There are numerous posts about habits of billionaires. But I thought of making a research on the thought process & framework of thinking of billionaires. Essentially, framework then manifests into many decisions and the habits. So, I hope, readers would enjoy knowing the root of these habits. i.e Framework. Who knows, you become a billionaire one day.
- Regret Minimization framework from Jeff Bezos
Net Worth: 192B USD
World Rank: 1
Jeff Bezos says when he had to make a choice between well paying job vs starting a company which is known as Amazon today – He used “Regret Minimization framework”. He asked himself, what he would regret the most when he is old.
What he said: I went to my boss and told him, I’m going to go do this crazy thing — I’m going to start this company selling books online. He said, “let’s go on a walk.” So we went on a 2 hour walk in Central Park in New York City and the conclusion of that was, he said, “this actually sounds like a really good idea to me, but it sounds like it would be a better idea for somebody who didn’t already have a good job!”
He convinced me think to about it for 48 hours before making a final decision so I went away and was trying to find the right framework to make that kind of big decision.
So it was really a decision I had to make for myself. The framework I found which made the decision incredibly easy was what I called — only a nerd would call – a regret minimization framework.
I wanted to project myself forward to age 80 and say, I’m looking back on my life, I want to have minimized the number of regrets I have. I knew that when I was 80 I was not going to regret having tried this. I was not going to regret participating in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed I wouldn’t regret that. But I knew the one thing I might regret is not having ever tried. And I knew that would haunt me every day.
What it means: In simple words he means to follow his heart and not regret. So he made choices which seemed little less logical but still at heart he wanted to do it.
- 2. Framework of first principles of physics from Elon Musk
Net Worth: 92B USD
World Rank: 5
Elon suggested to use this framework for original thinking and not copying others while building something new.
What he said at Ted Talk: Well, I do think there’s a good framework for thinking. It’s Physics. You know, the sort of First Principles reasoning. Though most of our life, we get through life by reasoning by reasoning by analogy which essentially means copying what other people do with slight variations. And you have to do that. Otherwise, mentally, you wouldn’t be able to get through the day. But when you want to do something new, you have to apply the physics approach.
In simple words – He means original thinking, challenging the status quo & understanding things from very basics and go for a paradigm shift than the slight variations.
Wait a minute? Does Elon Musk mean that I should question everything? Like shall I take a bath everyday or not? (You know what he means. If not, then read the paragraph in italics once again)
3. Framework of handling complexity & thinking in wholesale magnitude from Bill Gates
Net Worth: 184B
World Rank: 2
According to his wife, Bill thrives on complexity. He makes a framework out of it and creates a kind of giant spreadsheet in his head. Bill himself says that you have to think in wholesale magnitude.
Well, In simple words – I see it as “Go full on” for a problem. Not just like in baby steps.
And that reminds of a book. Book suggests that most of us do leap frogging. A frog just likes to jump one or 2 steps at a time, because of danger of fear. Whereas to be utterly successful, at some point of time, we need to do pole vaulting.
4. “Dreaming big and aligning passion and purpose with a goal” – A framework by Mukesh Ambani
Net worth: 85B USD
World Rank: 6
Mukesh Ambani chairs and runs $88 billion (revenue) oil and gas giant Reliance Industries, among India’s most valuable companies.
Their family in 1970s lived in a modest bedroom apartment. Now Mukesh owns world’s most expensive private residence worth 1B USD.
A relatively quite shy guy as compared to other billionaires. Well, his work speaks his commitment and talent.
5. To bring Smart people together by Jack Ma
Net Worth: 50B
World Rank: 22
According to Jack Ma Stupid people can work together however smart people cannot work together.
That’s smart of you, Jack!!
Isn’t he right, by the way? You have seen this in numerous office meetings, so much of arguments among smart people that the meeting has no outcome many a times.
He says his primary responsibility is to bring Smart people together and make sure that they can work together.
Don’t forget to smile & clap on this post, if you like. Please leave suggestions or any positive motivating thoughts in comments.
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