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(Slideshow) Best Advice From Self-Made Millionaires

Top tips from the men and women who got it right.

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oprah winfrey

 

Richard Branson

richard-branson

Richard Branson

“To create a business you have to initially work day and night, weekends, it’s really hard work.” – Richard Branson

Sir Richard Branson is a British business magnate, best known as the founder and chairman of Virgin Group of more than 400 companies. Branson is the 4th richest citizen of the United Kingdom, according to the Forbes 2012 list of billionaires, with an estimated net worth of US$4.2 billion.

 

Michael Bloomberg

Michael Bloomberg

PC: huffpost.com

“In the end, luck plays a very important part in how successful you are, but the longer you work and the harder you work, the luckier you’re going to be.” – Michael Bloomberg

Michael Bloomberg is an American business magnate, politician and philanthropist. He is the 108th and current Mayor of New York City, having served three consecutive terms since his first election in 2002.

Related: 15 Wise Money Quotes From Millionaires And Billionaires

 

Mark Zuckerberg

Mark Zuckerberg

Mark Zuckerberg

“You’re going to make a ton of mistakes. It doesn’t matter, you don’t get judged by the mistakes, people don’t remember those years from now, they remember the things that you did that were good.” – Mark Zuckerberg

Mark Zuckerberg is an American computer programmer and Internet entrepreneur. He is best known as one of five co-founders of the social networking website Facebook. In 2013 his personal wealth was estimated to be US$13.3 billion.

 

Steve Jobs

Steven Jobs

Steven Jobs

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” ­ – Steve Jobs

Steven Jobs was an American entrepreneur and inventor, best known as the co-founder, chairman, and CEO of Apple Inc. This charismatic pioneer of the personal computer revolution passed away on 5 October 2011.

Related: Inspiration From 7 Legendary Business Titans

 

Oprah Winfrey

Oprah Winfrey

Oprah Winfrey

“What fear is stopping you in your tracks and burning the soles of your feet? What if conquering that fear, whatever it is, from keeps you from being what the Creator intended for you, what if you could unleash everything great in your life, would you do it? Would you say yes to that?” – Oprah Winfrey

Oprah Winfrey is an American media proprietor, talk show host, actress, producer, and philanthropist. Winfrey is best known for her self-titled, multi-award-winning talk show ‘The Oprah Winfrey Show’. She has been ranked the richest African-American of the 20th century.

 

Larry Ellison

Larry Ellison

PC: Huffpost.com

“To model yourself after Steve Jobs is like, ‘I’d like to paint like Picasso, what should I do? Should I use more red?’” – Larry Ellison

Larry Ellison, is one of the most outspoken personalities in the tech industry.He’s held the CEO role at Oracle since 1977. That makes him the longest-running tech CEO in Silicon Valley history.

Related: 15 Ways Millionaires Manage Their Money That Make Them Richer

 

Sheldon Adelson

Sheldon Adelson

Sheldon Adelson

For me, businesses are like buses. You stand on a corner and you don’t like where the first bus is going? Wait ten minutes and take another. Don’t like that one? They’ll just keep coming. There’s no end to buses or businesses. – Sheldon Adelson

Sheldon Adelson is an American business magnate. He is the chairman and chief executive officer of the Las Vegas Sands Corporation, the parent company of Venetian Macao Limited which operates The Venetian Resort Hotel Casino and the Sands Expo and Convention Center. He also owns the Israeli daily newspaper Israel HaYom. As of October 2012, Adelson is listed as the 24th richest person in the world with an estimated net worth of 21.8 billion. Previously, he was listed in the Forbes 400 as the 12th wealthiest American.

 

Warren Buffett

Warren Buffett

Warren Buffett

Price is what you pay, value is what you get. – Warren Buffet

Warren Buffett is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. Buffett is consistently ranked among the world’s wealthiest people. In 2012, American magazine Time named Buffett one of the most influential people in the world.

Buffett is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. He is also a notable philanthropist, having pledged to give away 99% of his fortune to philanthropic causes, primarily via the Gates Foundation.

Related: 6 Skills Of Self-Made Millionaires That You Should Be Using, Too

 

Robert Kiyosaki

Robert Kiyosaki

Robert Kiyosaki

If you are afraid of making mistakes, you will not want to do anything. – Robert Kiyosaki

Robert Kiyosaki is an American investor, businessman, self-help author, motivational speaker, financial literacy activist, and financial commentator. Kiyosaki is well known for his Rich Dad Poor Dad series of motivational books and other material published under the Rich Dad brand. He has written over 15 books which have combined sales of over 26 million copies.

4 Hour Workweek-Timothy Ferriss-Business Books Slideshow

Next Slideshow: Top 10 Self-Help Books of All Time

10 ‘have-to-read’ books if you are looking to further yourself in both life and business. Click Here

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Lessons Learnt

#Wealthiest List: 8 Self-Made Millionaires On How They Built Their Wealth

These inspirational self-made millionaires built businesses with nothing less than hard work and sheer determination.

Catherine Bristow

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1. Nick D’Aloisio Wrote a Million Dollar App At Age 15

nick-daloisio

At the age of 15, Nick D’Aloisio wrote an app while sitting in his parent’s bedroom in the UK. At the age of 17, D’Aloisio sold his app Summly – a mobile news summarisation app to Yahoo for a staggering USD 30 million.

As one of the youngest millionaires, D’Aloisio is also the world’s youngest entrepreneur to be backed by venture capitalists – having secured seed funding from Sir Li Ka-Shing, Hong Kong’s billionaire, as well as raising USD 1.23 million from celebrity investors, including Yoko Ono and Ashton Kutcher.

“The number one thing I did that I think was wise was to get, through some of my advisers, was a Chairman; basically someone who was a very experienced business person, an industry veteran — Bart Swanson, who had been at Amazon and then Badoo. Then, myself and Bart really started finding people and growing the team.”

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7 Cannabis Industry Millionaires Making It Big In The Marijuana Business

These entrepreneurs have capitalised on a new market set to continue to grow rapidly as more countries legalise marijuana across the world.

Catherine Bristow

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1. Brendan Kennedy

brendan-kennedy

Brendan Kennedy worked on job sites as a carpenter to pay his way through university, with his eyes set firmly on becoming an architect, until the allure of Silicon Valley changed the course of his direction. While working at technology start-ups Kennedy began thinking about the possibilities that medical marijuana provided.

“I was really sceptical of medical cannabis,” he says. “It took a year of having conversations with patients and physicians and hearing the same story, repackaged but essentially the same, over and over and over again, where my scepticism eroded and I became a believer.”

In 2013, Kennedy and his partners applied for a licence from Health Canada and launched Lafitte Ventures, which was later renamed Tilray. Today, the company is a global leader in medical cannabis research, cultivation, processing and distribution.

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Scaleup Learnings From Our Top Clients – What The Most Successful Entrepreneurs Do Right

So, how do our successful clients move through these constraints to scaling up? We see four key drivers of success, and they are: people, strategy, flawless execution and finance.

Louw Barnardt

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You’re out of your start-up boots, staff is increasing, your client base is growing, revenue is up and you’ve proven your case to the market. Now it’s time to scale up. The challenges of this vital growth phase are different and it’s a time that demands different mindsets and different actions. In a world littered with small business failures, it helps to be well-prepared for scaling up using a proven methodology. At Outsourced CFO, we get an inside look at the success factors of our clients who are mastering the transition.

On the one hand, scaling up is a really exciting phase; this is what moves you into real job creation and making an impactful contribution to economic growth. On the other hand, it is really hard to scale up successfully. We see three major constraints that limit companies’ transition from start-up to scale-up:

Leadership

The business has to have the leadership that can take it to the next level. When you start scaling up, especially rapidly, the founders can no longer do everything themselves. The team must grow and include new leadership talent that can take charge and execute so that the founders are working on the business instead of in the business.

Infrastructure

The processes, procedures, networks, systems and workflows of the business all need to be scalable. This is imperative when it comes to your infrastructure for the financial management of your business. You’re only ready for growth when your infrastructure can seamlessly keep pace.

Market access

Scaling up demands more innovative marketing and storytelling so that you can more easily connect and engage with the new employees, clients, network partners, investors and mentors that need to come along with you on your scale-up journey.

Businesses that build a market conversation and a compelling brand narrative during their start-up phase are better positioned to have this kind of market access when they need to scale up.

People

It is critical to have the right people on your team. Our successful entrepreneurs have what it takes to attract, inspire and retain top talent. A strong team of smart, ambitious and purpose-driven people who love the company and want to see it succeed contribute greatly to a world class company culture. They are adept at communicating a compelling vision and establishing core values that people can take on. These entrepreneurs are tuned into the aspirations of their people and focus on developing leaders in their teams who can in turn develop more leaders.

Strategy

It is planning that ensures that the right things are happening at the right times. At successful scale-ups strategies and action plans are devised to ensure that the most important thing always remains the most important thing.

Strategy includes input from all team members and setting of good priorities for the short, medium and long term. Goals are clear and everyone always knows what they are working towards. The needle is continuously moved because 90-day action plans are implemented each quarter to achieve targets and goals that are over and above people doing their daily jobs.

Flawless execution

Top entrepreneurs are not just focused on what operations need to achieve, but how the business operates. They have the right procedures, processes and tools in place so that everyone can deliver along the line on the company’s brand promise. Frequent, quick successive meetings ensure the rapid flow of effective communication. Problems are solved without drama. There is no chaos in the office environment. Everyone is empowered to execute flawlessly to an array of consistently happy clients.

Finance

Everyone knows that growth burns cash. A rapidly scaling business faces the challenge of needing a scalable financial infrastructure to keep the company healthy. Our successful entrepreneurs pay close attention to finance as the heartbeat of the business, ensuring that everything else functions. They look at the tech they are using for financial management and for the ways that their financial systems can be automated so that they can be brought rapidly to scale. The capital to grow is another vital finance issue.

The best way to finance a business is through paying clients on the shortest possible cash flow cycle. However, when you are scaling up and making heavier investments in the resources you need for growth, it is likely that you will need a workable plan for raising capital. Our scale-up clients know the value of accessing innovative financial management that provides high level services to drive their business growth.

Navigating the scale-up journey of a growing private company is one of the hardest but most rewarding of careers to pursue. Having people in your corner who have been through this journey before helps take a lot of pain out of the process. No growth journey looks the same, but there are tried and tested methods that will – if applied diligently – lead to definite success. Happy scaling!

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