Billionaires have established wealth and may at times oversimplify the steps it takes for small businesses to find success, but this invaluable advice from one of the world's top hedge fund founders can help personal and community entrepreneurial growth.
Ray Dalio, investor and co-chairman of investment management firm Bridgewater Associates, joined "Good Morning America" Wednesday to discuss microloans for small businesses and to offer his advice for entrepreneurs to get off the ground, grow and create success.
Dalio's top 3 tips for entrepreneurs
Be flexible and imaginative
"When you're in a business, it's not like going to a regular job in which you get a paycheck and do the same thing all the time," Dalio said. "You have to be flexible and imaginative."
Make your passion and your work the same thing
Find what you're really into in order to create a rewarding job for yourself.
Be practical and adaptable about money
"You can't forget about the money part," he advised. "Think about it, when COVID comes along and you have to really readapt, you do that. And that's what brings you success -- you gotta love the ride and be adaptable."
Dalio is also on the board of Grameen America, a nonprofit microfinance organization that has helped build a continually growing community of small investors who identify intelligent new entrepreneurs, approve smaller loans to new business owners and build even more opportunities.
"It's an average of a $4,500 loan that makes miracles happen," he said. Grameen America has "lent $2 billion on an average of about $4,700 [per recipient]," which he said "brings entrepreneurship and wonderful things to the community."
A microloan "pays back and it grows and [has a] 99% repayment rate. That's better than all the rich folks who are going to banks. They're not as reliable," Dalio said. "Think about this, for every dollar somebody donates to this, it lands -- it keeps going around and around and lends $12 over the next 10 years, and it keeps going. So it pays for it several."
"If you're interested in being one of these entrepreneurs with that little bit of help, go for it because it makes the world a better place," Dalio said. "It's more the American dream really."