They say money can’t buy happiness, but that doesn’t stop many of us from daydreaming about raking in the big bucks and living the life of a billionaire. As a small business owner, your first billion dollars can seem a long way away. However, following the advice of the entrepreneurs that came before you can give you the best chance of living the high life in the future.
Live Frugally until You Grow Your Wealth like Mark Cuban
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Mark Cuban might splash around in his cash now, but the online media mogul and owner of the Dallas Mavericks wasn’t always so flush. The American entrepreneur, who has an estimated net worth of $3.2 billion according to Forbes, has encouraged aspiring billionaires to follow his example and live frugally while building a financial cushion. Cuban slept on the floor or the couch of an apartment he shared with friends and avoided credit card debt and unnecessary luxuries. By living on a shoestring budget, he eliminated financial worries from his life and could focus on achieving his career path.
“The more you stress over bills, the more difficult it is to focus on your goals,” he once wrote on his personal blog. “The cheaper you can live, the greater your options.”
Frugality should also become part of your business practices. Choosing a small shared office rather than a flashy inner-city workplace and focusing on affordable social media marketing rather than glossy magazine ads can all pay off.
Listen to Disgruntled Customers like Bill Gates
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Bill Gates didn’t amass a fortune of more than $78 billion by only listening to his supporters. He once said that the “most unhappy customers are your greatest source of learning.”
Follow Bill Gates’ advice and take the time to listen not just to the people who love your product and services, but also to the ones who hate them. These are the customers who know your business’s flaws, the problems that you may not be able to see because you’re too invested in your organization. Once these flaws are identified you can make improvements and become an even better business. Communicating to unsatisfied customers that you’ve taken their advice and made improvements can make these people feel valued, which can help instill brand loyalty.
Invest in Property like Daryl Katz
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Canadian pharmacy tycoon Daryl Katz understands there’s truth in the popular saying “As safe as houses.” Property is one of the most trusted investment options, offering good, long-term growth potential and excellent tax benefits. Katz, who has a net worth of approximately $3.4 billion according to Forbes, has an impressive property portfolio. His latest addition is a 4.6-acre Bel Air estate once owned by Canadian-born TV personality Ark Linkletter. Katz also owns a modern 25,000 square foot home in Edmonton, a Vancouver penthouse, and another property in the famed Bighorn golf and resort community in Palm Desert, California.
Consider the example these billionaires have set and use them as motivation to work harder and make the smart decisions you need to amass your own fortune.
