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We all have heard one fact from every entrepreneur about the success that it doesn’t come up with reading articles in newspaper or websites. The process begins with the idea. Everyone’s definition is different about this very topic but it concludes with ‘paving your own path’. Some become millionaires while some with their hard work and knowledge are billionaires. So, what distinguish billionaires from millionaires?
To an average person, both millionaire and billionaire are people with money. They also sound similar and have access to more wealth than common people. They don’t have to worry about money much. In a layman language, entrepreneurship is considered a route of accumulating wealth. Both millionaire and billionaire have earned their money in almost the same way.
There are significant differences between the two and to begin with, the difference between million versus billion dollars is immense. What are the other important factors that distinguish billionaires from millionaires?
Ambition and Commitment: It is really important to understand billionaire’s objectives and commitments towards those goals. Billionaires relentlessly think of wealth and refuse every compromise. Let’s say an entrepreneur started an innovative tech company and ran it for a few years. He later gets an acquisition offer from a giant tech organization for a good fortune. A typical entrepreneur might cash out but a billionaire will set his or her goals and live on a commitment to the venture’s core idea and reject the offer in hopes of obtaining much better.
Scope and Scale: On what scale and scope billionaires operate their business? If profit is considered as an output of a venture’s efficiency and impact then opening branches at several locations will be rewarding. Running a chain of your business in one country might make you a millionaire but operating the same on an international level can make you a billionaire.
Don’t Stop the Process: One factor that distinguishes the both is ‘repetition’. Billionaires do not rely on one business. In some cases, they face a crushing failure and implement the lessons they learnt from the failure of future endeavours. In adverse situations, they sell their company for fortune, only to put those funds for better startup ideas. They keep repeating their entrepreneurial process over and over again to achieve what they have always thought.
Passion and Zeal: Billionaires just don’t sit after getting the job done. They constantly need to come up with new ideas, adapt them, refine when they are challenged and put forth their time in the entire process. Whereas millionaires are described as passionate but their level of passion fades in front of billionaires.
Budget and Patience: Poor financial habits and reckless decisions can end up bankrupting people. After reaching the status of a millionaire, billionaires avoid spending lavishly or wasting their hard-earned money. It helps them in growing their wealth and retains what they have acquired.
Last but not least, luck is also considered an important factor which is hard to measure. Anything happened virtually positive or negative in business development might be considered good or bad luck. Luck is definitely a factor but not the only factor or is significant.