All net worth statistics published on Inside Billionaire are from wealthygenius.com. Net worth information may not be accurate.
The creation of practical plans is a vital step on your path to transforming the idea in your mind, into a profitable business in reality.
As mentioned in the section on Specialized Knowledge. You must first acquire as much specialized knowledge as you can in the market and industry which you have chosen to work.
You’ve dedicated yourself to know everything inside your business and industry. To train yourself and acquire the deep knowledge needed for success.
While also acquiring specialized connections and partnerships in your industry. People who can help you fulfill your goals.
Like when Steve Jobs wanted to design circuit boards for arcade company Atari. Lacking the specialized knowledge himself, he instead partnered with Steve Wozniak to get the job done. This specialized partnership later leading to the two of them founding Apple.
Or when Bill Gates and Paul Allen worked together to create Microsoft’s first BASIC computer program for Altair. They had told Altair they had already programmed the software, but that was a bit of a “white lie” because neither had they created the software, nor did they even possess an Altair computer.
Yet together in partnership they possessed the specialized knowledge to get it done, completing the project and starting the Microsoft company in the process.
With specialized knowledge Organized Plans can be made with the intention of creating something new in the industry you are in.
For example the Organized Plans Elon Musk made when he was building X.com with the vision of creating the first online payment transfer service.
Day and night Musk worked to bring his vision for X Pay into a reality. Within one year he merged with a company called Confinity that had a transfer service called PayPal.
Which from there of course went on to dominate the personal online payments and transfer services online. Today PayPal’s revenue is more than $13 billion per year.
Organized planning is the essential step for transferring your ideas into real life through the use of practical plans.
Without organized plans detailing exactly how you intend to transform your vision for your life and business, into reality… your dreams are nothing more than a fantasy.
Only when you start organizing plans of what you are building and how you intend to get there, can you begin to see your vision take shape in reality.
Of all the billionaires I have studied every single one of them had some kind of practical plan for the business they were in. Perhaps they did not all have fully formed business plans, yet that is often unnecessary.
What is necessary are simple organized plans detailing what it is that you intend to do. Building out from the vision in your mind, what is it that are trying to create?
As well as any technical advantages you may have, the additional specialized knowledge you will likely need to learn, and specific steps that plan your business from launch to profitability.
With only vague ideas or plans, many of the major billion-dollar companies we take for granted today, from Microsoft to PayPal, and many more just like them. Would have failed to ever get off the ground.
When you have your vision, your BURNING DESIRE to bring it into reality, coupled with specialized knowledge and organized planning, now you have an idea that has every chance of success