The Distinct Quality of Billionaires: Why Your Goal Should Never Be To Compete

One of the greatest lies of society is that competition is a good thing.

Those of us who are not billionaires are taught that competition is good.

We grow up believing that competition challenges us and that it helps us grow, but billionaires would disagree with this.

In the book “How To Be a Billionaire: Proven Strategies From The Titans of Wealth,” Martin S. Fridson, who did an extensive survey and study of the world’s billionaires, says one quality that all billionaires share is that they never compete. They dominate.

Dominating was how John D. Rockefeller accumulated his billions and was how Bill Gates became the world’s first centibillionaire.

It was the decision to dominate a market and not worry about competing in a market that made these men the richest of their times.

In economics, there are many types of markets, such as perfectly competitive markets and monopolized markets.

Perfectly competitive markets are often considered to be ideal, but in the long run the net profit for businesses is zero. No one profits in a perfectly competitive market.

Who is competition benefiting then?

Competition only benefits the customer.

In a perfectly competitive market, customers will have more variety and ability to choose, meaning competition is great for the consumers, but not for the owners.

If you own a business, you never want to compete. You always want to be the one dominating because profit is always going to be dependent on some level of differentiation, whether that’s real or perceived.

Avoid the conventional wisdom that competition is good. Competition will tire you and beat you down so hard that it will prevent you from ever achieving your dreams.

You must find a way to win in life, not just compete.

It’s like Peter Thiel, the billionaire investor, says in the book “Zero To One,”

“If you can recognize competition as a destructive force instead of a sign of value, you’re already more sane than most.”

Advertisements

20 thoughts on “The Distinct Quality of Billionaires: Why Your Goal Should Never Be To Compete

  1. Great post! This makes me think of oligopolies. It’s difficult to have such limited choices as a consumer, especially when the very few organizations/companies are competing with each other instead of focusing on themselves and the level of quality they’re offering consumers. If one of those companies focused more on their product than on competition, they’d be the leader instead of being just on par with the other one.

    Liked by 1 person

    1. exactly, competition will just inevitably drive down prices, which will lead to zero profits in the long run. I agree with you that if businesses only focused on differentiating themselves they would be profitable and successful.

      Liked by 1 person

  2. Yeah, because when you compete you are distracted from being the best. Where we choose to put our focus. Great post. I am following you, but never seem to get an email of your posts and I have checked Spam. Most annoying . I don’t normally use gmail but set one up specifically for my blog. So wierd, it seems to be happening with a quite a few bloggers I follow. Weird – I better ask the happiness engineers.

    Liked by 1 person

    1. it’s because I was busy so I was rescheduling old posts that I had already written. you won’t get an email for that. when I write new posts, you will get an email notification for it, hope that makes sense:)

      Liked by 1 person

  3. Oh that i t is impossible to recreate new content for 365 days -a few days Old post dont always get seen by new followers. Whats does the word press button do ? What does reblog do ? Oh how do i get the old posts seen, how can i be smart with this blog ? Cause my life is a bit out wack since i started blogging – gotta get smarter These are my random thoughts.

    Liked by 1 person

    1. Indirectly you reminded me of schedule function and inspired the idea of reschedule. I have been so random with the blog . Need ti get smarter. At the weekend my laptop upgraded itself to windows 10 , i have been saying no to the message… now my 10 year old printer wont work , so gotta get that sorted i think dell can fix it for me. Random i know… thats me

      Liked by 1 person

    2. I wouldn’t say that it’s impossible. many bloggers are able to do it. it isn’t easy though, at least I don’t think so. but last week has been the only time I’ve rescheduled old posts. I rather create new work than just re use old stuff though, but life happens so I see no harm in doing it every now and then. so cool to see you going through the process of blogging:))Reading a book on blogging would probably help though;)

      Liked by 1 person

      1. Thanks for the advice. I am not gret at writing it takes me ages. Uk amazon can be a bit rubbish , i cant find a book about blogging that will be of any use. They are blogging prompts or autobio’s … not basic how to…Using you tube and pinterest and my gut feeling at the moment on the baby step stuff

        Liked by 1 person

  4. What no books – I knew you would say that. May be I need to search for Building a brand. But, if I look for blogging books – and I read the review , that last review was in 2011 or 2014 – and they aren’t positive. I am telling you UK Amazon and UK Book stores are a tiny limited on the blogging front. Granted I need to put a bit more effort and research more. But, the UK can be quite behind the USA – believe me please. Actually, it was from Abby and girl and just a blog (on pinterest) – that i created my blog, she gave a weeks step by step on how to. I didn’t follow all the steps cause I didn’t want to spend so much money on the blog – may be later. Additionally, I need to research UK regulations as there is a lot of stuff post by USA bloggers. There are UK bloggers, but the regulations are perhaps less complicated in UK (I still gotta figure out) Pinterest – loads of articles. Youtube – loads of videos. You will be surprised.

    Liked by 1 person

    1. I wonder why amazon isn’t doing a good job in the UK, didn’t know that. I would recommend “Crush It” by Gary Vaynerchuk. It’s a good book on building a personal brand through blogging. not sure if I recommended that to you already, so sorry if I already did:/ And I know YouTube can be beneficial, I watch a lot of videos on there as well:)

      Liked by 1 person

      1. Thanks for the recommendation – not heard of Crush it. I have ordered it and the 4 hour work week. Both paper back. Sometime i buy kindle but sometimes, i like to mark pages the old fashioned way. As for Amazon UK – well UK in general sometime we are on par with USA and sometimes not. But, at the same time it could be me , being a newbie to blogging. I am always a bit cautious of books that are geared to USA markets cause that world is so different to UK, that some principles are globally applicable but some just aren’t and I am talking about the financial reporting side of earning via blogging, even copyright law in uk is so chilled compared to usa.
        Thanks again

        Liked by 1 person

      2. oh wow that’s awesome, I hope you like it:) 4 hour work week is a great book, what was your reason for getting that book? I agree, hardcover is better:) not wanting to read books geared towards the US makes sense

        Liked by 1 person

  5. 4 hour work week -I watching youtube Alex Ikkon – and came across it that way. I just wanna know what it is about. Cause right now I am like how is that possible, but Alex and Mimi Ikkon are living the life. So, hey why not read the book. I ordered two books, it takes me ages to read one book.

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s