Business Hint: Billionaire’s Ten Commandments To Make Wealth - Manknow

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Business Hint: Billionaire’s Ten Commandments To Make Wealth

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               Business Hint: Billionaire’s Ten Commandments To Make Wealth
                                                           
                                                                                                                          
                                An entrepreneur is a person who makes money by starting or running a business, especially when this business involves financial risk.   Entrepreneurs are seen to be visionary in nature.
Entrepreneurs have dreams and visions which they translate into action, they are tenacious and persistent, making sure that their visions and dreams become reality. They have an open mind towards the world of business; they see business opportunities where others do not. Where others believe the economy is declining and therefore bad at the moment for practicing any form of business, they believe such reasoning is erroneous, they use any situation possible at the next step to a greater height, they have an eagle eyes for business and sees the wider perspective of it.
      This, they do by establishing enterprise-sole proprietorship, partnership and co-operation. These establish enterprises endeavor to produce and distribute goods and/or services needed by members of the society. In the process of achieving their goals and meeting up to the desired objective, entrepreneur take a lot of risk.
 One of such risk is the possibility of business failure. However, as a result of inert determination, tenacity, hard work, passion, favorable business environments, and in some cases, luck, most of these enterprises survive and grow.
        These enterprises benefit their owners with wealth, ego identification, and status. They also benefits the society by declining unemployment which has been a prevalent factor in the world, these enterprises also benefits the society by the creation of new jobs, payment of taxes, engagement of social responsibilities, new product development etc.
         This article is therefore provided to expand the knowledge of business owners who choose to expand the growth of their enterprises.

      Billionaires Who Fought Their Way Through Their Challenges And Became Very Successful Billionaires.

                                                             
                                                                    
1.       Andrew Carnegie- the steel mills giant, and once the richest man in the world.

2.       John .D. Rockefeller- Founder and owner of Standard Oil.


3.       Henry Welcome.

4.       Henry Ford- The founder of Ford Motor Corporation.


5.       Bill gates- Co-founder of Microsoft (with Paul Allen in 1975) and co-founder of Bill and Melinda Gates Foundation.  Forbes says that Bills Gates is worth $76 billion at 2015.

6.       Thomas .J. Watson Sr. –the founder of IBM.


7.       Ted Turner- Founder of CNN.

8.       Richard Branson- Founder Virgin Group.


9.       Gordon Moore- one of America’s leading technological minds, multi- billionaire and co-founder of Intel.

10.   Warren Buffet- Popularly known as, the Oracle of Omaha. Nebraska and the fourth richest person in the world.


11.    Patrice Motsepe- mining magnate and South African born billionaire.

12.   John Pemberton- Founder of Coca-Cola.


13.   Sam Walton- Founder of Wal-Mart- currently the biggest multinational corporation.

14.   Alfred Bernhard Nobel- Chemist, Engineer, Innovator and armaments manufacturer.


15.   Robert Wood Johnson II.

16.   Will Keith Kellogg.


17.   Henry Wellcome.

18.   David Packard and Williams Hewlett- Founders of Hewlett Packard (HP).


19.   Steve Jobs- co-founder of Apple Computer.

20.   William Durant- Founder of General Motor Corporation.

21.   Oprah Winfrey- Media mogul, African America women billionaire.

22.   Jack Welch- Former CEO of General Electric (GE).

23.   Carlos Slim- Mexican billionaire and second richest in the world.

24.   Rupert Murdoch- founder of Fox News Corporation.

25.   Li Ka Shing- the richest man in Hong Kong and Greater China.

26.   Steve Wozniak- co- founder of Apple computers.

27.   Amancio Ortega- Founder of Inditex Group.

28.   Michael Bloomberg.

29.   Mo Ibrahim- Sudanese billionaire and founder of Celtel Communication.

30.   Robert Bosch.

31.   Jeff Bezos- founder of Amzon.com

32.   Charles Revson- founder of Revson.

33.   Azim Premji-Indian billionaire- industrialist.

34.   John MacArthur, U.S. business giant and co-founder of John D. and Catherine T. Foundation.

35.   Aliko Mohammad Dangote- founder of Dangote Group.

36.   Femi Otedola- businessman and billionaire.

37.   Christopher Kolade – technocrat and former chairman of Cadbury.

38.   Emeka Ofor- Founder, Chrome Oil.

39.   Mike Adenuga- Founder of Globacom.

40.   Robert Noyce- co-founder of Intel and one of those investors that made Silicon Valley what it is today.

41.   Fola Adeola- former MD of GTbank and founder of Fate Foundation.

42.   Obafoluke Otudeko- chairman, Honeywell Group.

43.   George Eastman- created mass market for Kodak Brownie camera.

44.   George Soros- Hungarian- America- helge fund investor and founder of Open Society Foundation.

                                                                              Billionaire’s Top Commandment Of Making Wealth.

                                                            
                                                                               
          Everyone wants to succeed in one business or the other, but do you think you got what it takes to have an amazing net worth like some of the above successful billionaires? When you were younger, your parents would tell you to read your books, study harder, come out of the university with an excellent grade, get a good job and become wealthy.
            But, on sober reflection, almost everyone works hard, look around you, you will hardly see an idler, everyone is doing something to make a good living, everyone is willing to work hard. But, here is the shocking news, if everyone is willing to work hard, why are they still poor men around the world? Why are there only few billionaires? Why the room of success large but only a few people is in that room?
              After mulling things over, I found out the secrets which many people failed to see. There is a very big difference in knowing how a car works and becoming a responsible driver, there is also a big difference in knowing how to read and how to pass an exam. It is okay to know what how to work hard, of course working hard is a unique quality which should not be neglected in any situation of life. But you do not only need to work hard, you must learn to work smart. The following billionaire’s commandment would widen your inner mind, base on business tactics and principles, it would present you with the true definition of an entrepreneurial business.
1.     Idea

 Entrepreneurs are visionary and always love to think of new ideas to meet up with the whirligig market. Firstly, before you can become a successful billionaire, you must have thought of an idea. Every billionaire became successful because they thought of an idea, which they translated into action.
   You must think of something to do before you must become successful, you must think of what you must sell in the busy market, you must sit down and think of something which would attract people attention. It could be anything; it could be a product or a service or both.
    Every man with one talent or the other, Bill Gates developed Microsoft operating system, Jeff Bezos felt establishing an online market is okay for him, you must think of something to do, this is just the foundation.
   So many people have different ideas, but are not yet successful, some has the idea but has forgotten to translate the idea into action, I would boldly say no idea is stupid, for instance entertainment was the least occupation in the formal days but now, it is one of the leading occupations in the world you can also visit….. to know some of the leading occupations in the world.
2.     Break Out:
The first step you must consider is to break out. What does it really mean to break out? You must take the risk of breaking out from your current job. Note: Do not break out of your job when you do not have any plans or money to start up a business, this is very risky.
   Let me explain the commandment better to you, risk is necessary in starting up and growing a business to its maximum level, but it is not wise to take a risk which is not properly calculated. Taking a risk that is not well calculated in like standing at the war front without any armor but sword, one would surely die in that war.
     Before you choose to break out of your current job, you must have a plan and an alternative, you must have the necessary amount of capital to start up that business, you must have an idea and a dream, a focus and a goal.  
 Why must I break out: In order to become a great leader you must be a great follower, in order to become a great master you must learn to be a great servant, in order to become a great teacher, you must be a great student, in order to become a great business owner, and you must serve and learn well. It is necessary to serve in other to learn. But, a child cannot become a father without leaving his current family and establishing a new family.
    You cannot serve someone forever and become a billionaire, this is impossible!  Let me ask, can any business owner pay his workers in billions? It is very hard to come across such situation, as that business stands the high chance of going bankrupt.
    Billionaires around the world are entrepreneurs, they strive to break out, establish an enterprise, they are very eager to socialize and also partner with others and learn to play smart, In order to become a billionaire you must learn to break free from the bondage of working hard to grow another person wealth and work hard to grow your wealth.
      I want you to realize that your money is like a seed to grow your business, if you want to serve more, that is not a problem, but you must be ready to give maximum attention to your business and pay minimum attention to the former business you are working for.
3.     Establishment

After you must have thought of an idea, which may be a product or a service or even both, the next step is to build or to establish, before you establish please read on ……….. I want you to realize that you are not building alone; you are building with courage and sometimes pain.
         I would tell the truth, in order to become a successful entrepreneur you would face a lot of challenges during the start up phase; you may realize that your products are behind schedule, you may even notice that the sales of your product or service are not meeting projection and sometimes cash flow problem.
4.     Imitators vs. Pioneers

 The number of already existing firms and company would discourage you and your enterprise, the quality of the service they offer to their customers is quite amazing, their product is of high quality. Establishing a new and similar product would do you no good at all.
    While innovators or pioneers would develop new technology design and models which forms the industry’s most accepted standards. You must learn to follow the technological trajectories by improving the existing products initiated by innovators or pioneers.
   Developing and improving already existing product would help you break through the hard rock of competition and opposition which the innovators present. Improvement of already existing product or service would help you present those things needed by customers whom the existing pioneers fail to present, you will meet up with the fast changes of the busy market on time.
              This can be seen in the way Apple entered into the computer and cell phone electronics industry, offering those things other phones like Samsung and Sony failed to offer in a long time.
5.     Environment

   Your environment should be your next target, as your environment would determine the price of your product or service. You must consider the geographical setting of your business. Let me emphasize to you my point about environment.
       You might choose to sell a product or even offer a service at a very low price; you may have the mentality that more and more people would want to buy the product or service you are offering because it is of a lower price, but unfortunately, people are not buying your product, rather they will look at your shop with disdain riding sparkling their eyes. 
      You may even choose to sell or offer your service or product at a very high rate and you may notice nobody is approaching or buying your products or service because it is too expensive.
   This situation usually occurs; it is due to the environment or geographical setting of your business. In some environments many people may not be able to afford an expensive product due to their financial status, sometimes those people of that environment believe that the price of some certain commodity should not be so expensive, may be due to the usefulness of that product or service is to them, for instance some people may agitate on the motion that phones is used to only make calls, send and receive message, why then should they buy it, at a very expensive rate.
   While in some environment cheap product and cheap commodity are considered as product with an extreme low quality and are not suitable for their choice, if you take a look at the industry of computers and cell phones products, you would find out that expensive phones are always on high demand.
  This simply means you must study your environment and know if you are to offer your service at an expensive rate or at a cheaper price. Note: Regardless of the price of your product or service either high or low you must consider the quality of the product you offer, if I should give you a tip of advice, I would tell you to set a scale of the price base on quality, you should offer a product of both lower and higher quality, the product of higher quality should be expensive which would be able to satisfy the rich dudes, while the product of lower quality should be offer to the average men and women, that way you must have penetrated into the minds of everyone regardless of financial status.
6.     Advertisement
Advertisement is the next step to take. Advertisement is taking up a very big horn or trumpet and blowing it up high to create awareness. Advertisement requires you to take a big step and try to make people know what you do or know exactly what you can offer to them.

7.     Become Logical

   Being logical is a very important factor that most business owners neglect. There are so many unsuccessful businesses or a very mundane business in the world today because so many business owners are following one pattern. They choose to start up and run a business without any spice or thinking more logically.
    There is always a standard way of cooking a particular food, but when a chef goes extra miles in devising a new method or pattern, adding extra rear spices to his cooking, such food would have no choice but to produce a taste that will be extra delicious.
  Being logical in a business simply means you should be idiosyncratic, learn to develop a new method that will weaken your competitors and drive thousands audience to your business, try to be unusual, try to be logical.
  I would give you an illustration of what I mean using this simple event that happen some time ago; there was a business owner who was operating a little oil filling station, he notice that the competition was too high, as a result of the high competition, customers were not approaching his oil filling station, his business was always off and on, I believe you know what I mean; some days, a low number of customer would come to buy what he offers and the other days, there is no customers.
    In other to defeat the strong opposition of the other business, he decided to be logical, he said to himself; what can I do to boost my enterprise to a whole new level? He decided to decrease the price of his product which is the oil he sells. Knowing too well that cutting the price of his product could ruin his business, he took that risk.
   Fortunately more and more people came to buy from him, he continued with this strategy until all the follow businesses (competitors) lost their customers and was force to close down. When the man noticed that all the other business has closed down, he increase the price even than the first price, the customers had no other choice but to adopt with the recent price, as there are no other similar business to take cover.
8.     Economizing
  A country would suffer without proper a proper economics system, a school would close down without proper economics system, a state would suffer without proper economics system, a man would lose weight in an abnormal way without a proper economics system and a business would surely die without a proper economics system.
  What does it mean to economize? Does it mean you should not invest again? Does it mean you should not spend anymore on your business? To economize means to analyze your need, as well as your want and devise a proper method on how you would spend your resource which of course include your money.
  Want: Wants are insatiable goods that a buyer desire to have but does not have the capability to pay for that good. These are also goods individuals of the society desire to own for the purpose of satisfying themselves.
Needs: Need may be considered as something you want severely, you do not need it for the purpose of satisfying yourself, but for the purpose of fulfilling a task.
    An instance is this; if a man decides to spend much money on building a more complex building for his business and neglecting or has forgotten to buy needed and useful resource, this will however turn his business into dust.
   It is not bad to spend money base on your own satisfaction, but you must learn to solve every problem that is related to your need first before thinking about satisfying your want.
9.     Collaboration
   Every business owners which has the mindset of upgrading his/her enterprise to whole new and greater level must learn to collaborate. In respect to the wide concept of business; collaboration is the union between one business and another.
  Two is greater than one, collaboration strengthens business virility. Most successful enterprise around the world are collaborating with different other business for example Google is collaborating with different other enterprise for the purpose of advertisement. The world of entertainment is sponsored by most successful business for the purpose of advertisement.
       Collaboration means forming a strong relationship with other related businesses. When you create relationship with other companies, you will hardly suffer from downtrend, you will even stay connected than before, you will be force to increase your skills and work in order to meet up with the whirligig business you are related to by collaboration.
10.                        Create A Team
       This article is aimed at providing the basic commandment learned from billionaires to establish not just a successful enterprise but the next gigantic enterprise which would contribute to economic development.
    If you want your business to move faster than normal or if you want a faster and greater production, you therefore need a team. You need a team of people who would bring new ideas for the improvement of your enterprise, you need people who  would contribute to the operation of your enterprise; you need a lawyer who would make sure that all collaboration and partnership with other business is save. You need more than just you alone if you truly want a faster production to meet up to the demand of the hungry customers.

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