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December 30, 2014

Billionaire Principles

1 min read

Topic: Insurance Agency Management Insurance Agency Growth Strategies Grow an Agency

I’m not likely to make it to billionaire status though one can always hope.  How about you?

You neither, huh?  Well, even if the odds are against us it would be useful to know how billionaires look at things wouldn’t it?  Perhaps some billionaire principles will help you grow your agency to millionaire status!  Here are six common billionaire principles I’ve picked up from fellow Strategic Coach student and X Prize founder Peter Diamandis:

  1. Thinking at Scale.  Passion and purpose are critically important and also to do things substantially better than what came before. Don’t do things just for the money.  Find out what you are passionate about and do that.  Think of ways to scale your business.
  2. Increase the number of failures and be willing to be misunderstood.  Are you running enough experiments?  Set standards and metrics to measure them and kill failures quickly.
  3. Be customer centric in your thinking. Ask “what does the customer want?” and then do that relentlessly.
  4. Mitigate risk. Richard Branson says “protect the downside”.
  5. Think long term. Are you interested in quick results or long term prosperity?  This will greatly influence what you do today.
  6. Billionaires are tremendously optimistic! They believe in abundance and that there is tremendous wealth to be created in the world.  By extension wealth is not a zero sum game.

If you think about these six things you will recognize something.  They aren’t common.  They do represent common sense but they are uncommon thoughts and disciplines!  You will recognize something else – they aren’t difficult, esoteric or require money to implement.  They simply are a different way of thinking about the world.

In future posts I will explore how I think some of these ways of thinking can impact a small and growing agency.