In a recent article for the AFR, Rich List stayers Jack Cowin, founder of Hungry Jack’s, Harvey Norman co-founder Gerry Harvey and John Van Lieshout, founder of the Super A-Mart furniture chain, were interviewed to share their advice on building a Rich List fortune.
Here is a summary of their advice and top tips for building wealth and achieving long-term success:
- Don’t make foolish mistakes: Avoid investments or ventures that are not understood and don’t underestimate compound interest. Over the long-term, a 10% annual increase in wealth can have a huge impact.
- Anticipate future trends: Successful entrepreneurs constantly think about what comes next and adapt accordingly. By anticipating changes and staying ahead of the curve, they can maintain a competitive advantage.
- Empower employees and give them skin in the game: Providing inherent motivation (such as meaningful profit share) can incentivise employees to make decisions that benefit the business and take ownership of the business’s success.
- Balance the big picture and the details: Successful entrepreneurs need to have a vision for the future while paying attention to the finer details. Striking a balance between the overall vision and the specifics is important.
- Find your competitive advantage: Understand what will set your own business apart and make it difficult to replicate your success and competitive edge.
Another common trait amongst many successful individuals on the Rich List, these individuals included, is that they have taken significant risks in their careers, often betting everything on their own ventures.
Overall, these tips highlight the importance of long-term thinking, adaptability, employee engagement, attention to detail, and strategic investments as key factors in building wealth and achieving success.
The original article can be read here: AFR Rich List 2023: Five tips from billionaires Gerry Harvey, Jack Cowin and John Van Lieshout, who’ve stayed on Australia’s ranking of the wealthiest people for decades.