I’m always trying to find out how the world’s wealthiest are making their money. Some are born in rich families who have built a vast empire, and others made money through business ventures. By understanding the way some people have become wealthy, you can start to incorporate their mindset into your work.
For example, you’ve probably noticed how the wealthy have a certain way of doing things like conduct business, deal with people, and negotiate the price on products. You can also learn a lot from their lifestyle which will be great for your business, for example, the books they read, the way they exercise, and how they spend money.
After doing research, I learned some “success” habits of the world’s wealthiest which I’ll like to share with all of you.
Wake Up Early
The majority of successful people are early risers because it helps them get more done. In business, you’ll also get a jump start on your competition being able to network, build connections, and close the deal first thing in the morning. Waking up early also gives successful people time to exercise, meditate, and take some personal time. Once businesses have opened around 9 am, it’s harder for successful people to take off because they are busy at work.
To be successful in a very competitive world, you’ll have to network with others who have knowledge in your niche. Some people have been in business longer than you so have developed the right connections and networks that can help you too. It’s important to network with these people so you get a competitive edge over your competition. However, this must be mutually beneficial so you should always try to help in return.
The good news is locating and networking is so much easier because of the internet since you can communicate through email and find people in your industry using platforms like LinkedIn. Read this awesome article on how to network properly.
Successful people are always learning something new so they can stay ahead of the changing trends. They are reading the newspaper to understand the markets, and new changes coming within their industry. This will allow them to tweak and make changes to better serve their customers to continue to grow. If you stay stagnant, then your competition will find creative ways to outshine your products taking your customers away.
Keep it in The Family
The top successful people keep trusted people close to them which are why they’ll get their family involved. While researching, you’ll notice how some of the top companies are operated by family members after the founder passes away. It makes complete sense to leave the day-to-day operations to family members because these are trusted people and from a young age have been learning the business.
It’s important to also understand how families tend to leave everything behind for their children from generation to generation. Here’s a great example of the riches families in the world, and you’ll read how several companies are now operated by the children of the founder.
Successful people know where to invest their money for the highest return. If they can’t manage on their own, then they’ll hire the best to do it for them.
However, the important thing all successful business people do is divide personal and company cash. It’s important to not pull money out the of the company because this is kept aside for growth, marketing, and if tough times are expected ahead. Companies have failed in the past because money was being pulled out of company assets for personal use. Enron is a great example of CEO’s taking large bonuses while the company was declining in customers and overall profits.
Successful businessmen know how to hire the best money managers. They want those which know how to save you money by investing it in the right place. They know how to ensure the highest tax credits are received, and the company always benefits within the lowest tax bracket.
Featured photo credit: Anete Lusina via unsplash.com