Step 3 | Work 80 to 100 Hours A week | How To Become A Billionaire From Scratch

You will fail and this is a fact. You are too early in your journey, you don’t have enough knowledge, you don’t have enough skills, you don’t understand the markets or the consumers well enough and you don’t yet have people to guide you or save you.

The only way to become a billionaire, especially when you’re starting from scratch, is to absorb as much information as possible and transform it into actionable wisdom! Do not be afraid to fail and do not give up if things don’t go your way.

Learn, adapt, overcome!
Every time you’re faced with a challenge, the market is testing your ability to perform. Failure is not the goal, but it’s part of the journey! We told you we were going to keep it honest. You simply can’t do both.

Building a solid business will require you to put it way above everything else. It will take so much energy, so much drive that there simply isn’t room for anything else. Just like a rocket, you’ll have to burn most of your fuel trying to escape the gravitational pool. It will keep you fed and warm, but it doesn’t bring that lifestyle you’re looking for. The time you put in over that goes to your success.

Relationships, family and sometimes even health will suffer in the process and there’s still a massive chance that you’re not going to make it. This is why most people never do. They’re not willing to pay this high of a price and it’s understandable. You can still be like everyone else and be happy. It’s your call to make.

In the first 10 years, you learned a bunch, you studied success in many forms, you understand how the market is changing.
Inevitably you’ve identified businesses that are within your reach and took that idea to the market.

Initially, you put a lot of work in yourself, then you started bringing people in. Money starts flowing in and you can start making moves.
You test different strategies, different products. Some work, some don’t. You learn from them. The years go by like a roller-coaster!

Every successful entrepreneur knows this feeling all too well! Yet you push through and half a decade later, you’re doing ok.
The temptation to spoil yourself is stronger and stronger than ever, but remain disciplined.

You reinvest almost everything into the business and it continues to grow. You have a good understanding of how big this can get and what needs to be done in order to get you there.

You have successfully matured yourself as a business person! On the road to success, you’ve met several people who share the same drive or the same motivations as you. They’re doing their own things but you share a sense of brotherhood because everyone goes through more or less the same struggles. These are the only people who to some degree understand you and they become your network. Some of them will become future business partners, others will be your mentors and some will open doors you’ve never seen before. The power of this network is massive.

They will help you navigate life, they have contacts of their own, they’ve done mistakes of their own and the same as you, they're more than open to share with the group. You might have heard the term MASTERMIND before.

It’s when smart minds come together and help each other creatively solve problems… only that in business, the payoff is more monetary. The network you build around you will determine how quickly you move through wealth levels.

You started with almost nothing and you’ve put years, sweat and tears into the business that’s now quite valuable. It’s time to let it go. It is incredibly rare for people to achieve billionaire status from their first few businesses, even in the technology space.

In order to tackle big issues, you need money and you need people to trust you enough to give you that money! Selling your first business is like building a past performance portfolio. It shows people that you can take an idea and execute it flawlessly until completion.

If you did everything right, a 7 figure payout should be within reach. If previously geography played a decisive role in your success, as of 2020 you can no longer use that as an excuse.
A laptop and an internet connection is the minimum barrier of entry in this race and considering you’re consuming this piece of content right now,

you’re way past it. Here’s the deal! A million dollars is no longer a lot of money! It’s just a mental milestone you need to pass in order to move into real money territory. You have to enter this stage as quickly as it is legally possible. Only at this point, you can finally start your race to 1 billion.

As you move into this new level of business you’ll discover things are quite different. The stakes are higher and now you’re competing with the big boys. They have all the money in the world, they have the infrastructure and you’re just a cockroach who’s trying to take some of their breadcrumbs.

Because you have your network, you have your track record, you now have access to other people’s money. You can’t challenge them head-on, because they can bury you. You can’t do it cheaper and you don’t have access to the same resources as they do.

Your best bet is to leverage your creativity and the latest technology available. Statistically speaking, big business isn’t as agile and quick to adopt new tech, this is your window of opportunity. Plus they’re stuck in an old way of doing things because it worked for them for so long.

Quick reminder: Airbnb wasn’t invented by Hilton or Mariott.
Solve a problem but in a new more efficient way leveraging modern-day tech.

There’s a video called 15 problems to solve if you want to be a billionaire on our channel which you can check out by clicking in the top right corner. The moment you prove that your solution works, the race begins. It’s a race, between and how much the market you can acquire before big business catches up.

This is why Elon is so aggressive with his electric cars, Volkswagen and Ford are breathing down his neck, so he needs to secure his position as a big player before they retrofit their production line.

This first mover advantage applies to every industry and it’s usually driven by social and technological change. The model is simple: Prove the solution works, expand in new geography and use the money to come up with new solutions. This is usually where businesses raise a second round of investment at a massive valuation that allows them to really have an impact.

Based on the goals of the founder we’re faced with the following choice: The big boys are interested in what you’ve built so they’re offering you buy you out. This is where Facebook pays $1 billion for Instagram or $19 billion for WhatsApp.

Again, this applies to every other industry as well. The moment you start making waves they start doing the math. It's your choice if you want to sell or if you plan on beating them at the business game. But know that they will come after you with everything they got.

Look at Snapchat turning down $3 billion from Facebook, because they wanted to BE the next Facebook. If you go with the second route, execution is your only option. Yahoo had the option to buy Google 2 times but failed to do so. First time for $1 million in ‘98 and the second time for $3 billion in ‘02. Because of their ability to execute, Google is now worth almost $1 Trillion.

So how do you become a monopoly in your niche? that’s why every mammoth out there is on a shopping spree right now, from big tech companies to fashion retailers, everybody is buying.

To your second option this is done either through economies of scale, where they can’t compete in pricing meaning you simply can’t produce the same good cheaper than I can - or through technological innovation.

If you’re the iPhone to their Blackberry or if you remove their competitive advantage - the same way Facebook’s insta-stories did with Snapchat. In order to build a multi-billion dollar business, your product or service will need to impact a lot of people. That’s just the facts.

The top 5 industries with the most billionaires are as follows:
Basically, these are the industries that create everything you touch, use or wear. They shape reality. They build your cities, they finance the companies building cities, creating your clothes, the items you use and the digital services required to live a normal life.

5 billion people have a mobile phone. They all paid for their devices. They all use them to access the internet. At the end of the day making a billion dollars is a rather simple math problem.

How can you extract $1 from a billion people?Or you can take $100 from 10 Million people? Or $10,000 from only 100,000 people. See where we’re going with this? As the general population gets richer, you will see prices steadily go up. The best indicators are the costs of homes and smartphones.

Staying relevant in a big boys game is incredibly difficult because there’s always a new innovative company coming for what you have while you’re busy holding your own versus your direct competitors. The only way to keep yourself ahead of everyone else is to innovate.

You’ve heard the term before but what does it really mean?
You can innovate in many ways. Take a concept that works in another industry and adapt it to your own. Innovate in design, in experience or come up with something the world didn’t know it needed.

A company is only as good as the people who push it forward and you need all the help you can get! Remember the billion-dollar math we did earlier? Here’s a super valuable piece of advice: If you’re going to work anyway, why wouldn’t you go after the big piles of money.

A great example of everything we mentioned today is a company by the name of UI-Path. They’re building the AI bots that are doing repetitive tasks for companies.

Take a moment to think about it. How many accountants are there in the world? What is their economic value? How much are companies paying the entire accounting machine, from clerks, to invoice management, to data entry and so on... Solve this problem once and then you take it to every big player who needs your solution.