Keys To Success in Business – By Billionaire, Carlos Slim

Posted: June 30, 2016 in Uncategorized

Carlos Slim is a Mexican business magnate, investor, and philanthropist. From 2010 to 2013, Slim was ranked as the richest person in the world. Known as the “Warren Buffett of Mexico”, he derived his fortune from his extensive holdings in a considerable number of Mexican companies through his conglomerate, Grupo Carso. As of 3 November 2015 he was no 2 on Forbes list of billionaires, with net worth estimated at US$77.1 billion.

Here are some of the keys he says has helped him to be successful in business;

1) FOCUS ON SOLVING PROBLEMS, NOT MONEY: When interviewed on Larry King, Carlos stated that money is not his goal and becoming the richest in the world is not a competition. He just wants to be the good businessman he is. He deflected all the questions about being the richest and turned it to be about solutions. Carlos Slim has a strong knack for looking into the deeper aspect to fix problems rather than focus on just money. Even with charities, he states “Our concept is more to accomplish and solve things, rather than giving, that is, not going around like Santa Claus. Poverty isn’t solved with donations.”

 

2) FIND OPPORTUNITIES AND ATTRACT MONEY: To attract business ideas like Carlos, one must train the mind to think positive thoughts about money. Carlos and his siblings were taught basic business practices by their father (successful businessman) about tracking income and expenses and giving them a savings book to track weekly allowance. At 12, he had already bought shares in a Mexican bank. Upon working for his father’s company, Carlos went on to study engineering at National Autonomous University and would later teach there too. At 25, he incorporated and invested in many companies and the following year he was already worth $40 million. The main focus of his early businesses included construction, real estate and mining companies. His most successful venture is América Móvil, which in 2010 was Latin America’s largest established mobile-phone carrier and had accounted for around $49 billion of his wealth. A master at numbers and a very aggressive businessman who has an instinct for growth. Just before Apple introduced its iMac line, Carlos Slim brilliantly bought 3% of Apple Inc.’s stock. His abundant and optimistic mindset has allowed him to reach the top of the food chain as he states “Do not allow negative feelings and emotions to control your mind. Emotional harm does not come from others; it is conceived and developed within ourselves.”

 

3) HAVE AN ULTIMATE GAME-PLAN TO HELP THE WORLD: Carlos is very humble and down to earth regardless of how successful he became. He rarely spends much money on lavish items, does not wear designer clothes or buy fancy yachts. He even drives his own car and has very few properties on the globe. He is known as a huge philanthropist. He states: “I’ve always said that the better off you are, the more responsibility you have for helping others. Just as I think it’s important to run companies well, with a close eye to the bottom line, I think you have to use your entrepreneurial experience to make corporate philanthropy”.

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