From 600+ conversations with the world’s leading thinkers.
80% of self-made billionaires we studied made their mark in mature, competitive markets. They weren't all 'exactly' new products that came out – they were maybe a variation of a business model or existing product that pleased the customer in a different way. Think of Howard Schulz with Starbucks, or Sara Blakeley with Spanx for example.
You don't have to choose a business that's going to drown you, be a treadmill, or suck you underneath. You can start slow, make a bit of money and then double down. You don't have to risk it all at the beginning.
Visionary leaders that build great companies have some personality attributes they share. They are self-confident enough to be humble. They have a reservoir, a personal drive, passion, belief in their capabilities, and they're willing to admit what they don't do well and to seek those people to join their team from the very beginning.
While most people are uncomfortable with change we have a business built on analysing it. Our business takes advantage of challenges and the opportunities they provide.
Never was wealth the driver for me. – it was always hey, there's a cool idea here, let's make something of it. It was nice to be well rewarded, but the interesting part was working the problem, thinking about new things and how to bring them forward from being ideas to being products or new ways of doing things.
Many people say that if you're the brightest person in the room, you're in the wrong room – that's totally right. You need to bring in people with much more expertise than you to take the business forward. I started out making shoes by hand – I'm a shoemaker, not an intellectual.
A lot of philanthropy is making bets, seeing if they work, staying with them…it is more like being an investor in other people's good entrepreneurial ideas.
You have to know who you are, be open-minded, and be ready to collaborate. You have to have thick-skin and be prepared to get your idea ripped apart.
My first ask in any meeting wasn't for money or to put their name on something; it was simply for a second meeting, an opportunity to show them what we're doing and what we're building.
Most people I would consider world-class, successful entrepreneurs never volunteered for the job. They were kicked out like the guy who offended the king and was kicked out of the city walls.
My fun statement is that if I see the same thing, three times in one week, from disparate news or information sources, I have to move quickly as it's a trend that's likely to happen.
You can't be successful unless you're genuine as a human being and honest. The startups in our world that are really successful are both genuine and honest; they bring that pure level of passion to the table and they're very honest about the world around them.