What business ideas turn people into billionaires?

5 Ways of Multi-Billionaires - How Richard Branson, Elon Musk and Co. did it

If we can learn three things from the greatest entrepreneurs of our time, it is that the path to multi-billion euros is not an easy one and is guaranteed not to be foreseeable, that one will make mistakes over and over again and that one should stick to the classic “self -Made-Billionare "kind of thing, you should start from the very bottom with the most banal business ideas and work everything out piece by piece. Above all, it is crucial that you are always vigilant for the small and large opportunities that you do not all too seldom come across by chance, value the right people (some of them even become very good friends) and maintain relationships, as well as common sense lets play when it comes to risk assessment - which is one of the constant main tasks of an entrepreneur. Some of the most successful entrepreneurs ever, including Richard Branson, Elon Musk and Mark Cuban showed us how to do it - their ways to multi-billionaires have now been recorded in an info graphic that gives us useful knowledge on the way to billion.

The 5 ways of multi-billionaires

Start Small - Think Big

The info graphic illustrates the paths of 5 multi-billionaires. Almost everyone started with mundane business ideas. Richard Branson made his first money selling Christmas trees, then ran a student magazine, then opened a recording studio and so on. Mark Cuban started his career selling garbage bags, Sheldon Adelson newspapers, Eric Lefkovski carpets and Elon Musk self-written software. Everyone just started to earn money somewhere and then invested the money they earned in new opportunities. I also recall a section of a book by Branson describing a very difficult time during the development of his recording studio and the subsequent Virgin Music label. There were times (and quite a few) when his companies were practically insolvent - when there was simply no more money. What did Branson do in this situation? He was drawn to new opportunities and people - he always believed that he would make it and in such emergencies he forced his luck by actively approaching new things. He knew he shouldn't stand around, he had to swear by the opportunities, and so he always found the right people who believed in him and decided in favor of him, thus saving his companies from collapsing. It was definitely the right decision - proactively brought in by Branson. So you always have to be ready to get the things you need - especially in difficult times - actively look for them.

Know your goal - stay flexible on your way

The infographic further shows: There are 1,426 billionaires worldwide. 960 of them managed to save so much money or value via the “self-made” way, i.e. from the very bottom and on their own (of course only with the support of many, many other good employees and friends). Only 130 only needed one business idea. 860 billionaires used several attempts and companies to get these huge sums of money. The essence is and remains: Start small and stay flexible when it comes to discovering and tackling opportunities. You know your goal from the start, but the way to get there cannot be planned, you have to pave the way.

Source: The Entrepreneur