant to a highly specific issue or decision. If there isn’t a need, billionaires tend to ignore the information.”
- Make Decisions based on data and narrative – they understand they need reliable data to make good decisions but they also understand that not everything can be reduced to data. Narrative is a key way to stay connected with people and learn from them.
- Be proactively transparent – “Billionaires proactively communicate with intention to avoid misunderstandings and eliminate any type of drag on their organization. They know that vague goals and an unclear purpose can stop momentum in its tracks, so they don’t wait for people to approach them with questions. They understand the importance of actively showing up and sharing what they need with the people around them.”
You may never be a billionaire. You may not want to be a billionaire. That is quite alright. But no matter what you set out to achieve you can learn from the billionaires what makes them achieve so well. You can apply those principles in what you do and how you do it.
Learn how you can achieve more and realize your goals in my book, The Success Essentials.Wishing you well,
Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.