Be real about the facts
Know your facts and pay attention to them! “A fatal mistake that some people make is either to ignore data or actually deny what the facts are presenting,” says entrepreneur Jeff Bussnang. “You should always strive to be very data-driven and know the truth. Now, you may still decide to do something with a low-probability outcome because the risks are low and the end result is so incredibly nirvana-like. But at least do the math and think it through before you leap into that situation.” On a smaller scale that also applies to your bank accounts and credit cards: Always make sure you know how much you have and how much you are in debt.
Be okay with failure
Spanx founder Sara Blakely has said that embracing failure and remaining confident is what helped her become the youngest self-made female billionaire in America. “What you don’t know can become your greatest asset if you’ll let it and if you have the confidence to say, ‘I’m going to do it anyway even though I haven’t been taught or somebody hasn’t shown me the way,’” she said.
This is the one question you need to ask yourself every day, according to a billionaire.
When you’re young, optimise for learning – not earning
Think long-term! “In your 20s, optimise for learning, not earning,” says author and entrepreneur Tim Ferris. “Work directly under or with master dealmakers, and acquire skills. This is particularly true for negotiating and hard skills like coding. It often comes down to prioritising skill acquisition over immediate post graduate earning. McKinsey or Goldman can be seductive, but it’s easy to get trapped in a 20-plus-year path of paying for a bloated lifestyle that is always a bit more expensive than the year before. Serfs can become self-made kings, but consultants tend to remain consultants. The only true job security is a superior skill set.”
