They say your first million is the hardest to make, but how do you turn that million into $1 billion. It’s harder than most people think because a billion is significantly larger than a million. Think of it as though you’re trying to recreate making that first million over 1,000 times. In addition to a strong business strategy, there are many traits you’ll need to possess to reach the billionaire mark.
Billionaires Are Committed
Even though all entrepreneurs are passionate about their products, many are also eager for a lucrative buyout. When they get that offer for $10 million, they might take it and go on their way. After all, that’s more than enough to fund an early retirement. However, other entrepreneurs might hold onto the business. Either by seeking an even better offer or by reinvesting in the business, these entrepreneurs can continue growing their wealth.
Billionaires Operate on a Larger Scale
Every business starts locally. Even online digital start-ups rely on friends and family to get their start, but, at some point, the business must expand. The billionaire mindset challenges the business owner to maximize his or her reach. By changing their business to appeal to a broader, global market, these entrepreneurs access the potential for nearing and breaking that $1 billion threshold.
Billionaires Stick with Winning Strategies
The entrepreneurs best suited to breach the billion-dollar barrier are those with the tenacity to keep repeating past successes. This type of entrepreneur focuses on that first business, tweaking his strategy until he develops a formula for success. Next, he either uses that formula to expand the business, or he starts more businesses. In either case, the entrepreneur uses his formula to drive future successes. Even when failure brings them down, the most resourceful entrepreneur will use the experience to learn and grow.
While a good head for business is essential for any level of success, the best entrepreneurs are passionate about creating thriving businesses. They invest their time and finances into helping each venture meet with their expectations. When they fail, they adopt the lessons they learned to their next prospect. For those that reach that $1 billion threshold, persistence and passion drive them to continue reaching for that next level. Determination drives every billionaire.