Adopt the Mindset of Billionaires

22nd January 2016

Gavin Preston

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Success breeds success.  Tapping into the insights, thinking and mindset of entrepreneurs; of those who are further down the road of success in business or whom have tread the path ahead of us, is not only fascinating, it can provide us guidance on what we can do differently to grow our business.  It can help set your mind for success.  It is no accident that many of the wealthiest of business owners, entrepreneurs, industrial magnates of present and past time are/were big readers.

I would like to share some gems of wisdom from three well known billionaires of today:  Jeff Bezos, Elon Musk and Richard Branson, including a counter-intuitive question that could have a significant impact on your growth strategy.

Jeff Bezos  Jeff Bezos
In a fast paced digital world with the need to constantly update our business growth strategies to stay relevant and maintain growth, Jeff Bezos asks a powerful counter-intuitive question to inform Amazon’s strategic planning process:

“What is not going to change in ten years?”

Applying this question to Amazon, Bezos realised that customers were always going to want to buy products as cheaply as possible and have them delivered to them as quickly as possible.  He reasoned that customers were unlikely to say ok to more expensive prices and longer delivery time-scales.

Bezos says: “When you have something that is not going to change over the long term, you can afford to put a lot of energy into it.”

Amazon continues to put a lot of energy and investment into improving the efficiency and speed of their logistics capability and the pricing of their products.

Action:  Think about your business – what is not going to change in ten years?

Richard Branson  richardbranson 

Branson is one of the most likeable billionaires.  Other billionaires admire Richard Branson for his fun approach to life and business and his cheerful, happy disposition.

When evaluating a new business opportunity Branson will ask “Is it fun?”  If he believes it to be fun, then Branson will take it on provided he can protect the downside.  “How can I protect the downside?” is another of Branson’s favourite questions.  His focus on fun fuels his passion.  Branson has the attitude that if it is going to be fun for him then customers are going to find it fun.  This customer centric approach drives brand loyalty and is at the heart of this approach to growing a business.

Richard Branson’s business growth strategy can be summarised with this advice: “Make bold moves but make sure you have a way out if it goes wrong.”

Action:  What are you going to do to bring more fun into your business and into the experience of your customers?  What are you going to do to protect the downside of your business projects?

Elon Musk  elonmusk

Elon Musk, the founder of Space X, Tesla and Solar City is driven by passion and purpose.

My own research into what needs to be in place to deliver sustained growth in a business has shown that having a clear purpose is crucial and that is why it is at the heart of my business growth model: “The Strategy Compass”

In Musk’s own words, “I didn’t go into the rocket business, the car business, or the solar business thinking this is a great opportunity.  I just thought in order to make a difference, something needed to be done.   I wanted to have an impact.  I wanted to create something substantially better than what came before.”

To fuel you through the setbacks, the “no’s” from prospective backers or customers, through the long hours working on your business, on your new project, having a passion for a purpose that is bigger than you is essential.  It is your rocket fuel.

In Peter Diamindis’ words: “Passion and purpose scale….doing anything big and bold is difficult, and at two in the morning for the fifth night in a row, when you need to keep going, you’re only going to fuel yourself from deep within.  You’re not going to push ahead when it is someone else’s mission.  It needs to be yours.”

Action:  What are you passionate about in your business?  What is the purpose of your business, your product/service?  What difference does it make?

So that you don’t miss out on any blogs, click here to like our Facebook Page: Gavin Preston Growth Strategies

NB The inspiration and reference source for this blog post is Peter Diamindis’ brilliant book “Bold”.

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