Skills That Can Make You A Billionaire – “Skills make you rich, not theories.” – Robert Kiyosaki.
Being a billionaire takes an extreme work ethic and for many, quite a bit of patience.
Billionaires are always learning and if you have the chance to ask them, they will almost always say they are the student, not the teacher.
The most common traits among billionaires are work ethic and refusing to give up.
Billionaires are set apart from the average person mainly because of their net worth. Of course, they didn’t just get their assets with the snap of a finger. Self-made billionaires have grown their net worth almost exponentially through the development of several crucial business skills.
“Most people think small because most people are afraid of success, afraid of making decisions, afraid of winning. And that gives people like me a great advantage.” – Donald Trump
Now for those of you who are big thinkers and are motivated to set big financial goals, I think it’s worthwhile I share with you some necessary skills you need to achieve your goal. Even if your goal is to retire with a million or billion dollars, you are definitely going to need these skills.
Here are skills one can learn from most of the world’s richest self-made billionaires today.
1. Excellent Communication Skill
This is the most important skill. One must be good in order to become successful in almost all endeavors.
By having solid communication skills, other skills will branch out. Still, Having great communication skills is the most basic element a successful person must have.
The ‘Oracle of Omaha’, Warren Buffett, attributes much of his success to his efforts to improve his communication skills and he recommends others to do so, too.
2. Sales Skill
“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad
One of the most important jobs of an entrepreneur is to sell; but unfortunately, selling is a task most people hate. Why?
The reason people hate selling is because they are afraid of rejection. If you want to become a successful entrepreneur, then you must hone your sales skill.
“I’ve never felt like I was in the cookie business. I’ve always been in a good feeling business. My job is to sell joy, my job is to sell happiness and my job is to sell an experience.” – Debbi Fields
One must have solid sales skills. Understanding the concept of sales will definitely bring about heavy returns. It is, after all, the highest paying profession and has helped many self-made entrepreneurs to thrive and succeed in their chosen fields.
Mark Cuban revealed that if there’s one skill that anyone should have in order to succeed, it would be the ability to have great sales skills:
“Success is almost impossible — in any field — without solid sales skills.”
3. Goal Setting and Planning Skill
Failing to plan is planning to fail, as they say. billionaires have well set up strategy maps and are basically executing activities that form part of medium and long term plans. They’re goals or achievements have already been laid out long before they executed their plans.
4. Accounting Skill
“Accounting is the language of business.” – Warren Buffett
Lack of accounting skill is the reason most successful people become poor again. To succeed in life and business, you must at least know the basics of accounting. You must know the difference between asset and liability, gross profit and net profit. Most importantly, you must know when to spend more and as well know when to cut back on your spending.
“If your cash is about to run out, you have to cut your cash flow. CEOs have to make those decisions and live with them however painful they may be. You have to act and act now; and act in the best interest of the company as a whole, even if it means that some people in the company who are your best friends have to work somewhere else.” – Larry Ellison
“Managers thinking about accounting issues should never forget Abraham Lincoln’s favourite riddles: ‘How many legs does a dog have if you call its tail a leg. The answer is four because calling a tail a leg doesn’t make it a leg.” – Warren Buffett
5. Time Management Skill
Time is the resource everyone possesses, but only a few know how to manage. With 24 hours a day, we are in the same boat with all the billionaires. The difference is they have the power to make more out of the time given to them.
6. Money Management Skill
Billionaires are hands-on when it comes to their finances. They make sure that the last dollar is accounted for. It also goes for their personal financial standing which is constantly updated. Even their taxes are computed personally.
7. Networking Skill
Networking sprouts from solid communication skills. It is impossible to create a business that incorporates every process there is in the world. There will come a time when you would have to deal with another entity to achieve a goal. Who would you rather deal with, a trusted and reputable partner?
8. Leadership Skill
A true leader inspires. This is the mark of most billionaires. It compensates for the weaknesses a person may have because he knows how to make teamwork, and with the team liking to work at the same time.
9. Organised Work Skill
There is no exact science on how to best organise one’s workplace. This is because it involves personalities, abilities, and preferences which are unique to each individual. The point here is that you should have access to all your needed information at your desk, at the same time, you would waste no time in finding it.
10. Great Emotional Intelligence Skill
In order for employees to become assets to the company, they must be well-motivated. Being sensitive to the wants and needs of the employees is very useful to bring out their maximum output. It also works two ways, because while good performance is highlighted, weak performance is also noticed. Hence, the balance and momentum of the organisation are maintained.
11. Innovative Skill
Innovation is one of the key competitive edges of any organisation. This is the reason why the customers will choose your product over another. It also does not hurt an organisation to put a significant amount of resources on research and development.
In fact, billionaires like Elon Musk, James Richman, and Steve Jobs invest most of their time and much of their resources focusing on innovative thinking and technologies that set them apart from their competitors.
12. Problem Solving Skill
Critical Thinking is the ultimate key to problem solving and is the most important problem solving skill you should have.
Napoleon Hill said that all achievements begin with an idea and ideas are the product of critical thinking.
Critical thinking skill is important because it enables entrepreneurs to identify problems and turn such problems into opportunities. Business and financial intelligence, competence, idea generation and strategic project execution are all results of critical thinking.
Most intricate business problems have been solved by challenging the brain to come up with solutions. Business challenges and problems can never be resolved without critical thinking; done either by the entrepreneur or business team.
Just as Robert Kiyosaki says, “Your brain is your most powerful asset.”
13. Excellent Marketing and Branding Skill
This involves something which your customers can refer to. The reputation of the company might as well be its best advertisement. Your reputation is a very solid reference which spreads almost automatically. Hence, it is not enough to produce great output. You should let the world know about it.
14. Investing Skill
“The rich invest in time, the poor invest in money.” – Warren Buffett
Regardless of how smart you are and regardless of how smart your team is; you can never take advantage of every opportunity that comes your way. So you just have to sometimes give your money to other entrepreneurs and investors; and hope they do a good job with your money. Now the challenge lies in identifying good investment opportunities?
“Never invest in a business you can’t understand.” – Warren Buffett
- How can you tell a good investment opportunity from a bad one?
- How can you identify a competent management team from an incompetent one?
- How can you evaluate the risk to reward of an investment?
- Which investment vehicle is the best?
- When is the right time to buy and when is the right time to sell?
- How can you spot trends?
This is where your need for investing skills come into play.
“Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.” – J. Paul Getty