Last updated: March 2024
Key Takeaways:
- Self-made billionaires often attribute their financial success to specific mindsets and habits.
- Key quotes reveal common themes of persistence, innovation, and the strategic value of failure.
- Understanding their perspectives can offer valuable insights into wealth creation and management.
Introduction:
In the realm of wealth, the insights of self-made billionaires carry a unique weight. Their words distill lifetimes of success and setbacks into potent advice. Here, we explore the transformative quotes that encapsulate their outlook on money, success, and failure.
Featured Snippet:
What do self-made billionaires say about money? They often emphasize the importance of perseverance, the willingness to take calculated risks, and learning from failure as essential components to building wealth.
- Opportunities lies in the place where the complaints are – Jack Ma
Jack Ma talks about obvious opportunities present in the world. Aspiring entrepreneurs don’t have to go hunting for opportunities. Wherever there are major complaints, there are money making opportunities If you solve those problems.
- If we are a good team and know what we want to do, one of us can defeat ten of them. – Jack Ma
One of the famous lines from the Alibaba Documentary – The Crocodile in the Yangtze. Jack talks about fighting against the Silicon Valley behemoths. For a young startup to fight against a big giant, it’s important to have solid people in your team and have a very clear vision.
- Never ever compete on prices, instead compete on services and innovation. – Jack Ma
A lot of companies coming up in this world are doing one thing, they play the price game. What they don’t realize is, just like they undercut somebody, some one is going to do that to them. Your business should be built in the quality of the service your provide as well as how good you are at innovating.
- Business opportunities are like buses, there’s always another one coming. – Richard Branson
This is a perfect quote for a young entrepreneur who are in love with their business ideas and are so attached to it, they stick to it even if it doesn’t work. Ideas will keep coming.
- One thing is certain in business. You and everyone around you will make mistakes. – Richard Branson
There are a lot of lessons in mistakes. Mistakes are the corner stone of a business. You should learn to accept it and take the best out of it. A lot of humans think sadness is a negative emotion. Sadness is one of the emotions we have and we need to learn to deal with it. Making mistakes is the first step of a young business.
Also read: Great Unconventional Ways to Make Money in Singapore
- I am very prudent financially because of those hard times I went through. I spent nothing. I had a haircut every three months. I shaved my head like a monk – Li Ka Shing
A young business should spend like a young person. Spend wisely. Li Ka Shing’s quote here represents the lengths he went to be prudent in spending. These are lessons of sacrifice and delayed gratification for a better future.
- I was once an employee myself, so I know what employees want. – Li Ka Shing
If you are a young upstart straight from college, consider working at least for a little while. See how it feels like to be an employee. You may not like it, but you will certainly learn to empathize and know what employees want. You’ll learn how to and how not to an employer should behave with an employee.
- “The trouble in America is not that we are making too many mistakes, but that we are making too few.” – Phil Knight, Nike
People think if a business fails, all is lost. It’s not. You can always go back to a job that pays you that will take care of shelter, food and clothing. Fearing mistakes and taking conservative decisions do not lead to great technological progress.
- When something is important enough, you do it even if the odds are not in your favor. – Elon Musk
Elon Musk talks about the impact of an idea. If your idea is surely to change the world and make it better, then you should go for it. Not all businesses succeed, but that’s fine.
- I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself. – Elon Musk
Course correction is another term that is used. When you are constantly looking to improve and make things better, you are making lesser mistakes, you are progressing fast and you are ultimately building a sustainable company.
Also read: What is Bitcoin and why it’s going to be the future of currency
- I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress. – Mark Zuckerberg
This is a super important lesson for beginner entrepreneurs. Don’t jump into something crazy initially. Get the low hanging fruit and do it with aplomb. Establish your company and then go for something bigger and better. Don’t bite more than you can chew.
- If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering. – Jeff Bezos
Jeff brings about the difference between pioneers and followers. Do something based on what your customers need and not what your competition is doing. You can look to your competitors for certain inspirations, but not base your entire business decision on their moves.
- I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out. – Jeff Bezos
Comfort doesn’t push you to be creative. Excess money for marketing doesn’t let you innovate and come up with great ideas. If you have the money, the obvious choice is to spend it. Building the culture of frugality in a company is super important. It lets people know that, one has to figure out impressive solutions without throwing money at everything.
Also read: Warren Buffet’s Early Investment Strategy
- “You can do so much in 10 minutes time. Ten minutes, once gone, are gone for good. Divide your life into 10-minute units and sacrifice as few of them as possible in meaningless activity.” – Ingvar Kamprad
Ingvar talks about productivity. How breaking down your work into chunks of concentrated effort can be beneficial. Always look towards making the next ten minutes incredible.
