New York – Want to become billionaire? Then taking risks and having more than one good idea are the keys.
This interesting concept comes in a new study.
U.K.’s Centre for Policy Studies revealed the secrets of 1,000 people who turned an idea into a fortune.
Study found that living in Hong Kong, higher education and working in a country where the lawyers speak English are very helpful things for becoming super rich.
The study looked at nearly 1,000 self-made men and women who, according to business magazine Forbes, have earned at least $1 billion.
According to the analysis, Britain produced one entrepreneur for every two million people. By contrast Hong Kong produced almost three entrepreneurs for every million, Israel 1.7 per million and the US 1.3 per million.
Researchers found personality is one of the most important attributes to becoming a successful Super Entrepreneur.
These include creativity, work ethic, ambition, optimism, self-confidence, leadership qualities, adaptiveness, drive to achieve, tolerance of ambiguity, resilience, tolerance of stress, decisiveness, ability to deal with failure, a high energy level and good social skills.
Here are six tips to making $1 billion.
1. Entrepreneurship is hard, risky and tough. There is a good chance that you will fail in your attempts to create the next Google
2. Entrepreneurship is often knowledge intensive. It is no coincidence that Larry Page and Sergey Brin, whose academic research explored the mathematical properties of the internet, were the ones that founded Google
3. Entrepreneurship is a numbers game. If you only start one company, and pursue a single business idea, you are much more likely to fail than your neighbor.
4. Entrepreneurship is increasingly specialized, and supported by an infrastructure. If you have a great idea, and can attract the aid of venture capital, you will be much more likely to succeed
5. Entrepreneurship is more common in certain industries than in others. You can potentially become a billionaire pursuing almost any business idea, but are much more likely to succeed if you do so in a rapidly growing (and novel) field – as biotechnology and IT have been during the past decades.
6. Entrepreneurship requires scaling up. Edison gained over 1,000 US patents not merely through his own work, but by creating the first industrial research laboratory