What would you do if you awoke tomorrow $369 billion richer? Would you buy a one-way ticket to the Bahamas, a private jet and yacht, or perhaps launch a multibillion-dollar business? That is the combined wealth of the world’s two wealthiest people: Elon Musk, CEO of Tesla and SpaceX, who is worth a whopping $222.1 billion, and Jeff Bezos, CEO of Amazon, who is worth approximately $144.9 billion. That is equal to the GDP of South Africa, which is also where Musk was born.
So, aside from their enormous wealth, what do Musk and Bezos have in common? They are both smart and successful business owners who built their companies from the ground up. So, why not grab a leaf from them? Today’s article highlights 9 businesses that Musk and Bezos would be interested in getting into to help you find your next billion-dollar business idea.
1. Crypto/ Blockchain Business
With over 300 million people using crypto as of 2021 and approximately $112 billion worth of crypto being traded daily, you can see why we put it at the top of the list. And, of course, the crazy crypto growth hasn’t gone unnoticed by the top 1% of the population. Musk particularly tweets a lot about crypto and has a considerable stash of crypto assets in Bitcoin, Dogecoin, and more.
So, it’s not wild to think that he and other smart, rich people are probably thinking about the next big crypto business. Now, what does a crypto business really look like? The obvious one is, of course, creating a coin or token. People are always looking for a new great project to invest in. So, if you have an awesome crypto idea, it’s not too difficult to source funding.
Apart from that, other ideas include building a blockchain that helps businesses in data storage and tracking. This kind of business targets industries like healthcare, manufacturing, shipping, and basically any business that interacts daily with data. Remember, you don’t need to have the skill to develop one; you can get someone to do it for you.
2. Cloud Computing Service
If you’ve never heard of cloud computing, it’s basically computing services delivered on the internet or cloud instead of a physical server. So, why is a cloud computing business worth starting? For one, businesses are moving to the cloud because it’s super cheap. Say you are starting a business today.
Instead of using a huge part of your capital to buy your IT system or infrastructure, you can just choose to lease it from a cloud computing provider for way cheaper. Depending on your provider and what you need, cloud computing often includes a whole suite of offerings, including servers, databases, storage, networking, analytics, and so on.
Physical infrastructure is also expensive to maintain and, most times, hard to scale to accommodate your growing business needs. With cloud computing, the maintenance and security of the system are not in your hands, and you can scale quickly and efficiently when needed. Cloud computing is still a space that is growing and one that could be huge in the future.
3. Sustainable Energy Provider
We are in the age of the green movement. Today, more people are concerned about protecting the environment and possibly undoing the damage we have done to the planet since the industrial revolution by living more sustainably. That said, the demand for sustainable solutions has created a new, lucrative industry for business people.
Top in this industry is sustainable energy. Musk is already in the electric vehicle industry, and we know electric vehicles don’t pollute the air like gas-powered cars. But the space is still huge, and there are more things you can pursue, including green consulting, solar panel manufacturing or installation, battery store, solar water heating manufacturing/ selling, windmilling, etc.
4. Gaming Applications
Want to know another industry that is growing super-quickly? Gaming. According to data from Statista, the video game market worldwide has increased in value significantly over the past decade and is set to grow even more in the coming years. In fact, it’s set to exceed the 200 billion US dollars mark in 2023! But the surprising thing is that the biggest share of this multi-billion-dollar industry is mobile games.
Yes, people, especially Millennials and Gen Z, are playing games on their phones than on gaming consoles. In the US alone, the mobile gaming industry is worth nearly 10 billion. Mobile gaming within the US was worth almost $10 billion US in 2019. That figure has grown considerably since then. So why a gaming app as a business?
Well, it’s a low-cost endeavor with unlimited potential. You can develop a game today for free (if you’re a developer) or for a small cost (if you outsource), and that game ends up reaching 100 million or even a billion downloads. That right there shows just how lucrative the gaming world is. And, with the introduction of crypto, NFT, and the metaverse, all of which elevate gaming experience, the industry is not about to slow down.
5. Streaming Service
The online streaming industry is a huge space right now. And it grew even bigger during the pandemic. Netflix, for instance, currently has about 220 million subscribers. People are ditching traditional entertainment for online platforms. They are more accessible, affordable, and on-demand. Everything the consumers today look for in a product or service.
So, while you don’t have to invest millions of dollars to create a platform like Netflix, you can certainly start a business in the streaming space, especially live streaming. You can specialize in things like awareness raising, gaming, tutoring, interviewing, and so on. The options are inexhaustible. What do you think about a streaming business? Is it worth the hype? Share your opinion in the comments, and we’ll be sure to get back to you as soon as possible.
6. Retail Business
One of the best ways to get rich fast is diving into e-Commerce. But even with eCommerce, brick-and-mortar stores still have a place in retail. So, a good business model is starting a retail venture that balances both. Take a look at Amazon, for instance, which since inception has operated solely online and is currently the biggest eCommerce platform in the world.
Today, however, Bezos, through his company Amazon, plans to open departmental stores in California and Ohio, possibly most states across the country later. So, if you thought that physical stores were dead and gone, this piece of insight should help change your mind.
7. Construction Business
Construction is an excellent business idea for one primary reason, it can give you massive returns in a short time. While construction has definitely suffered some falls in the past, like the great recession of 2008, it has always bounced back and is actually projected to grow in the coming years. Like real estate, construction is an industry that is here to stay because the demand for property is snowballing, especially in the affordable housing niche.
That has created huge potential for residential construction businesses. Even in the commercial construction sector, business is booming. That said, if you leverage technology and sub-contract equipment you don’t own yet, starting a construction business doesn’t need huge money.
8. Fintech Company
Another business a billionaire like Musk would definitely invest in is fintech. Fintech, or financial technology in full, basically refers to technologies that improve or replace traditional forms of finance. That includes software, applications, and programs built to improve financial activities. So, why is starting a company in the fintech space such a great idea?
According to a 2018 survey, about 70% of senior banking executives said collaborating with fintech and big techs to build a new service was an important opportunity for banks. Today, more and more banks are teaming up with startups to make their services more accessible. So, if you have knowledge or skills in finance or technology, fintech might actually be a great industry to pursue.
9. Real Estate Technology
Now, real estate is one of those industries that will never get old. As the population increase, the demand for housing also goes up. And that translates to more money for those with businesses in the industry. So, it’s safe to say that billionaires make a lot of money from real estate alone, either through constructing and selling or leasing.
Now imagine a business that offers real estate technology? That could be anything from something that provides market analytics to predict buyer behavior to a marketplace where buyers and sellers can find what they are looking for. The potential in real estate tech is endless. And there are dozens of startups in the industry already. So, this niche is definitely even the super-rich would consider.
Succeeding as an entrepreneur is no mean feat. You have to know what works and keep making it work. But with these 9 business ideas, the tricky part, which is starting is pretty much-taken care of. The business that will actually give you returns, Remember, no matter how lucrative a business sounds, you must put in the effort to ensure it works. That’s how billionaires and millionaires preserve their wealth, dedicating most of their life to their work.