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Billionaires are regular people who succeed faster and further than most people. How do they do it? We looked up the advice of the world’s richest to find out. Here are the secrets we believe are behind their success:
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They are leaders: We often hear about leadership and how it plays a big part in success, but how much of a difference can it really make? According to Samuel "Sam" Walton, the American businessman behind giant retailer Walmart, it makes all the difference. “Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it's amazing what they can accomplish,” Walton once said.
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They don’t fuss over mistakes: The world’s richest Mexican Lebanese, Carlos Slim Helu, believes mistakes come hand in hand with business. “Mistakes are normal and human. Make them small, accept them, correct them, and forget them,” he said.
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They believe in word of mouth: This one speaks for itself, considering the success of businesses such as Starbucks solely through word of mouth. Another business that succeeded in a similar manner is Amazon. It’s billionaire founder and CEO Jeff Bezos says, “If you build a great experience, customers tell each other about that. Word of mouth is very powerful.”
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They hang out with better people: Warren Buffett, the world’s third richest person, believes it is “better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you'll drift in that direction.” It is no wonder Buffett has been in the top ten world billionaire list for years. He is always looking to develop himself.
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They act confident, even when they are not: In fact, those are the words of CEO of Oracle Corporation and ninth richest billionaire in the world Larry Ellison. Whether or not you are able to act confident even when you are not, it is good to know that even Ellison, despite being a billionaire, lacks confidence at times.
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They believe in women in management: Who hasn’t heard of furniture retail chain Ikea? Its billionaire founder Ingvar Kamprad created a one of a kind idea that is unmatched to this day. What is one of his secrets to success? “To have more women in various management positions, because women are the ones who decide almost everything in the home.” Kamprad once said.
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They believe in customer power: Sam Walton believed that “There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” We agree. Another billionaire with the same point of view is Jeff Bezos. “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,” he said.
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They take each day at a time: Facebook founder Mark Zuckerberg started his social media website at 19 years old, when he didn’t know much about business. So how did his site become a multi-billion money maker and the world’s most famous social platform? According to Zuckerberg, it all goes back to one ‘simple rule of business’ which is ‘if you do the things that are easier first, then you can actually make a lot of progress.’
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They hire people with integrity: It only makes sense to hire people with integrity, because, according to Warren Buffett, “Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you really want them to be dumb and lazy.”
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They live for themselves: Whether in personal life or in business, people’s opinions can be destructive and distracting. Billionaire Carlos Slim Helu knows that and limits the effect that other people have on him. “When you live for others’ opinions, you are dead. I don’t want to live thinking about how I’ll be remembered,” he once said.