H. L. Hunt's Advice

What does it take to become a billionaire?

1. You must know what you really want.


2. You must know what you are willing to sacrifice to get it. And be willing to do what it takes to accomplish it.


3. You must write it down.

Haroldson Lafayette Hunt, Jr. was an American oil tycoon.

Photo from Bush Library.

How to be a Billionaire

Martin Fridson is not a billionaire himself. But his book of the same title synthesizes "proven strategies from the titans of wealth."

The basic formula is summed up in three words: aspiration, inspiration, and perspiration.

Wait. Isn't that easy?

Yes. However, with thousands of people with the same energy, you'll have to overcome them by doing much more. And so by studying H. L. Hunt, John Kluge, Ross Perot, Sam Walton, John D. Rockefeller Sr., Bill Gates, Wayne Huizenga, J. Paul Getty, Lawrence Tisch, Warren Buffet, Kirk Kerkorian, Carl Icahn, Phil Anschutz, and Richard Branson, he came out with the following fundamental strategies:

1. Take Monumental Risks
2. Do Business in a New Way
3. Dominate Your Market
4. Consolidate an Industry
5. Buy Low
6. Thrive on Deals
7. Outmanage the Competition
8. Invest in Political Influence
9. Resist the Unions

Key principles shared by the self-made billionaires include:

• Pursue the Money in Ideas
• Rules Are Breakable
• Copying Pays Better Than Innovating
• Keep on Growing
• Hold on to Your Equity
• Hard Work Is Essential
• Use Financial Leverage
• Keep the Back Door Open
• Make Mistakes, Then Learn from Them
• Frugality Pays
• Enjoy the Pursuit
• Develop a Thick Skin
  

Should you decide to become a billionaire, the right time for you to start, as stressed from the book, is, you guessed it -- now. If you're starting from zero though, and since your main capital at the moment is time, it would be best to study the people named above in Wikipedia. And look for startup tags in Digg, reddit, and delicious. Now.

Good luck! Go and conquer!

Martha Stewart's Rules

From her book The Martha Rules

1. Build your business success around something that you love -- something that is inherently and endlessly interesting to you.
2. Focus your attention and creativity on basic things, things that people need and want. Then look for ways to enlarge, improve, and enhance your big idea.
3. Create a business plan that allows you to stay true to your big idea but helps you focus on the details. Then remain flexible enough to zoom in or out on the vital aspects of your enterprise as your business grows.
4. By sharing your knowledge about your product or service with your customers, you create a deep connection that will help you learn how best to build and manage your business.
5. Use smart, cost-effective promotional techniques that will arrest the eye, tug at the heart, and convey what is unique and special about your business or service.
6. Quality should be placed at the top of your list of priorities, and it should remain there. Quality is something you should strive for in every decision, every day.
7. Seek out and hire employees who are brimming with talent, energy, integrity, optimism, and generosity. Search for advisors and partners who complement your skills and understand your ideals.
8. When faced with a business challenge, evaluate or assess the situation, gather the good things in sight, abandon the bad, clear your mind, and move on. Focus on the positive. Stay in control, and never panic.
9. In business, there's a difference between a risk and a chance. A well-calculated risk may very well end up as an investment in your business. A careless chance can cause it to crumble. And when an opportunity presents itself, never assume it will be your last.
10. Listen intently, learn new things every day, be willing to innovate, and become an authority your customers will trust. As an entrepreneur, you will find great joy and satisfaction in making your customers' lives easier, more meaningful, and more beautiful.

Martha Stewart is the founder and president of Martha Stewart Living Omnimedia. In this link, Charlie Rose interviews her at different stages in her rising business empire.

Warren Buffet's Rules here. Enjoy.

Warren Buffet's Rules

1. Never lose money
2. Never forget rule number 1
3. You should invest like a catholic marries -- for life
4. I don't try to jump over 7 foot bars; I look around for 1 foot bar that I can step over
5. My idea of a group decision is to look in the mirror
6. Invest in a business that even a fool can run
7. The most important thing to do if you find yourself in a hole is to stop digging
8. If at first you do succeed, quit trying
9. I want to be able to explain my mistakes. This means I do only the things I completely understand
10. If they need my help to manage the enterprise, we are probably both in trouble
11. If we can’t find things within our circle of competence, we don’t expand the circle. We wait.

I have created a playlist on his talk with MBA students.

Warren Buffet is the CEO of Berkshire Hathaway.

[Update: Here's another video just in case; from Google Video]