Wealth Creation Lessons You Can Learn From Robert Smith

“I am showing the current generations of African Americans they can do it, too. So the next generation can go even higher.” – Robert F. Smith

Robert Smith founder, chairman, and Chief Executive Officer of Vista Equity Partners is one of the most successful African-Americans today. With a net worth of $4.4 billion, he is now the richest African-American, 167th richest person in America and 466th richest in the world.

Despite all the amazing stats and figures, Smith is not as famous as other billionaires like Jeff Bezos, Bill Gates and even Oprah Winfrey, the first African-American billionaire. He’s like one of those loaded guys who stay away from the limelight.

Though not as mainstream as the others, Smith’s success can teach you a lot on wealth creation and giving back. Here are some of the greatest lessons you can learn from one of the most successful black American today.

Take Action

“Put action to support the intention, don’t say ‘I want to be a millionaire’ [and not do what you need to achieve it.] ”

Success and experience were not served in a silver platter to Smith. When he was still in high school, Smith had a knack for computer science. He applied for an internship in Bell Labs. But it was not an easy feat. They were only accepting college students for the internship.

He persisted. He contacted them on a regular basis, going from daily to weekly calls. He was not deterred by the consistent denial. He persevered. And his effort paid off. The company called him for the vacant internship position after an older student failed to show up.

One success led to another and many more, and here he is now, one of the richest men alive. If he did not take action on what he wanted to achieve, he would not have been able to grab that spot for the internship.

If you don’t act upon your goal it will remain as a plain dream, a wish you’ll never achieve. Success requires effort. It doesn’t come to those who wish for it. Work for it. Be persistent.

Fight Through Problems

“If you can’t solve easy problems now, you will not be able to solve difficult problems later.”

The finance and business world is not an easy place to live in. You will stumble upon obstacles along the way. That’s how it is trying to live the wealthy life. Most of the time, you won’t even be prepared. Problems can pop up without prior notice.

If you’re a person ready for greatness, you won’t back out. You will face all these hindrances head on, no matter how big or small they are. That’s how you learn. You face the problem once. Then you create a plan of action to prevent the same problem from happening again. You also learn how to face other challenges that may come your way.

There are also people who can help you fight off these problems. But, you shouldn’t rely on them every time. Like what Smith said, “if you get too much help you never really figure out how to do things and you don’t develop the grit.”

Intellectual Property Matters

“Intelligence can create huge profits, and in fact, you can actually make more money being smart than you can be strong or fast.”

Your ideas are your greatest assets, even more important than monetary capital. You can’t build a successful business without a strong idea as your foundation. It can’t be just any idea. It must be unique. An idea you can confidently call your own – an intellectual property.

Your patented or copyrighted idea, creation, and/or design set you apart from your competitors. That’s what makes customers either buy or reject your products or services. Like what Smith said, “It’s intellectual property resources that you have unique dominion over.”

Utilize Your Skills

“You have the instinct to serve, and the skills to succeed. In fact, you have skills across a number of areas. Don’t separate these skills; integrate them. The future will be written by those who integrate their whole being.”

If your ideas are your greatest assets, then your skills are your greatest tools. Different people have a different set of skills. Most people have more than one area they excel at. For example, Smith has good critical thinking, technical and social skills. He integrated all of these skills in creating the now multi-billion company, Vista Equity Partners.

Like Smith, learn how to utilize all your skills. Learn how you can use each of them together to reach your objectives. Polish other skills you have but still need improvement. Sharpen all your tools and you can use them effectively when the needs arise.

Believe in Yourself

“I thought, ‘If they could do it, so can I… Now I want people to say, ‘If Robert Smith can do it, I can do that and more.”

Sometimes, you don’t have to look far to find the greatest motivator. You can be your own best cheerleader. It’s your subconscious that is pushing you to do amazing things. Build a positive and wealthy state of mind. If you believe you can achieve greatness, your subconscious will aim for greatness. Everything starts within yourself.

Others might find it hard to trust you and whatever you offer if you lack the confidence. Let’s say you’re proposing an idea. If they hear even the slightest hesitation from you, your listeners will start to doubt the credibility of your proposal. Believe in yourself and others will find it easier to believe in you too.

As what Smith once said, “the single most important part of running and winning your own race –is recognizing that you are enough and that you are an original.”

Give Back to the Community

“I will never forget that my path was paved by my parents, grandparents, and generations of African-Americans whose names I will never know.”

Robert Smith is the first black American to sign the Giving Pledge, a campaign that encourages successful people to contribute a major portion of their net worth to philanthropic causes.

He also takes interest in creating more opportunities for the black community, especially the women and the youth. Smith once donated $27 million to the Susan G. Komen organization through his Fund II Foundation, a charitable institution that aims for the advancement of social change and the preservation of the African-American experience.

Sharing your wealth with the community is just as important as growing your wealth. Help the current and future generation lead a life of success and freedom. It’s the greatest way to cultivate your riches for years to come.

 

Robert Smith is the perfect example of a man who never gives up. Smith’s success story can really be a great inspiration for all aspiring entrepreneurs. He teaches us how essential our ideas and skills are in creating a successful business. You must also always support your intentions with actions, constantly believing in yourself and not letting any problems get in your way. He’s also a great example of a wise man who knows how to give back to the community.
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