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The good news is that it has never been easier and less expensive to become rich. All you have to focus on is serving more and more people. In Rockefeller’s day, it took him approximately 15 years to become a billionaire. For him to become a billionaire, he had to acquire many oil wells and create a network of gas stations and gasoline delivery systems. That took a lot of time and a lot of money. Today, it would take billions of dollars to build what Rockefeller built.
It took Bill Gates approximately ten years to become a billionaire. He had the foresight to use IBM network to grow rapidly. It took Michael Dell and Steve Case founder of AOL, less than five years to become billionaire. One entrepreneur used the growing demand for computers and the other used the explosive power of the Internet to tap into the power of an explosive network.
For each new generation of entrepreneur, it takes less time and less capital to become billionaires, due to the advent to new networks. You can too.
If you understand the power of networks and the importance of leverage ratios, you too can become exceptionally wealthy in a short period of time and at a fraction of the cost. If you have solid business fundamentals and experience, you can market to the world over the Internet. As the cost of doing business goes down, the power of the network goes up. One of the reason Steve Case and AOL could buy Time Warner and CNN was simply because AOL had a bigger network. The bigger the network, the more economic power.
It has never been easier to become rich beyond your wildest dreams for less effort and less startup capital. I know that many of the big flying dotcoms went broke as many of us thought they would. In my opinion, the dotcoms that went broke may have had the right context but they did not have the right content, but they did not have the right content. Many dotcoms had the right idea but too many lacked true business experience and business basics. Many were simply trying to get rich on a mania rather than to truly serve more people.
I recently know that a company paid its president a salary equivalent to over a billion dollars of investors’ money. The president then ran that company into the ground. Another dotcom company paid their employees a Christmas bonus equivalent to three months’ salary. That same company was bankrupt and out of business before Christmas of the next year. That is definitely a case where the mission of the company was to make entrepreneurs and employees rich rather than serve the customer first. The investors paid for the flaw in the company’s missing and purpose. They failed to follow rich prior list of who gets paid first and who gets paid last. These people, investors included, focused on being greedy rather than on the purpose of a business which is to be generous.
