As you read the list and the strategies, ask yourself the following question. How many of these skills am I employing and how can I adapt these strategies to my business today, right now? Today, as it's been for all our recorded history, getting rich entails building and adding an abundant amount of value to the world. The richest and most successful people have added the most value. That's how real wealth is attained. Find some way that you can add an excessive amount of value to the world.
This is not a short-term strategy. This takes time. But it also involves seizing opportunities as they arise. Patagonia founder Yvon Chouinard got incredibly rich not by inventing new products, but by improving on existing products. While Patagonia is a giant clothing retailer today, at the age of 50, Chouinard's company went bankrupt after the fallout from a series of lawsuits.
However, Chouinard stayed the course. He added value. Improved on iterations of products to make them better for the environment, longer lasting, and higher in quality. That's how Patagonia grew into a behemoth. He added an abundant amount of value. There are a number of industries in consumable products that are simply taking off like wild fire. From cold-brewed coffee to energy shots and drinks and even electronic cigarettes have become industries that have begun to balloon.
With no experience in the industry, Panes, like Bhargava, did what it took to see things through, traveling and living in Shenzhen, China where the company refined its product and delivery systems. John Paul Dejoria, who was not only once broke, but also homeless and living in his car with his son, also did the unimaginable.
He created salon-quality products and went door to door to sell them. He focused on quality and he took action every single day. Read Up on Ancient Leaders. We saw AirBnB grow from obscurity and blow-up air mattress rentals on floors into a global behemoth, making its three founders, Brian Chesky, Nathan Biecharczyk and Joe Gebbia, who were all once broke, into billionaires. AirBnB blazed a trail. But they weren't the first.
Vacation rentals had already begun to take off, but VRBO was first. Yet, AirBnB did it better. The goal? Identify a high-growth industry and become a service provider.
Whether that's vacation rentals, ecommerce, financial services, insurance, virtual reality, chat bots, or any other industry for that matter, insert yourself into the industry by finding a unique way that you can provide the same service, but better, more efficiently and with greater reliability. You could also find a way you can cater to the rich themselves by building up a service that attracts wealthy individuals. Whether that means renting out exotic cars, private jets, or becoming a global concierge for the uber wealthy like Annastasia Seebohm's Quintessentially Group , find a way you can do something more effectively than everyone else around you.
Kenny Trout, the founder of Excel Communications, achieved his success in the early telecom industry by becoming a long-distance reseller after deregulation took hold, selling over , franchises using the multi-level marketing model. Trout, who grew up with a dad who worked as a bartender, never had much money. He sold life insurance early on and identified a high-growth industry that he trail-blazed his way into.
Mark Zuckerberg became one of the world's wealthiest individuals by improving connection and communications online. Today, we all know about the success of Facebook. But Zuckerberg was never poor or broke.
Bill Gates: I’ve paid $10 billion in taxes. I should have paid more. - Vox
He hailed from an upper-middle-class heritage. However, what's most intriguing is the story of What'sApp founder, Jan Khoum. Like other billionaires, Khoum seized on the new industry and identified an opportunity that others might have missed. Real estate has given a platform to the world's richest individuals.
If you think that making money through real estate is impossible, especially if you have no money to start with, then you've got a few lessons to learn. Some of the biggest real estate moguls in the world have started with nothing. It's called wholesaling and creative financing. Once you understand it, it truly can propel tremendous growth. The goal is to focus on positive cash flow.
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