How to Become a Billionaire by Age 40

Around the world, the number of self-made billionaires, many of them young tech professors, and like Facebook’s Mark Zuckerberg, are permanent innovators, with a net worth of $63.3 billion. At 23, he got his first billion dollars.

Like other successful young entrepreneurs, Zuckerberg also has some common traits. Thanks to a survey of hard data on the global elite published by accountancies PwC and global investment bank UBS, we were able to identify the behavior and mindset of those who are incredibly successful in business and finance.

The companies surveyed 1,300 billionaires with the aim of revealing their characteristics. To give this research significant powers and scope, they reviewed academic research, case studies, and surveys interviewed more than 30 billionaires and conducted a two-year survey. The study showed that there are actions and ideas that lead a person to extraordinary entrepreneurship and economic success.

Having a Smart Attitude Toward Risk Taking

Unless there is something deadly, it is okay to take risks and even mandatory. Some industry leaders like Zuckerberg, who had a passion for pursuing business ideas and saw through its potential, dropped out of college to devote themselves to business, jeoparding their future without a diploma.

The merits of this behavior may be controversial or too extreme, but entrepreneurs’ willingness to take big risks is clear. Major inroads into new, trial-free markets or considering unusual mergers are also signs of sound risk-taking.

Having Unbounded Curiosity

Without curiosity, you can’t succeed in business. Curiosity drives entrepreneurs to observe the world, ask questions, discover problems, and actively look for solutions. Curiosity also connects to keeping her motivated. As a business owner, your deep curiosity drives you to explore existing solutions and user experiences, find points of customer pain, and develop new solutions.

Airbnb founders Nathan Blecharczyk, Brian Chesky, and Joe Gebbia were interested in whether lending mattresses and bed space would work as a business model. They decided to try this concept in their own home.

They accepted their curiosity and did their job with what they had to test their business ideas without wasting resources. Almost everyone thought they were freaking out, but in less than a decade, they’ve evolved their “stupid” ideas into a billion-dollar service used by 150 million people in thousands of cities around the world.

Having a clear focus

Super successful entrepreneurs appear to have an unusual resistance to distractions. Once you’ve locked on to the goal you want to achieve, there’s nothing (no one) to prevent you from getting there.

Smart entrepreneurs are dedicated to their missions, but they have the flexibility on how to get there. They also seem to instinctively identify where their business should focus. In 2012, Bobby Murphy was developing a Snapchat app when he spent 18 hours working to build a prototype. To this day, much of Snapchat’s code remains an intensive imprint of Murphy.

Having Determination

Many self-bankrupt billionaires start their first businesses before or during their 20s. Some have already made repeated failures before becoming millionaires. Without courage and decisiveness, the scars of failure completely leave those who abandon their dreams and seek meaning elsewhere. Great entrepreneurs, by contrast, are tenacious and tenacious until they achieve their goals.

Being Passionate About What You’re Doing

No self-made billionaire surveyed was lukewarm in their excitement and commitment to what they chose to spend their time on. Irish-born brothers John and Patrick Collison became millionaires in November 2016, and fresh investments have lifted the value of online payments startup Stripe to $9.2 billion.

The billionaire brothers had been writing software code since before they were 10 years old. Along with Facebook, Airbnb, Instagram, and Snapchat, their company has become a prime example of the innovations portrayed by young entrepreneurs in their 20s.

Embracing Innovation

Products don’t have to be different or new, like Uber or Airbnb. Based on existing solutions and platforms, it can be restructured or reconfigured in a way that better delivers services to specific market segments.

Snapchat, for example, is at its core just messaging, but its appeal to millennials has been phenomenal. The trick to building a business like joining a millionaire’s club is to be open and actively explore different ways to see and solve problems.

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