The 7 Things Science Says You Must do Daily to Build a Billion-Dollar Company
When I started Taco, I knew I wanted to grow it into a billion-dollar company. But realistically, I knew that creating a billion-dollar company meant I had to impact billions of people and not just focus on metrics, like the bottom line.
To build a billion-dollar company, a founder must have a billion-dollar mindset and practice certain daily habits that science has found to be the common denominators among the world’s wealthiest business people. Scientific research has confirmed specific actions are more amenable for generating wealth.
Check out these seven actions you will want to work on -- and achieve daily -- if you want to hit the billion-dollar mark:
Today’s billionaires have a voracious appetite for reading. They consume many pages and books in a short amount of time. Billionaires like Warren Buffet actually spend the majority of every day reading books, articles and online content to better understand the business environment and the factors that impact investing and strategic decisions.
Reading provides critical knowledge that can help a businessperson move their company to the next level of revenue. It also opens their eyes to new possibilities from patterns they discover that can also benefit their organization in terms of direction and new revenue streams.
Successful people are passionate, but those who want to take their companies to the next level are actually obsessed with what they are doing.
Passion involves telling others what you are creating, but you know you are obsessed when other people point out your behavior. If you are up all night working on the company’s strategy, then you are obsessed and have a better chance of keeping on top of all the details and really propelling your business, your money and yourself forward.
But be aware -- idea overload can severely damage your business.
Take the time to meet someone new every day. This person doesn’t necessarily have to be in your industry or even in business at all. It’s more about identifying people in our daily lives that are least like ourselves, in a completely different field or just not even interested in business. One of my friends, Sujan Patel, did this and it helped him generate $198k in revenue.
This is the best way to learn something new and understand other perspectives in order to grow a business, attract talent that can fill in those gaps, and gain a better, fine-tuned understanding of your audience. Getting to know others who work outside of your expertise and who do things differently than you do, can help you look at things in a more diverse way.
4. Be humble.
Nice guys don’t finish last. In fact, those who focus on their humility are the ones who slip under the radar and come out on top. This is because they are looking to help others, not spend time broadcasting what they are doing.
You don’t need to prove anything to others. That’s why you are putting all your energy into making the company more successful. Billionaires realize that they are not doing all this work merely for themselves but to do something that changes the world or makes it a better place. And, they don’t need to seek approval and admiration for doing so.
Many people were surprised to find out that Mark Zuckerberg was actually a billionaire. That's because he doesn’t talk about it. Every day, remind yourself how fortunate you are to be where you are, and remember who helped you and your business get there.
You can only reach that high-level status with your company if you are never satisfied with the current results. When you question everything and seek out answers that push the envelope, you are a step closer to hitting the billion-dollar range. When a company settles for their current results, they are essentially not interested in raising the bar on revenues, nor will they ever get there. However, when a leader questions those results and wonders if more could be done, the door opens up -- moving from millionaire to billionaire.
A billionaire understands the need to connect the dots of their business with the assistance from mentors, partners and others who have leads or stakeholders who might also provide some benefit.
While many people understand the value of networking, a billionaire has maxed out on the connector moves to ensure that they have every possible connection that can be made for pushing the needle on the business forward. They have made it their complete focus to see how others can help the business in ways not previously experienced to raise those revenues and create that billion-dollar company. Find a way to make a new connection in life or online through professional networks every day.
Get going before anyone else does and work daily to stay ahead of the crowd. Sir Richard Branson just decided to go ahead and start something even if there were questions about money or how it was even possible. He just rolled up his sleeves and dug in, believing it would figure itself out. More important was the need to get started before anyone else did and beat them to market.
There will never be that magic moment where you know you are really ready, so it’s more important to take the leap and go -- just move -- once you have some idea of what you are doing. Billionaires get there first, not last or even second. Start something new every day whether it is a hobby or different exercise routine.
While all levels of businesses and leaders may practice these ways to a certain extent, it is only those that do them every day and to the full extent that has been able to move up to billion-dollar status.
Taking advantage of and doing the right moves every day will also turn these things into healthy habits that serve your business and yourself well.