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Entrepreneur Newcomers Join Billionaire Rich List

money

Tough trading conditions in 2018 didn’t stop 195 newcomers joining the ranks the ultra rich in 2018. Among them are many outstanding entrepreneurs who made it through hard work, self belief and focus. We list five of them.

Youngest

The youngest billionaire is Kylie Jenner, a 21 year old, who is now one of the most most world’s most influential celebrities in fashion and on social media.

She became a household name starring in the reality TV series: “Keeping up with the Kardashians” for more than a decade and has since foundered a successful company: Kylie Cosmetics. Kylie has leveraged her fame to build business and her wealth.

Tech

Spotify’s Daniel Ek and Martin Lorentzon are now on the list. Daniel’s working class background meant he has worked hard from the ground up. A self taught software developer, at the tender age of sixteen, his first enterprise was building and hosting websites.

A self made millionaire by the age of 23, he retired and enjoyed the life of luxury. Though not for long, it bored him so back in the game it wasn’t long before he surrounding himself with likeminded entrepreneurs. Daniel’s tech business Spotify has proved to be his ultimate winner.

Vaping

Juul Labs’ James Monsees and Adam Bowen, created a $15 billion company with the cigarette alternative – vaping. This business has made vaping cool with it’s small devices similar to a USB drive, and flavour pods packed with nicotine.

Snacks

Mexican-American Daniel Lubetzky, became a billionaire with his snack company Kind LLC. Born in Mexico and moving with his family to the U.S. as a teenager he was a top student graduating from Stanford Law School.

While there, he created a business with watches, but it was his interest in healthy snack options that lead to his business becoming the fastest growing snack company in the U.S.

Daniel focus on philanthropy has seen him recognised with awards including The Koshland Fellowship by World Economic Forum, and being named on many lists as an entrepreneur changing the world.

Richest newcomer

The richest newcomer joining the ultra-rich ranks is Colin Huang, the founder of Chinese discount web retailer Pinduoduo. An ecommerce business, just three years old, has found a niche among the heavyweights Alibaba and JD.com. It’s target market is lower income customers and Pinduoduo’s offerings include group buying and awards for bulk buying. Who doesn’t like a great bargain!

This is not Huang’s first venture, his three previous startups, did well though it’s Pinduoduo that’s a standout and the difference this time around maybe Huang’s connections with China’s Tech power base.

Summary

195 newcomers joined the billionaires rich list. These five entrepreneurs share many of the attributes we mentioned in the introduction including diligence, self belief, and desire. We also know entrepreneurs share a similar mindset with that of athletes. Check out this quote by Mexican footballer, Pele:

“Success is no accident. It’s hard work, perseverance, learning, studying, sacrifice and most of all love of what you are doing or learning to do.”

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Mindset

How Einstein Quotes Inspire Business

Einstein

Many great thinkers, both alive and dead inspire people to ‘do better,’ i.e. set higher goals, work smarter, think differently about challenges in life and business. Albert Einstein was famous as a theoretical physicist, not as a business owner or entrepreneur. His quotes, however, infer a state of mind, or mindset that is ideal for entrepreneurs and creators who also need to do the extraordinary in much the same way Albert did with his inventions.

In this blog article, we consider some of Einsteins quotes and how they reveal his mindset and how they can be interpreted to motivate startups, businesses and nonprofits to ‘do better’ by fighting apathy and submission.

Entrepreneurism

Was Einstein an entrepreneur? No, he wasn’t; however, Albert was influenced by his father Hermann who spent his life’s work involved in running businesses. With some successes, i.e. Hermann is said to be responsible for bringing light to Munich Germany, he also had his share of failures including his attempt to bring light to other cities in Europe.

Hermann also had other business failures which disrupted family life for Albert. Staying with friends and relatives during his father’s startup failures may have deterred Einstein away from the business world, but it was never far from his mind. Albert still had an underlying interest in business and “the devotion of time to practical work”.

Here are some of Einstein’s quotes that reveal his mindset and why they’re used to inspire creators and innovators.

Quotes For Creators And Innovators

In business, as in life invention is fundamental for growth. There are many Einstein quotes that inspire confidence in people to think and do things differently to get a different outcome including:

Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.

Have you ever been reprimanded for daydreaming? Well, we need ‘daydreamers’. It’s the people who day-dream who are the creators and innovators. Their imagination provides solutions in business and everyday life. Albert’s quote infers it’s okay to take time out and have the confidence to enjoy your imagination. Use it to provide solutions in your business.

The important thing is to not stop questioning. Curiosity has its own reason for existing.

As Einstein says curiosity is very powerful and there is a reason for its existence.

We cannot solve our problems with the same thinking we used when we created them.

There are many great thinkers of our time and John Kehoe is among them. His book ‘Mindpower’ is an introduction to solving problems using your subconscious mind. John’s focus is also on mindset and using it to get what you want in life.

It’s not that I’m so smart, it’s just that I stay with problems longer.

There are many reasons businesses fail and one that’s not mentioned in the top five reasons for failure is ‘giving up’ or given in too soon. The top five reasons for business failure according to Forbes are:

  • No market – The market for the product or service no longer exists
  • Lack of capital – The funds for working capital and grow have dried up
  • Wrong team – The team is no longer suitable and therefore not providing value to the business
  • Competition – Competitors have taken the business’s market share
  • Pricing – Inaccurate pricing for the products or services

Maybe the sixth reason should be ‘giving in’ too soon’? For lack of seeing a way out, a business closes down, often without going far enough to exhaust all options to remain in business fully.

However, for creators like Einstein, the focus is always on finding a solution no matter how long it may take.

Businesses going through tough times can find inspiration in Einstein’s quotes as they show his determination to succeed no matter how long it may take.

Summary
We all need encouragement to work smarter, aim higher and stop mediocrity or indifference being our state of mind. There is no doubt that it’s easier to be average and the same as everyone else. It takes something special to be extraordinary and quotes from thinkers like Einstein can help push an aspiring inventor, or a creator to reach their pinnacle.

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Mindset

What Do You and Millionaires Have in Common?

mentor

Author of bestseller book ‘Rich Dad, Poor Dad’ and American entrepreneur, Robert Kiyosaki says: “The world is full of smart, poor people.” Arguably Robert Kiyosaki is telling you and millionaires have a lot of things in common such as smartness. In this blog article, we list a few commonalities as well the core reason why millionaires are where they are in life.

There are quite a few things that you and millionaires have in common. Let’s explore some of these elements and allude to what may be holding you back from also being a millionaire.  Changing your mindset can make a world of difference to your current position and get you on the right path to becoming a millionaire.

Opportunities

Every human on this planet gets ample opportunities to become a millionaire, but most of us don’t know how to achieve it.  Also, for many people, there’s comfort in the status quo, living like the majority and more specifically, the people around them, i.e. family and friends.

Millionaires are attuned to analysing opportunities, weighing up the risk and reward.   This action takes hard work and discipline which millionaires thrive on, and most people avoid.

Earning Ability

Another area of commonality between everyday people and millionaires is the need to earn money.  Both parties need to work, but for very different reasons.

When a millionaire ‘needs to work’ he is doing it to grow his wealth.  He will pay himself first (before paying bills etc.), and this money is put to good use, i.e. it’s invested for the long term.

Whereas everyday workers earn to get through the week or month. Paying the bills, and having some money left over for socialising is their core goal.  Saving money each month is usually an afterthought, and most of the time will not happen as there is always a reason to ‘spend’ it.   There is a saying “you get what you focus on”.

Once again, this is your mindset.  What separates millionaires from the rest is how they think of and view money.  Wealthy people find money is attracted to them with it easy to attain, and keep.  For most people it’s the opposite; earning money is hard work and impossible to keep in their bank account.

Saving Money

Saving money for a raining day, is what we’re all taught, so while we may all save money, it’s where we put it that makes the difference.

When millionaires save, they’re making their money work for them. Millionaires have the mindset to take calculated risks, and they look longer term at their ‘savings’ investments.

Most people are saving to buy something or go on holiday.  Parking your savings in long term investments is the millionaire’s mindset.

Social Life

There is a saying ‘you are who you mix with’, your friends will be of similar financial position.  Self-made millionaires will consciously change who they mix with socially.   It’s not easy to step outside your existing social circle but to reap the rewards of networking with successful people, is why millionaires do it.

Reading Habits

Wealthy people spend a lot of time reading and physical books.   Mark Zuckerberg, Bill Gates and Peter Drucker say they love books, and they’re not usually reading fiction.  They’re looking for inspiration and ideas.  Reading a novel is better than not reading at all, but consider what you may get from an autobiography or biography.  What you’re trying to achieve has been done before, and a lot of experience and knowledge can be gained vicariously through reading about successful people and businesses.

 

Spending Money

We all spend money; however, when it comes to paying bills, millionaires don’t just pay them without further thought.  Wealthy people analyse statements, and they double-check every expense for accuracy. Then they’ll think about the payment and whether their money is well spent. This attention to detail will curb unnecessary expenses, whatever the cost.  Being deliberate with spending money is an action that shows respect for money and millionaires will spend their time respecting money, so it is spent wisely.

24-Hours/ 365 days

Time is said to be much more precious than money.  No divine power or human being can buy back the past time or add extra hours to a day. Nor can we subtract from the 24-hour day and 365 days year. If you’re serious in utilising your time effectively, you can become a millionaire in as less as 12 months. Millionaires, billionaires and you have time in common.

Millionaires know time is indeed money, and it needs respect. Spending wisely and investing in activities that ensure their financial security and status.

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Mindset

A Brief Guide to Becoming an Expat

travel

To travel and work abroad is a dream for many people and there are many reasons why. You see, becoming an expat opens new doors for anyone who dares to become one. A broader scope of career opportunities, a taste of travel, and finding romance are some of the biggest reasons why being an expat seems to be the right choice. But what exactly does it mean to become an expat?

Defining “Expat”

The word expat came is a combination of Latin words. “Ex” is a prefix that means “out of,” while “Pat” or “Patria” is a noun which means native country. Based on its original definition, an expat is someone who lives in a different country instead of settling down in their home country. An expat can either choose to stay temporarily or live permanently on the land that they prefer.

Most expats leave their country because of more significant opportunities outside. Although similar to this reason, there’s quite a difference in how an immigrant and an expat work.

Expats who look for expat jobs can choose to stay in a country without having the final decision whether they will reside there permanently or temporarily. On the other hand, immigrants are people who travel to another country for long-term work and permanent residence.

Qualities of A Successful Expat

If you want to succeed in finding expat jobs or quench your thirst for traveling, you will have to maintain the following qualities. These characteristics will help you achieve any goal you have as an expat:

  • Thirst for Knowledge. If you want to become an expat, you must have the willingness to learn new things. It includes the country’s culture, traditions, history, and more. You also have to familiarize yourself in the area if you plan to stay for a longer time.
  • Independent. You need to be an independent person if you choose to become an expat. Since you’ll either be living alone or new to the area, you will have to do things by yourself. You will be responsible for household chores, buying necessities, and maintaining a well-paying job.
  • Sociable. Being sociable is an excellent trait for an expat to have. Despite being independent, you must also learn how to interact with other people to help you feel at ease. You can try to socialize with other expats as well. That way, you can relate to people faster.
  • Open-Minded. As an expat, you must be willing to understand and respect other people’s way of living and tradition. You travel to different places, and those places can have different opinions or lifestyle. If you do find yourself in an area that has an unfamiliar culture to you, always keep an open mind. By doing so, not only will you show them respect but discover new things as well.

 With the modern world, we have today; it’s not surprising that many people try to live as an expat. After all, there are so many things we can discover from different places around the world.

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