10 Principles Billionaires Follow

I have spent quite some time with billionaires, watching them, and found that they have achieved a lot because they follow certain principles that help them persevere and achieve their own in what others consider too serious a test for themselves. I call them «the foundations of billionaire success.»

Principle 1: Simplicity of purpose

Starting to build their empires, they were extremely focused on a specific task. All efforts and energy directed to achieve a specific goal. For example:

• Henry Ford wanted to democratize the car, make it accessible to everyone;
• Bill Gates — to equip every American home with computers;
• Steve Jobs — to give computer capabilities to the phone and make it easy to use.

These goals seem ambitious, but can be summed up in one sentence that is easy to understand.

Principle 2: Simplicity of plan

I have never heard that they are too detailed and carefully thought out projects. Herbert Kelleher, the founder of low-cost airline SouthWest Airlines, did not have to use a lot of technical secrets to turn the entire aviation industry on its head. He followed three goals:

• ensure takeoff and landing;
• enjoy;
• remain a budget airline.

They became the backbone of the most profitable airline in aviation history. The desire to keep things simple helps all employees (not just managers) focus on the activities that will be most effective for the company.

Principle 3: A clear limit to patience

Successful entrepreneurs are not ready to put up with everything — it looks like heartlessness, but it works. They do not tolerate incompetent and useless people, ineffectiveness. They do not allow social pressure — they are ready to put up with isolation and suffering, if necessary, in order to build something truly great.

Billionaires make up the 1% of all people who tolerate what 99% of us avoid and avoid what 99% tolerate. They are constantly optimizing life. They ask questions: what slows me down, what can I get rid of today to make tomorrow better? Define and remove the excess without a doubt. Therefore, they show the best results.

Principle 4: Complete trust in people

They don’t just lean on others from time to time, they rely on them completely every day. With all team members, they build professional relationships in order to be able to rely on anyone if necessary.

No one can single-handedly set in motion all the levers of managing projects worth billions of dollars. It is the billionaires who ask for protection and support (and offer it themselves too), because they know that an entrepreneur can achieve almost nothing alone, and together we are moving forward much faster.

Principle 5: Absolute devotion to people

They are fanatically devoted to people: clients and investors, and especially employees, members of their team. But obsession can take many different forms — some are obsessed with the idea of ​​creating the perfect product, others are preoccupied with improving the level of well-being around the world. All this ultimately concerns other people.

Bill Gates, feared early in his career for his ferocious nature, has learned to be a strong and respected mentor to top Microsoft executives. Warren Buffett created one of the greatest business empires in history, but only after he recognized the need to build and maintain a team.

Principle 6: Reliance on communication systems

Everyone knows that clear communication is key to a successful business. Over the years, I have met many billionaires, and most of them have communication problems. But they succeed because they rely on communication systems rather than their own communication skills.

They find ways to clearly track progress, evaluate results, and optimize production. And they use stable and reliable communication methods for this.

Principle 7: The Implicit Demand for Information

They don’t wait for someone to tell them something. They do not go around in circles in search of the necessary information and do not formulate their requests for hours. They expect information to be selected, verified, concise, and reach them before they ask for it. They demand it from their teams.

They don’t overburden themselves with unnecessary or unimportant information and know exactly what to find out and when. Their key employees actively offer crucial information every day, so the billionaire knows what will require his attention and energy first.

Principle 8: Conscious consumption

They are prudent in consumption, especially when it comes to consuming information. As a rule, the information that is important to them is related to a very specific issue or decision. If new knowledge doesn’t move you forward to where you want to be, it pulls you back.

Principle 9: Making decisions based on facts and information presented

Billionaires don’t take risks, they make decisions based on two things: facts and human stories. Each perspective is significant in its own way. If they were based solely on factual data, then a single error in the calculations could distort the conclusions. If they were to rely solely on someone else’s account of events, their judgments would inevitably be emotional and subjective. Only an integrated approach — data analysis and detailed conversations with the right people — allows you to grasp the essence of the matter and make the right decision.

Principle 10: Openness on one’s own initiative

Many people think of openness as a willingness to answer questions. Billionaires are distinguished by the ability to anticipate questions. They initiate openness and publicity, wanting to avoid misunderstandings and exclude any situation that could slow down the work of their company.

They don’t wait for people to come to them for clarification. They understand how important it is to tell the truth and explain to others what they really want. This openness is vital because it ensures that team members understand the consequences of what is happening, increases their confidence in management, and eliminates suspicions of suppressing information. Regardless of the experience or size of the business, any entrepreneur can apply these principles to their own business.