In our studies of world billionaires and how they got that way, we've noticed many traits that many billionaires in general have in common. So if you're looking to make your first billion, these are some good ways to think:
1. Have a dream.
The vast majority of billionaires in the world are all self-made. Most of them were born middle-class or lower and a few started out in poverty. Without exception, every self-made billionaire had a dream, an idea, a vision, or a plan and they stuck to it. They failed first, but they tried again. They failed ten times, but they kept trying. Some of them stuck to the same idea for forty years or more before they had success, but they succeeded.
2. Never be satisfied.
The movie "Scarface" is a unique story, because the plot revolves around the lead character never developing. Al Pacino's character ends the movie as the same low-class street hustler that he was when he started, regardless if he's washing dishes or smoking $100 dollar cigars in a hot tub in a mansion. Without the "say hello to my little friend" and the dying part, lots of billionaires are like that, too. They decide that they can never be too rich, and they just start making money and never stop.
3. Be nice to your relatives.
Inheriting money is still the easiest way to make it, and the billionaires who aren't self-made usually inherit it. But no matter what, most billionaires are in close with their blood relatives. Many of them just needed that $5000 investment from dad to seed their start-up. Others ended up having their brothers or kids around to co-found and manage the business.
4. Make other people listen to you.
Without a doubt, all self-made billionaires have powerful instincts. The problem with instinct is that it's hard to argue with other people when they doubt you. A hunch is your brain telling you something without bothering to explain the details to you. That's hard to explain to somebody else. Follow your instinct, and when others question your plan, just say "I'm following my instinct! You should follow it, too!"
5. Sell cheap.
The cheapest price often wins the sale. Many of the world's billionaire entrepreneurs based their business success on selling their product cheaper than anybody else. How simple, and yet many, many penny profits amounted to billions of dollars over time. You can't argue with a price that's a dollar less than any other price.
6. Look ahead.
It seems like luck when you look back on it - but it was vision. Most billionaires saw where the market was going and moved fast to be there first. Look around right now - is there a niche that nobody's exploiting that can develop into a big market soon? Many times, the silliest idea in the present - something you think nobody would be willing to pay money for - ends up being the next hot world-wide market.
7. Reinvent.
Almost no-one in the billionaires club came up with a brand new product. Instead, they made improvements to existing products. They build a better model, they changed the way it was made, they changed a process, they streamlined something, or they just re-organized the assembly line.
8. Stay humble.
Here's a big idea that nobody seems to think of: Part of having money lies in not spending it! Many self-made billionaires stick to their old spending habits even though they can afford better now. They fly passenger-class, drive their own cars, live in apartments, even wear worn-out clothes. But they put the money back into the business, where it could make more money. In fact, only the billionaires who inherited their fortunes tend to spend it in big ways.