the richest man in East Asian Li Ka-shing revealed his path to success when the America famous magazine Fortune interviewed him. He said being able to understand the current trends will enable you to make a huge profits and become the biggest winner of all time.
1. Practice thrift instead of waste
Lee had a tough life when he was still a child. Through his difficult life, he learned to be thrifty and he also developed a distinctive character that had a great influence in his success. His golden quote ‘Practice thrift instead of waste’ had a great influent to his sons.
2. Opportunities and reputation
Making money through opportunities and becoming successful through reputation. Reputation has always been the key to success. It is also Lee’s one of the most valuable assets. He always infuses his sons with the idea of being trustworthy so that they know the value of reputation is the main key to become a successful businessman.
3. Jump at the chance if they give up
Any kind of business has its ups and downs. Many entrepreneurs choose to give up a business that is at a low ebb for variety of reasons. Listen to your heart and analyse it carefully if this business has reached its dead end or does it still stand a chance? If you have made up your mind, act immediately and get as much profit as possible from what has been given up.
4. Learn to be independent
In Lee’s view, a not entirely sensible child should learn to live independently by himself. ‘ Although my sons are still young, but I want them to be enlightened earlier so that they know how difficult it was for me to start up my business. If they ease up on their early education and do something that is not conducive to their futures, then they will be even harder to rectify. I did this to make them more independent and so they will be able to manage their lives and face the society effortlessly.
5. Success requires patience
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Producing an excellent product necessitates patience and attention to small details. Only through that will you attain achievement and all the goals you anticipate. ‘ When producing a fine product, patience is the key ‘ is the slogan of Lee’s company. Most people might not know, the slogan is also one of the house rules in the Lee’s family.
6. Knowing when to cut your losses and do not have a strong affinity to one business.
Lee often tells his sons that there is no business that lasts forever regardless of how profitable it is. All lucrative businesses will come to an end. Do not set your sight on only one thing. Be receptive and discover more possibilities for yourself rather than just hold on to a business that is unproductive and will not general any results.
7. Be bold and resourceful
Learn to give up something for your goal in order to achieve success. When Lee encountered difficulties, he had to give up something to safeguard his business. Though it could be hard for him, but it was worthwhile when his company flourished. A successful businessman is the one with the combination of boldness and resourcefulness. He often admonishes his sons that being solely bold is not enough because it will not help to run a business well. Resourcefulness is much more important when it comes to keeping a business running smoothly and solving problems to safeguard a business. So, don’t ever trying to buy an iphone 6 with your BR1M.
8. Recognizing employees’ performance is a prerequisite for success.
The objective of an owner of a company is profitability. A successful company is mostly dependent on the employee’s performance. Patting on the backs of the employees or taking your hat off to your employees is not enough, they have to be recognized and elevated. There are 2 general issues in a company which are issues in management system and transactional issues. They are not equally the same. Transactional issues do not affect the overall situation in a company and are easy to be tackled. Whereas issues in management system will lead a company to a huge failure if the issues are not solved immediately. Lee has spent a lot of effort and time on carefully tackling these issues.
9. We should always consider the benefit of our partners.
Partnership is complementary relationship that exists bad on equal respects and benefits. In the process of engaging in a business activity, if we split our profit fifty-fifty, this business activity will be proceeded immediately. What if we are willing to offer 60% of the profit to our partners and we only take 40% of it? Thus, we should always consider the benefit of our partners.
10. Look to the future meticulously
The function of the human eyes is to discover and to observe matters and humanity in this world. Seeking your own knowledge and opportunity along with the precious experiences will gain yourself at a higher starting point and a more promising future.
There is an old saying, ‘ A grasp of mundane affairs is genuine knowledge, understanding of worldly wisdom is true learning.’ Those who want to do achieve something in life should always live by this old but gold saying, particularly businessmen.