I Learned this Method from the BILLIONAIRE Chip Wilson

I went some time ago to Vancouver and interviewed the Canadian billionaire Chip Wilson for my book "The Billion Dollar Secret". Chip is the founder of the iconic Lululemon Athletica. He invited me to his home and we spent a day talking about what made him so extremely successful in business. In this video I share one of the methods he taught me that will allow you to find a business that you will be able to become outrageously successful in.

Chip Wilson on Forbes List of Billionaires:
https://www.forbes.com/profile/chip-wilson/

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Follow me on twitter: http://twitter.com/BillionairePal
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And read the blog where I test the limits of human capabilities: http://nolimits.co

Get free chapter of my upcoming book about billionaire thinking: http://TheBillionDollarSecret.com

VIDEO TRANSCRIPTION

Hi guys! Some time ago I went to Vancouver, Canada to talk to the Canadian billionaire Chip Wilson, the founder of Lululemon Atlhletica

I interviewed him about his success secrets, about his methods he uses in his business, in his life, about his worldview

About his perspective, about his innermost emotions that are helpful in what he has achieved. I learned a lot of things frim him

But after the interview I reccorded a method he taught me a method to choose the optimal business for you.

And this method he used when he was choosing the business model for Lululemon Athletica.

And this method exactly made him a billionaire. This company made him a billionaire because this was the optimal business for him.

I invite you to watch this video that I have recorded. See you in the next part.

[Music]

Hi from Vancouver. As you see it's raining a little bit. I interviewed Chip Wilson here. He is the founder of Lululemon, a self-made billinaire

He founded several other companies like Westbeach, Whil. Very successful entrepreneur.

I was interviewing him for my upcoming book about the psychology of the most successful entrepreneurs in the world.

I want to tell you just one thing I've learned from him yesterday. It is called The Hedhehog Principle.

And this actually led him to founding Lululemon, the business model for Lululemon.

So, what is The Hedgehog Principle? One of the most imposrtant things in business is actually what are you going to do. What business are you going to do.

To choose the right business for you because you may know that with the same business model I may be successful and you won't be successful.

And another business you will be successful and I will not. Why is it like that?

This hedgehog principle... I will explain it for you. Imagine drawing 3 overlapping circles.

One is all these things when you answering the question "What am I passionate about? What is my passion? What makes me excited?".

If you take all these things and put in one circle, then you have another circle which are not necessarily the same things.

The second circle - answer the question "What are the things I could be the best in the world in?". It's about your capabilities, skills, knowledge.

So, what are these things? If you now overlap these circles and some of the things you're passionate about, some of them not.

So take only those you're passionate about and you could be the best in the world.

And then you take the third circle and the third circle is "What could I make money with?".

So, it is also somehow about your knowledge, about how to make money. Your ideas how to make money. This is actually the business model.

Your ways to make money, your ideas where you add value. And now if you overlap these circles and you have like a common space..

All these ideas and things where you are passionate about, where you know how to make money with and where you could be the best in the world

If you take these things and focues on these things, you will find an optimal business model for you where you can really make big money.

And you need all these things because you will always have competition. So, you need this ability to become the best in the world

Because otherwise they will kick you off. The passion you will need to overcome all these troubles, difficulties, problems on the way to your success.

They will appear for sure and you will need the passion to perservere to overcome these problems to hang on.

And of course, you need the monetary thing, you need business making money in order to make the money.

If you're passionate about and you're the best in the world, but it doesn't pay off, doesn't make any money then you won't be successful in business with that

So, that's what I wanted to tell you from Vancouver.

Of course, I learned many other things from Chip Wilson and from over 20 other billionaires that I've described in my book The Billion Dollar Secret

Where I explain the 20 principles of billionaire wealth and success. If you're interested in that book, you can get a free chapter at TheBillionDollarSecret.com

Here you have the link and I put the link in the description below this video. I invite you to leave comments below this film.

What is your perspective? What is your experience about the topic we were talking about? What are your thoughts?

Share this video with your friends, with your loved ones. One day they will thank you for that.

I talk here about how the best entrepreneurs in the world think, how the self-made billionaires of our times think and act.

So, if you liked this video, you will certainly like my other videos. I invite you to watch them. I wish you a fantastic day today!

Let's do something extraordinary today!

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I Learned this Method from the BILLIONAIRE Chip Wilson - Billionaire Wisdom