Yahoo Finance Self-Made Millionaires: Here’s What We’ve Learned Watching Elon Musk, Jeff Bezos and Other Billionaires
Being inspired by the rich is nothing new, but those who have accumulated significant wealth are often following the example of some of the richest on the planet: billionaires.
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GOBankingRates spoke with three self-made millionaires — Aleks Gollu, co-founder and CEO of 11Sight; Ben Klesinger, co-founder and CEO of Reliant Insurance Group; and David L. Blain, CFA, founder and CEO of BlueSky Wealth Advisors — to discuss the lessons they’ve learned from watching billionaires like Elon Musk and Jeff Bezos.
Read below for their insights.
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Focus On Solving Problems That Actually Matter to People
“As a self-made millionaire, I’ve learned a valuable lesson from watching billionaires like Elon Musk and Jeff Bezos: Focus on solving problems that actually matter to people at scale,” Gollu said.
He noted that building a business that can grow exponentially starts with identifying a need that affects a huge market.
“For Musk, it was sustainable transport and energy. For Bezos, it was simplifying how people shop. At my companies, we focused on solving supply chain inefficiencies and making customer engagement more efficient. If you build something that enough people really need, growth can be rapid,” he said.
Klesinger agreed. He’s carefully watched billionaires like Jeff Bezos and Elon Musk for years and learned a few key lessons that have helped him build wealth.
“First, solve a problem that matters to a huge number of people,” he said. “My companies focused on streamlining supply chain and customer engagement processes, which saved client resources and improved their bottom lines. Growth came fast because so many businesses needed solutions.”
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Solve Problems at Scale
Similarly, it’s important to not just solve problems but solve them at scale.
“I’ve studied how billionaires like Musk and Bezos shaped industries by solving problems at scale,” Blain said. “Musk tackled sustainable energy and transport, Bezos simplified shopping. At [my company], we identified how to minimize tax liability and maximize wealth through proactive planning.”
By solving a need affecting huge markets, the growth can be fast, Blain noted. “The key is building something truly meaningful that enough people really need,” he said.
Klesinger agreed, noting that Bezos and Musk also targeted enormous markets ripe for innovation.
“If you build something many truly need, scaling is easy,” he said.
Think Long Term
Another key lesson, according to Gollu, is to think long term.
“Billionaires shape industries over decades, not quarters. They invest in ambitious, risky ideas and have tremendous perseverance,” he said. “It took us over 10 years to become the leader in yard management software. Had we only thought short-term, we would have missed the opportunity. You have to be willing to lose money for years to ultimately win big.”
Similarly, Blain noted that as a self-made millionaire, he’s learned to focus on solving meaningful problems and to think long term.
“At BlueSky, we found success building wealth for clients by tackling complex financial and tax issues that negatively impacted them over decades, not quarters,” he said.
He explained that it took years of dedication to become a leader in holistic financial planning.
“Had we pursued short-term gains, we would have missed the opportunity to help clients achieve life-changing financial independence,” Blain said.
Surround Yourself With People Smarter Than You
All three self-made millionaires have learned one vital lesson from billionaires: Surround yourself with people smarter than you.
“Musk and Bezos built teams of brilliant engineers, scientists and operators. At my startups, I always looked for co-founders and hires who were far more talented than me in key areas like engineering, product design or sales,” Gollu said.
“With the right team, you can accomplish 10 times what you ever could alone. If you want to build something huge, find people who can help make the impossible possible,” he explained.
Klesinger shared this belief and learned to hire people far smarter in certain areas. “Musk and Bezos built all-star teams to accomplish the impossible. I always hired co-founders and executives more talented than me in key areas like engineering, design and sales,” he said.
Blain has done the same. “I’ve also learned to hire people far smarter than me,” he said. “My co-founders and team were brilliant in ways I wasn’t — as engineers, CPAs, attorneys. Together, we provided integrated solutions I never could have alone.
“With the right team, you can achieve exponentially more than you ever thought possible.”
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This article originally appeared on GOBankingRates.com: Self-Made Millionaires: Here’s What We’ve Learned Watching Elon Musk, Jeff Bezos and Other Billionaires
