All net worth statistics published on Inside Billionaire are from wealthygenius.com. Net worth information may not be accurate.
Way back before Jeff Bezos ever founded Amazon, or became the richest man in the world; he was interested in computers and how things work.
What many people don’t know about Jeff Bezos, is that long before starting the e-commerce giant he had already invested well over a decade studying and learning computer science.
He had built up the specialized knowledge needed for his next move. Which was to found Amazon.com and make it a big success.
So what did he do?
He sourced specialized knowledge instead. He made a deal to work with Steve Wozniak to work together in order to get the job done.
When Elon Musk was young, he devoured books. He read so much that he ran out of novels and engineering books. So turned to page 1 of the encyclopedia and read it through, page by page. Or so the legend goes.
Maybe we have turned Elon Musk into more of a legend, or super hero, but hey why not? I want to live in a world with crazy genius inventors who are finding ways to make the world a better place.
And while people certainly have different perspectives on Musk’s antics, and some of the things he posts on twitter, one thing is for sure: the guy is educated.
“But don’t confuse schooling with education” Musk says. “I didn’t go to Harvard, but the people who work for me did”.
Elon Musk is a master of deep knowledge in engineering and technology. Specialized knowledge that he puts to use everyday in the companies that he is building.
Musk built his empire of Tesla Motors through dedication, persistence and specialized knowledge.
The dedication and persistence can be achieved through perseverance to these principles. The specialized knowledge must however be garnered by applying your dedication and persistence to Learning.
To be the best, and that is what it takes to become a billionaire or even join the super-rich in this world. You must acquire specialized knowledge in your field that you can apply to building and furthering your business empire.
Mark Cuban says:
“Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do or don’t do it.”
Mark made his billions by learning everything there was about the computer software installment business he was in. This was way back in the early eighties and software was just coming in at the time.
It was mostly being installed in banks and big corporations and Cuban was working for a company called Your Business Software. And even though he was just an employee salesman at the time, he learned everything he could about the industry.
He read books, computer manuals that weren’t very publicly available before the internet, and proceeded to master his understanding of the industry.
He hustled in his job too. Learning and acquiring specialized knowledge isn’t just about reading and learning from books. It’s about applying what you learn in the real world.
Knowledge is power. No a chance. Only when applied can knowledge become power.
Specialized knowledge is about learning every single little thing you can about the market and industry within which you work. Either you’re fired up by the people, environment and market that you’re in… or get out of it!
Don’t waste your precious time and energy — your most value resources — into an industry you don’t enjoy. Follow your passion. That is what billionaires do.
Following your passion may sound like some kind of “hippy” or new age bumper sticker. But really your passion is the first place you should look in search of what you should do.
Acquiring specialized knowledge should be very easy because you should be in an industry that you’re excited about. I really can’t stress this enough.
Definitely do not invest energy attempting to acquire specialized knowledge in an area of business which you do not enjoy. There may be exceptions to this rule. Yet just starting out you should choose an area of focus that you are already interested in. Better yet one that you are already well versed in too.
When you are sure that you are in the right industry for your talents, passion and long term success. Then begin to systematically learn everything you can about it.
For example if you are building a business on the internet. Then some of the things you should know are possibly around: building websites, making the site popular on social media and in search engines, understanding your website audiences and the marketing of products.
Yet also beyond just technical such as website or blog building, one must have specialized knowledge in the market segment itself.
Really understanding who you are selling to, Why they are buying the product, and why they should get it from you?
These are all types of specialized knowledge.
Similarly. In addition to possessing specialized knowledge within a market, you may also begin to acquire specialized connections.
These are connections with members in your market and industry as a whole. These can be priceless because often what you will find is that you can make money far more easily when you are working with other people.
The concept of the Master Mind is that you essentially put your head together with other like-minded people. People who share your vision of building wealth and prosperity. And grow wealth together in the form of a joint partnership or corporation.
With specialized knowledge, specialized connections and organized planning, you will be able to design plans that will likely succeed in your industry.
This is because you know the market place, you know who you’re dealing with and have targeted products toward their needs.
I read blogs and websites all the time, I follow investment journals and part of exclusive memberships and generally invest in being up on the knowledge in the different markets that I am in.
Especially if I am making an investment into a stock, bond of other investment vehicle. You better believe I am acquiring specialized knowledge on every stock I buy and the market too.
This is very helpful too because the more you get your ear to the ground acquiring the specialized knowledge that you need, the more you will find business opportunities and partnerships within your industry.
You must first develop the specialized knowledge in your chosen field.
Whether you are an entrepreneur looking to start a new business.
The world is filled with people who may have a lot of general knowledge, yet do not possess Specialized Knowledge.
Specialized Knowledge is crucial for creating a business that becomes successful in any space.
Whether your market is gardening, or computer programming, you must have Specialized Knowledge in order to make accomplishments in your area.