Bernard Arnault’s 4 rules to become a millionaire

GQFrance

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Bernard Arno is the third richest in the world. Its revenue does not come from technology, unlike many other multi-billionaires, but from the luxury industry. Bernard Arno acquired mainly Louis Vuitton, Moët or Hennessy (hence the acronym LVMH) as well as about fifty other famous houses. An example of success for aspiring entrepreneurs, he regularly revealed the secrets of the method that pushed him to the top. Here are four that we particularly need.

Do not be obsessed with money

“Money is just a consequence. I always tell my team not to worry too much about profits. “If you do your job well, the benefits will come.” It’s a lesson learned by other billionaires like Warren Buffett, who seek to focus not on money but on the potential of their strategies. Bernard Arno became one of the richest people in the world a few years ago: it took him a while to pay off his bet and it was not really about a huge profit from the start.

do not think of you

“All I care about is promoting my brands, never myself.” This is a point where Bernard Arnault stands out from other billionaires, e.g. Elon Musk Where Bill Gates, who have created a personal image alongside their business achievements. The Frenchman has never been the face of his company and has always focused on products, making them even more present in the minds of his customers. His vision is more discreet.
On the other hand, because of his business strategy, Bernard Arnault knows that the focus is on the designers and product managers he manages: “What I like is trying to turn creativity into business reality around the world. For this, you have to connect with innovators and designers, but also to make their ideas concrete and sustainable “.

Bernard Arnault of LVMHVincent Isore / IP3

Trust your vision

“I remember people telling me it didn’t make sense to combine so many brands, but it was a success. It was a recognized success and for ten years now all the competitors have been trying to imitate me. “I do not think they are succeeding, but they are trying.” Bernard Arnault started buying chips in the 1980s and only in the last decade did he become one of the biggest billionaires in the world. Like other successful men, he refused to listen to criticism and pursued his own vision, displaying excellent strategy. In the business world we will always find these different voices and while it is certain that there will be good advice out there, if you think an idea will succeed, you may need to follow it.

Stay connected to your business

One of the worst mistakes of leadership is to forget the business once at the top and stick to the big picture. You really need to look at each part of the machine to see if it works properly or if there are points for improvement. On this subject he says: “I often tell my team that we should behave as if we are part of a small company. Go out into the field with the client or the designers as they work. I visit the shops every week. I always talk to the store managers. “I want to see them in the field, not in their offices making papers.”

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