4 Misconceptions about Successful Self-Made Billionaires
1. Dropping out to start a business will lead to success
Around the world, there are many famous billionaires who dropped out of school to pursue their passions and succeeded. Notable examples include Microsoft co-founder Bill Gates and Facebook CEO Mark Zuckerberg. However, in reality, the number of talented individuals like Gates or Zuckerberg is very small. Moreover, most billionaires who dropped out were students at prestigious schools. Both Gates and Zuckerberg spent time in Harvard's lecture halls.
2. Coming from poverty
Stories of entrepreneurs born into difficult circumstances but who strive for success have inspired many people around the world. However, not all self-made billionaires come from poverty. Evan Spiegel, the founder of the messaging app Snapchat, is a prime example. He was born into an upper-class family with parents who were lawyers and attended Ivy League schools. At 16, Spiegel had a driver's license and was given a Cadillac Escalade.
3. Having a great startup idea
In 2011, Irish brothers Patrick and John Collison founded Stripe Inc. They began developing software that allowed websites and applications to connect instantly with credit cards and banking systems for payment processing. This idea was initially deemed "crazy" and impossible by many. However, Stripe successfully tested its beta version in less than two months. The company's product shook the startup world in Silicon Valley at the time, becoming the backbone solution for payment operations for numerous companies like Lyft, Facebook, DoorDash... From a derided idea, the Collison brothers are now the youngest self-made billionaires in the world.
4. Being the best in the company
No matter how talented and hardworking billionaires are, they cannot build a business empire alone. One of the secrets to their success is finding capable partners and employees who help turn their goals into reality. Before becoming the head of the e-commerce giant Alibaba, Jack Ma was an English teacher. Teaching taught Ma one thing he has never forgotten: a teacher always wants their students to succeed more than they did. For Alibaba's chairman, hiring employees is similar. Ma says, "When hiring, I always want to hire people smarter than me." He also advises colleagues: "During the hiring process, if you meet someone you think could be your boss in the next five years, hire them immediately."
If I had known these 4 things at 20, I would be much richer: Self-made millionaire reveals the secrets of success
Before turning 30, Grant Cardone made it onto the millionaire list. He is an international sales expert, sales trainer, motivational speaker, and author of several best-selling books according to the New York Times. He shares: "I built a multi-million dollar business and am the CEO of seven private companies. But there is always room for improvement - even at 61. To do that, it is important to acknowledge past failures and learn from them." Looking back at his 20s, millionaire Grant Cardone believes there were too many things he did not understand, leading to a significant waste of money. With the little he earned, he squandered it on useless things that brought him no benefit.
Here are the top 4 things Grant Cardone regrets spending his time and money on. If he had known these things earlier, the millionaire believes he would have become rich much sooner and faster. If he could turn back time, Grant Cardone would tell his younger self: "Don't think that graduating from college means your education stops." After graduating from high school, he was obsessed with many wrong temptations. He spent a fortune on alcohol, drugs, and even developed addiction issues. "I should have spent that money on things that could help me develop new skills, accumulate knowledge, and create strong connections," Grant Cardone shares. In the real world, a high school diploma is almost worthless, and a college degree won't get you far if you don't have the right skills to keep up with the market. Investing in yourself is the fastest way to increase your value and enhance your earning potential. "I didn't realize any of this at 20. By 25, I had to spend my last $3,000 on a sales training program and how to close deals. Honestly, that was a super profitable investment and became the strongest foundation for my success today," the self-made millionaire said. Entrepreneur Kevin O'Leary once said that spending a short time traveling is a bad idea. Grant Cardone also agrees with this view, stating that he wasted too much time early in his business career, almost derailing himself just because of travel. A significant amount of money was spent on plane tickets, hotels, food, and entertainment... Many Millennials today find themselves in a similar position. They want to travel without a work purpose. They believe that downtime will help them find "something" missing in their careers.
When you don't know what to do, many people choose to pause their lives, pack their bags, and enjoy the fun. This is really easy and tempting. Grant Cardone says: "I'm not saying you should never take a vacation. But I can travel the world on my private jet today because I decided to work hard yesterday. All travel plans can wait, but comfort will be the enemy of wealth. Don't let an $800 ticket to Europe slow down your path to financial freedom." When you're young, it's easy to be lazy and not feel guilty about it. While we all say that "Waking up early doesn't guarantee success," it's not a coincidence that most successful people wake up early. "One of my biggest regrets is not making the most of every day," Grant Cardone said. He used to feel easily satisfied when he should have been setting goals and finding ways to achieve them. If he had realized his full potential at 20, the millionaire believes he would have reached his first million much earlier.
He stated: "Sometimes you have to start with a lower salary. But being content and having no motivation to advance will stifle our potential for success. I once worked at McDonald's and earned only $7 an hour. For me, it was just a way to make money. But for the guy working next to me, it was a way to learn how to do business and one day open 100 brands. Therefore, I wasted a lot of time. My colleague did not." Grant Cardone advises that we should regularly ask ourselves: How can I earn more money? Should I ask for a raise, switch to a new job with a higher salary, or look for a side job? Never think that working 8 hours a day in the office is enough.
Leaving the CEO position at M-TP Entertainment to start a business, Châu Lê evaluates: "Out of 100 people in the arts, about 10-15 become millionaires"
What is the biggest achievement you have made during that time?
Once, I accidentally met the accountant I worked with in the elevator. She said that Châu was the fastest-promoted person in the company. About every 9 months, I was promoted, from assistant to manager of a small theater, then to manager of a larger theater, then to managing multiple theaters, and even the southern region. Eventually, I helped manage the entire Megastar system, just under the foreign operations director. Additionally, I spent a lot of time sharing work experiences with young people while working together. Thanks to applying the knowledge I shared, many young people who started as students working part-time became managers of entire theater chains. Even now, when I meet them again, they still remember and talk about those beautiful memories. I am very happy to hear those things.
How long did it take you to decide to leave that CEO position?
I took 6 months to consider leaving. Looking back, this was indeed the right decision. Previously, I joked that the company was like a primary school student, and I was the homeroom teacher. A homeroom teacher can only follow for a few years, not all 12 years of schooling. Therefore, I wanted to stop so that the next people would have the opportunity to try. Before agreeing to become CEO at M-TP Entertainment, I had shared with Tùng several times about leaving in the future when necessary. I personally hate boredom and am easily attracted to new and groundbreaking things. In 2021, the company began to adjust its strategy. Feeling that the new path did not suit my strengths, I proactively suggested leaving, both to accumulate more experience for myself and to give opportunities to those who are better.