According to the latest list from Forbes there are only 937 billionaires in the world by the month of March 2010. That is a pretty small ultra rich people’s club. There is a huge amount of “new money” among them and all of them have certain common habits apart from the common huge figures of money. Even if you are miles away from those figures, you too can reach their club by following these habits.
1. Entrepreneurism : Seven of the Forbe’s Top 10 billionaires are self-made. They have started from almost nothing and built up a huge wealth. They have believed in Entrepreneurism. This club include clever elites like Bill Gates with a net worth of $53 billion had quit education in junior year in college at Harvard University and started the amazing company Microsoft (www.microsoft.com) in the year 1975 .
Though that was the right time in terms of developing computer software, he has had his own timing and hard driving pursuit for success made him a legend in the software business.
2. Vision : Vision is the soul for any big success. Two young visionaries have seen the possibilities for the Internet as a tool for opening up the universe of information to the world and they are at 24th place on the Forbe’s 2010 billionaires list. The name of their vision is google (www.google.com). The names are Larry Page and Sergey Brin. It is not surprise that there will be no one in this world who uses Internet and doesn’t know about google.
Google which was launched in 1998, has become the world’s most popular search engine and increased the founders’ wealth radically.
3. Risk Taking : Risk taking is virtually the most common quality of all billionaires.The amount of risk people are ready to take is directly proportional to the amount of faith they have on their success. Risk taking can be in different ways. For someone like Bill Gates (Microsoft Founder) and Larry Ellison (Oracle Founder), it might be dropping out of college to pursuit a great business opportunity.
For some others it could be financial. One of the best examples is George Soros (net worth of $14 billion). This renowned hedge fund manager and investor is known for the one who “broke” the Bank of England by making a multi-billion dollar bet on the British pound that it would decline in value. It did and Soros made a fortune of more than $1 billion in a single day.
4. Patience : A world renowned financial advisor said once – Patience is the single key factor that decides which group you would belong to, either rich or middle class. Rich people are know for long term planning and time is just to roll to see their success.
One of the best stories about patience is Amazon.com. The company (www.amazon.com) was founded in 1994 by a former Wall Street executive Jeff Bezos with only a few employees. It took seven years before the company could show profits in the fourth quarter of 2001. Now it is the largest online retailer in the U.S., with a net worth of $12.5 billion in 2010. It has faced many problems in its earlier days especially after the dotcom crash which left many doubting about the future of online businesses. Every thing is History now !
courtesy : http://www.investopedia.com/