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Great Ideas You Can Steal From One Of The Richest People In The World

Updated on February 28, 2018

A philanthropist, great entrepreneur and a man who is considered being one of the best financial investors of all times once said it’s not neccessary to do extraordinary things to achieve extraordinary results. That man, the third richest man in the world, has a lot to offer when it comes to business ideas and strategies. Leading an austere and calm life, he has earned so much money he could buy an entire country. But despite being that much rich, he continues to live in the same house he bought 50 years ago for 31,500 dollars. For some people, he is a true genius and a man who spent 15 years securing the podium of richest people. So here are some of the best business strategies you can steal from him and apply to your own entrepreneurial goals and desires.

1. It’s never too early to start

He made his first investment when he was only six years old, by reselling Coca-Cola bottles for 10 cents while buying them for 4.6 cents. In that time, he couldn’t even imagine that forty years later he would have a total empire under his feet. But he always had so much confidence in what he was doing. While his friends were playing and dreaming to become Hollywood actors one day, he was buying his first stock for 98 dollars, when he was only eleven. Later on, he even stated that he regrets having started so late. When he was a teenager, he was already raking about $175 a month, more than most adults. When he was only 26, he launched his own investment company, and the empire was born.

2. Time is a valuable resource

Bill Gates once stated that the most important lesson about time he actually learned from this entrepreneur. “A day has only 24 hours. He is aware of this. He does not allow his schedule to be filled with meaningless meetings”, said Gates. His desk is filled with books and he spends 80% of his day reading. His distance from technology and using a flip phone rather than a smartphone gives him time to go through every financial idea and problem. We all love the immediacy and want results without having to wait for them. But in business, things don’t function like this. Some ideas just take time to implement, and no matter how fast we bring them into play, they just need time to earn wings. By learning to respect our time and the time needed to put into action a business idea, we can avoid making errors that can stagger our business strategies. This financial mogul appreciates his time so much that he even auctions a “power lunch”, so people can bid to have lunch with him and listen to his useful and productive advice. The most recent winner of this power lunch paid $2,345,678!

3. The price is what you pay, but the value is what you get

When he was 35, he bought a textile company on the border of bankruptcy and succeeded in transforming it into a profitable company with 270,000 employees. For some reason, people intend to pay much attention to price, rather than value. He saw a great opportunity and grabbed it, by not paying attention how much this company costs. If you work hard and you're dedicated to producing a valuable brand or service, people will acquire it, without price being the main factor in their decision whether or not to buy it. To implement this golden rule, highlight the value, not the price.

4. Games are won by people who focus on where they play on the field, not the scoreboard

This is one of the most important lessons you can learn from a man who started his financial career as a teenager. Capitalize your knowledge and apply it to the things you do well, and avoid the risk of being overworked in bad business. You do not have to be an expert for everything, but you have to know what you are good at and do not go out of that area. If your current strategy doesn’t bear fruit, focus on long-term strategies. Implement day to day actions. The result that matters is the final championship, the final goal, and not that one game that you seem to be losing right now.

© 2018 Fatima Memija Bahtic

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