11 Lessons We Learned From Warren Buffett, Jeff Bezos and Other Self-Made Billionaires (That You Can Use Too) In addition to their impressive wealth, self-made billionaires have unique skills and mindsets that have enabled them to succeed.
By John Rampton Edited by Mark Klekas
Key Takeaways
- You must embrace the "fail fast, fail forward" mentality to succeed
- How to advantage of gaps in the market, identify unmet needs and develop solutions
- "We don't have to be smarter than the rest. We have to be more disciplined than the rest."
Opinions expressed by BIZ Experiences contributors are their own.
What do Warren Buffett, Oprah Winfrey and Jeff Bezos have in common? In addition to their impressive wealth, these self-made billionaires possess unique skills and mindsets that have enabled them to achieve extraordinary success.
Here are 11 lessons learned from genuinely incredible industry titans, providing valuable insights for anyone striving for success.
1. Cultivate a growth mindset
In addition to dominating the court, Michael Jordan is now a $3.5 billion businessman. In 1993, though, he shocked the world by leaving the NBA for baseball. Rather than being motivated by ego, this was driven by a growth mindset. In high school, MJ was cut from the basketball team, and he developed a profound belief that weaknesses could be transformed into strengths.
Carol Dweck, a psychologist, describes this attitude as the hallmark of successful individuals. To improve, it embraces failure as a stepping stone. Jordan exemplified this philosophy despite mixed results in baseball. Even when faced with seemingly insurmountable challenges, success lies not only in winning but in continuous growth and self-improvement.
2. Have a vision — and never lose sight of it
Sam Walton, the man behind Walmart, didn't start with plans to build a global retail empire. It all began with one store in 1962. However, he had a clear vision: to revolutionize retail. As a result, he reinvented inventory systems, logistics, and the very concept of "one-stop shopping."
The takeaway? Decide what your long-term goals are. To determine this, you can ask questions like "What do you want to achieve?" or "What impact do you want to make?"
Ultimately, having a clear vision gives you direction and helps you deal with challenges along the way.
Related: 4 Culture-Building Lessons From Sam Walton's Legal Pad
3. Embrace calculated risk
Richard Branson, founder of the Virgin Group, is a shining example of calculated risk-taking. He is known for taking risks, embracing the unknown, and exploring new ventures. He is unafraid to step outside his comfort zone. As Branson says, "If you opt for a safe life, you will never know what it's like to win."
The lesson here is not to let failure paralyze you. Consider the risks and rewards, and be prepared to take calculated steps to achieve your goals. Remember, some of the greatest successes have come from seemingly audacious leaps of faith.
4. Focus on solving problems — and creating value
Billionaires don't just chase profits. By identifying problems and creating innovative solutions, they add value to the world. For example, Paul Allen and Bill Gates founded Microsoft to solve the problem of making computers more accessible.
Take advantage of gaps in the market, identify unmet needs and develop solutions that are genuinely beneficial to your customers.
5. Develop unwavering resilience
As the founder of Canva, Melanie Perkins faced countless obstacles. Even though she faced rejections, financial constraints, and self-doubt, she persevered. "There are constantly new challenging obstacles, and learning to love challenges — even those that seem insurmountable — is an important part of the journey," Perkins states.
You must embrace the "fail fast, fail forward" mentality to succeed. Also, analyze your mistakes, learn from them, and adapt your approach. Most importantly, resilience does not mean not failing but getting up and trying again, wiser and stronger.
6. Invest in success-driven relationships
Self-made billionaires understand the power of a network well. They surround themselves with motivated, positive individuals to inspire and challenge themselves. Many BIZ Experiencess prioritize strong connections with customers, partners, and industry influencers like Arianna Huffington, Oprah Winfrey and Gary Vaynerchuk.
Of course, you're likely not besties with Arianna, Oprah, or Gary — but surround yourself with a supportive network of advisors, mentors and peers. Connect with other professionals, attend industry events and join professional organizations.
7. Delegate and empower your team
Billionaires know that they can't do it all by themselves. By effectively delegating, they empower their teams to contribute their skills and expertise. Jessica Jackley, co-founder of Kiva and ProFounder, perfectly says, "As all BIZ Experiencess know, you live and die by your ability to prioritize. You must focus on the most important, mission-critical tasks each day and night and then share, delegate, delay or skip the rest."
Takeaway? Take time to identify your strengths and weaknesses. If your strengths aren't aligned with tasks, delegate them to someone who is. Give your team the authority to make decisions and trust them to do so.
8. Cultivate discipline and consistency
Warren Buffett, the legendary investor, demonstrates the power of patience and consistency. The key to his investing philosophy is long-term discipline and avoiding impulsive decisions.
In the words of the Oracle of Omaha, "We don't have to be smarter than the rest. We have to be more disciplined than the rest."
Develop healthy habits and routines to support your goals. Whether you prioritize exercise, set aside dedicated work time, or maintain a healthy diet, consistency is essential.
9. Innovate relentlessly
For a company to succeed in the long run, it must be able to innovate and adapt. For example, years ago, Jensen Huang, leader of Nvidia and its co-founder, saw the potential of AI. By investing in cutting-edge chip technology, he ignited the AI revolution that led to breakthroughs in fields such as self-driving cars and medical imaging. As Nvidia brings this technology to life across industries, Huang is positioned as a true pioneer in the digital age.
On your end, foster a culture of creativity within your business — and in your personal life. To do this, take advantage of new ideas, experiment, and don't be afraid to challenge the status quo.
10. Consider workarounds
A work-life balance is essential for Rocket Lab founder and CEO Peter Beck, even during times of high demand. As such, to spend quality time with his family, he uses "workarounds," such as having dinner together before returning to work late at night.
While work-life balance is vital, you must also be flexible when taking time for yourself. It's important to prioritize activities that bring you joy and fulfillment, whether relaxing and recharging, time spent with loved ones or hobbies, whenever possible.
When I finally put my workouts, family time, and hobbies on my calendar — the reality just happened with less effort.
11. Give back to society
Many of the world's most successful billionaires are dedicated philanthropists. As the founder of Duty-Free Shoppers, Chuck Feeney has pledged to donate his entire fortune to charity.
Nike founder Phil Knight and his wife Penny have made significant contributions. They pledged $400 million to support Black residents in Portland, Oregon, as part of their commitment to social justice and community development. This commitment continues their long history of philanthropy, particularly in the area of education.
These examples demonstrate that wealth can be a powerful force for good. By supporting the causes they believe in, these billionaires create a lasting positive impact on the world.
Related: 5 BIZ Experiencesial Reasons to Embrace Philanthropy
The bottom line
Despite their unique journeys, self-made billionaires share timeless principles, such as a growth mindset, resilience, innovation and continuous improvement. You can make a lasting impact if you embrace these lessons and develop the mindset and skills to succeed.
