Lesson 5: Lessons From Legendary Self-Made Billionaires



I recently wrote a book, 26 Lessons From Legendary Self-Made Billionaires. I’m sharing a few of the lessons here on my blog.

Lesson 5: Play the long game.

Long term thinking is another theme common among a lot of self-made billionaires. Jeff Bezos says Amazon is long-term oriented.

He asks everyone not to think in quarterly returns, or even in two to three-year time frames. Optimally, Jeff says to be successful you need to think in five to seven-year time frames.
He says thinking long term will fundamentally change how you spend your time, how you plan, and where you put your energy. Your ability to “look around corners” will get better and so many things improve across the board if you can harness the ability to take the long view.

However, Jeff notes it’s not natural for human beings to think long term. You should have discipline and build a kind of “get rich slowly scheme” in your mind. For him, his biggest worries as Amazon continues to grow, is they will lose their obsession on customers, somehow become short term oriented; and start to become overly cautious to the point of failure aversion they’re unable to invent and pioneer.

Application:

Most people strive to be an overnight success. Anything worthwhile takes a long time. Longer than you think. You’ve probably heard the phrase: “It takes 20 years to become an overnight success.” Realize it will take a few years to get where you want to go. Learn to start connecting the dots and position yourself for the long game.


You might also like my book, The Golden Age: 101 Thoughts on Business, Entrepreneurship, Investing & Technology