Bill Gates, or William Henry Gates III is the 4th richest man in the world, worth an incredible $124.1 Billion. He was the co- founder of the Microsoft Corporation alongside business partner Paul Allen, and has made massive successes of his enterprises. But how did he build up such a vast fortune? Lest know 10 Ways Bill Gates Built His Fortune.
He Nurtured His Early Passions, Kept Them Alive, And Made Then Useful
In the 7th grade Gates was introduced to computers at school and knew from the outset how fascinating he found them. His passion very soon became his focus and he was spending all the time he could learning to program computers, and even created a scheduling system for the school. He didn’t just play; he found a way to turn his passion into something useful.
He Knew The Value Of Strong Relationships With People
It was also in the 7th grade that Gates met his long-term business partner, Paul Allen. Gates and Allen shared the same passion and created programs together. Even from such a young age, Gates understood the value of having like minded people around him with a similar work ethic. Years later, when he started Microsoft, it was with Allen. If Gates hadn’t put effort into trusting and mutually beneficial relationships with the right people, he may not be where he is today.
He Was Always Reading And Obtaining Knowledge
Gates is a firm believer in learning. He was always reading, and carried the habit into his adult life. He made a point of staying current and diversifying his knowledge whenever he had the chance. This served him well in business, as he was always able to meet the needs of his customers.
He Was Confident, And Not Afraid To Put Himself Out There
Many of Gates’ most fruitful partnerships came about because he approached them. He didn’t wait, doubting himself, for someone else to realise his brilliance. He took it to them and offered it confidently. As early as his school years, he and Allen approached the Washington Traffic department with one of their programs; a traffic analysis system. They ended up selling this system. This pattern of confidently approaching others with realised and actionable ideas is repeated throughout his career.
He Always Delivered
Gates didn’t approach others with abstract ideas. He did all the work and made sure his products were functional before he took them to his future partner companies. In doing so, he created a reputation for himself of always delivering on his promises. In short, he did his homework, and over time he found people were always willing to listen.
He Created Strong Partnerships With Other Companies
Possibly one of gates’ biggest moves was to approach IBM to develop the software for their computers. IBM was a much larger company with significantly more access to funding and resources. Gates was aware that without a contract of this size, his own company would be limited so he cleverly used a larger business to get his products out to more people.
He Stayed Humble
No matter how successful he became, Gates always delegated work to people more proficient than himself. He was not so arrogant he wouldn’t consult experts in marketing, and even finance, to ensure he made the most of his own personal finances.
He Learned From His Mistakes
Instead of refusing to gain insight from his mistakes, Gates insists on learning from them. He has openly admitted that not launching a competitor for the Apple iPhone was a mistake, for example. Since then, he has made sure to stay on top of the market as far as his competitors are concerned.
He Gave Back
Over the years, Gates and his wife Melinda have given back to their communities and benefitted millions around the world with their charitable efforts. While this does not increase his wealth in any way, these actions have solidified his worldwide reputation and garnered trust in his business counterparts.
He Knew When To Quit And Diversify His Investments
Part of a journey is knowing when it has come to an end. Gates resigned from his position as the CEO of the Microsoft Corporation in 2000. His next step was to diversify his investments. As the old adage goes, to not put all his eggs in one basket. He has stock in a wide variety of companies and many assets to his name. If one collapses, it doesn’t mean financial ruin for Gates.
Confidence, passion, and an astute mind for business and relationships have been the cornerstones to Gates’ massive successes. None of these are difficult if you put your mind to them. The bottom line, believe in yourself and your passions, never make promises you can’t keep, and honour your relationships and you have all the foundations in place for great success.
