https://www.gqindia.com/get-smart/content/4-rules-you-need-to-follow-in-order-to-become-a-millionaire-according-to-the-worlds-third-richest-person-bernard-arnault
Bernard Arnault is the third richest man in the world, ahead of even Bill Gates. Unlike many on lists of the world’s wealthiest businessmen, Arnault’s fortune wasn’t made in tech but, instead, in luxury goods.
He leads the world's top luxury brands including Louis Vuitton, Moët, and more than 50 others. To learn from him, we compiled some of the most important business lessons that propelled him to the top.
Bernard Arnault shares 4 rules for becoming a millionaire
‘Money is just a consequence. I always say to my team, “Don't worry too much about profitability. If you do your job well, the profitability will come”.’ Other billionaires like Warren Buffett have shared similar thoughts and encouraged people to focus not so much on the money, but on the life possibilities that the strategies they are implementing can open up, for themselves and others.
Bernard Arnault’s focus on his passion for the work rather than the bottom line is reflected in the fact that he did not become one of the richest men in the world until a few years ago. His gamble was one that took time to pay off, and there was not a focus on profits from the start.
‘All I am interested in is promoting my brands, never myself’, Arnault says, a point of difference from some other billionaires, such as Elon Musk or Bill Gates, who have built a personal image alongside their business achievements to ensure they stay on the public’s radar. The French entrepreneur, on the other hand, has never been the face of his company. Instead, he always focuses on the products and brands and assuring that consumers know about them. He is a man with a more discreet vision than some of his peers.
On the other hand, because of his business strategy, Arnault knows that the focus should be on the designers and managers he leads: ‘What I enjoy is trying to transform creativity into business reality around the world. To do that you have to be connected to innovators and designers, but also to make their ideas concrete and liveable’.
‘I remember people telling me, it does not make sense to put together so many brands. And it was a success, it was a recognised success, and for the last 10 years now, every competitor is trying to imitate it. I think they are not successful, but they try,’ he says. Arnault started working on buying brands as early as the 1980s, but it wasn't until the last decade that he became one of the world's biggest billionaires.
Like other successful men, he refused to listen to criticism and followed his own vision, in the end demonstrating an excellent strategy. In business we will always find those different voices, and while there is bound to be good advice, if you believe an idea will succeed, follow it through to the end.
One of the worst leadership mistakes is to forget about the daily operations of a company once you are at the top and to focus only on the big picture—the profits and revenues. Arnault argues that you really need to look at every corner and every part of the machinery to make sure it continues to work properly and where there might be areas for improvement. He says: ‘I often say to my team we should behave as if we're still a start-up. Don’t go to the offices too much. Stay on the ground with the customer or with the designers as they work. I visit stores every week. I always look for the store managers. I want to see them on the floor, not in their offices doing paperwork’.
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