Who Wants to be a Billionaire? 20 Keys to Success from the Superrich
Oct. 27, 2011— -- Ever wonder what it feels like to live like the superrich? Decked-out megayachts, private jets and lavish jewels are all perks of being a billionaire. But behind the glitz and glamour is a road to success paved with hard work, determination and unyielding passion.
"20/20" stepped into the lives of four entrepreneurs who are redefining what it means to be successful and got a glimpse of what they are doing to give back. Zappos.com CEO Tony Hsieh; the owner of Patriarch Partners, Lynn Tilton; the creator of Cirque du Soleil, Guy LaLiberte; and Paul Mitchell founder John Paul DeJoria have offered up their keys to success, both in business and in life. Read on to find out how they made their billions.
1. Figure out what you're so passionate about that you'd be happy doing it for 10 years, even if you never made any money from it. That's what you should be doing.
2. Always be true to yourself.
3. Figure out what your values are and live by them, in business and in life.
4. Rather than focus on work-life separation, focus on work-life integration.
5. Don't network. Focus on building real relationships and friendships where the relationship itself is its own reward, instead of trying to get something out of the relationship to benefit your business or yourself.
6. Remember to maximize for happiness, not money or status.
7. Think about what your definition of success really is. Is it externally driven or internally driven?
8. Get ready for rejection.
9. Success unshared is failure. Give back -- share your wealth.
10. Successful people do all the things unsuccessful people don't want to do.
11. Values and ethics always come first.
12. Don't lie, cheat or steal for one penny or one dollar -- ever.
13. Business with bad people is always bad business.
14. You have to learn that you can walk away from someone that you care about for the greater good.
15. When my management teams come into the room, I hug them, I give them truth and "harsh speak" when they're in, and then I hug them on the way out.
16. The truth is cold and hard, but it's the first point on the path to hope and salvation.
17. Don't do what you do for the money. Whatever path you choose, do it because it makes your heart beat fast.
18. If you do good, good will come back to you.
19. You have to be fundamentally engaged and honest toward yourself.
20. Live your life full throttle. Take risks!
