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Billionaires have quick reaction times to both opportunity and crisis.
Here's a great story from Martin Fridson about the importance of quick reaction time to crisis. Future billionaire Phillip Anschutz was contract drilling for Chevron in 1968, when a spark from a truck set his entire field ablaze.
Anschutz found himself facing ruin as he had borrowed heavily to secure the lease. The average person watching his capital go up in smoke would have been forgiven for curling up into a ball on the floor and going catatonic. Not Anschutz. What he did was quickly buy the lease of his panicked neighbor by assuming his liabilities and then raising $100,000 by selling Universal Studios the rights to film his burning oil rigs for their film Hellfighters, which had John Wayne playing the famous oil field fire-fighter Red Adair. The money allowed him to then hire the real Adair to put out the fire. In the end, Anschutz realized a "healthy profit."
How would you have reacted if that had been your oil field?
"Living well is the best revenge." – Oscar Wilde
"When I die, I want to come back as myself." – Mark Cuban
Second chances are rare man, you should learn to take better advantage of em’. – anon
If you're a serious business person and not just a Lookie-Lou, check out this free mini-course.
How Did Billionaire Carlos Slim Become the Richest Man in the World?
The answer is that Carlos Slim did it the tried and true old-school way: deal-making. Deal-making is defined as the acquisition of many assets over a prolonged period of time. The intention is to increase the value of the assets so that they can at some point be sold off at a profit. Some are kept long-term because they are "cash cows," to reference the famous Boston Consulting Group portfolio matrix.
Rather than relying on any single idea to make them wealthy, most self-made billionaires develop cookie-cutter systems for doing lots of deals. The great news is that any business person can learn from them and develop their own system for accelerated growth.
It just requires the guts to take the first step. Surprisingly, most people don't even have enough to do that.
Most of us will never be billionaires but we can benefit by learning and applying some of the lessons they have to offer us. This is a course on the most popular strategy used by billionaires to become billionaires. It's about focusing on accumulating capital gains by buying assets, increasing their value, and at some point selling them off. The assets are typically businesses.
This is not a get-rich-quick scheme. Nor does it promise to make anyone a billionaire. Rather it's about learning more advanced strategies that anyone can apply to their own business. If you can't understand the difference, you are probably not smart enough to benefit from the course.
What the course is about is learning how create systems to buy, fix up, and sell assets from the masters and then seeing how far you can get. Becoming a billionaire requires three things: an understanding of the strategy this 700 page course teaches you, plus a super-human drive, and a bit of luck.
However, with just the course and some slightly above average drive you will most likely do far better than you would have otherwise.
Life is a series of problem-solving opportunities. The problems you face will either defeat you or develop you depending on how you respond to them. - anon
Anyone who has built a company from the ground up understands that the initial high growth rate levels off quickly. At that point the entrepreneur has a choice between:
1) fighting the Law of Diminishing Returns to extract every last inch of growth from the existing company, or
2) adding growth through acquisitions of competitors and related companies to his strategy.
In the vast majority of cases, the first route provides far slower growth than the second. Moreover, most people go with the former simply because they don't have the skill set and confidence to employ an acquisitions strategy.
A study of how billionaires become billionaires shows that they most often employ the second route because it offers the possibility of 50% per annum growth rates, or better, over a prolonged period of time. The Microsofts, Amazons, eBays, Googles, and Facebooks are extremely rare events.
By the way, this is also by far the most fun way to make money because you never get bored. There's always a new deal to work on. The people who can grow just one business for ten years without burning out are rare. Meanwhile, billionaires frequently work well into their eighties and nineties because what they do is actually fun.
In fact, it's so much fun that the people who start off by employing this strategy as a sideline frequently adopt it as their main growth strategy once they have a deal or two under their belts.
Here's one more reason why you should seriously consider learning how to grow your business this way: less competition. While the masses today are focused on building the 3,876th "social networking" site, you will be operating in a rarefied atmosphere with a much smaller number of competitors.
So what is this course about?
This is a course for both deal-makers and aspiring deal-makers. More specifically, it's for entrepreneurs interested in growing through acquisitions of competitors, suppliers, customers, and in some cases, totally unrelated businesses. The goal is to show them the best practices of self-made billionaires who acquired dozens, if not hundreds, of companies. Let's be clear about one important point: this is not about making you a billionaire. It's about learning from them and then applying the lessons to your business. If you're looking for something that guarantees to make you a billionaire, you are in the wrong place. You have failed to appreciate the determination, will-power, self-discipline, and luck that it takes to attain that level of success.
However, it can be said that the most sure-fire way to go after billionaire status is through a combination of multiple-company building and mergers & acquisitions activity over an extended period of time, usually covering a decade or more. Billionaires do not rely on one company to make them billionaires. (In most cases, that's as realistic as pinning one's retirement plans on winning the Powerball Lottery.) Instead they understand that the road to wealth consists of a long series of deals involving the purchase, improvement, and sale of assets.
Unfortunately, it’s a seemingly tough line of work to step into. Why? Well first of all, deal-making is normally a game for established players. By “established” I mean that they have achieved the critical mass in both financial strength and reputation necessary to be taken seriously by the other players in the field. Second, most people are terrified of even taking the first step into this lucrative field because they don't understand that there's a proven winning formula they can employ successfully. This course is designed to teach you the proven strategies of people who have been successful at it and how to start using them today--that is if you have the courage.
The program will accomplish this by:
1) teaching you advanced entrepreneurial and intermediate-level mergers & acquisitions (i.e., "M&A") strategies for use in buying up small businesses, and
2) helping you to create workarounds for any obstacles (e.g., lack of capital, experience, and reputation) you may face in entering this field. As the old saying goes, where there’s a will, there’s a way.However, if you're held back by wimpiness or laziness, I can't help you. No one can.
Anything's possible if you've got enough nerve. - J. K. Rowling
Please note:The course requires that you have basic entrepreneurial skills as well as the business acumen to recognize opportunities in your industry. It also requires that you have the patience and self-discipline to study, learn, and practice the strategies and tactics the course will teach you. If you lack any of the above qualities, this course is most definitely not for you. This is not for the meek or those seeking get-rich-quick schemes.
The critical ingredient is getting off your butt and doing something. It's as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer. - Nolan Bushnell, founder of Atari and Chuck E. Cheese