The secret to success is hard work, dedication and ingenuity, according to billionaire Bill Cummings.
The 86-year-old entrepreneur started a now billion-dollar business more than fifty years ago by building one of the largest commercial real estate empires in the Boston area.
From humble beginnings, living in a “one-bedroom apartment with my sister and my two parents,” Bill grew his business through decades of hard work.
By making smart investments and working hard, the Tufts University graduate was able to build his business and finance himself.
Bill Cummings is a self-made millionaire who shares his tips on how to develop habits that can help your career
However, he says that the experience he gained in his youth – such as working “a lot of small jobs” – gave him the resilience and skills he needed to become a successful entrepreneur.
Despite his wealth, businessman and wife Joyce still fly buses and shop with coupons, claiming his frugality is part of what helped him achieve success in the first place.
“We always fly coach and never first or business class,” Bill told DailyMail.com. “I grew up with very modest means and learned frugality, you don’t throw money around.”
Bill, who also founded a nonprofit foundation called the Cummings Foundation in the 1980s and has given away $500 million to date, says frugality is just one habit he considers essential to success.
The philanthropist talks about the habits of successful people and tips for a lucrative career in his book, Starting Small And Making It Big: Hands-on Lessons Intrepreneurship And Philanthropy.
Don’t be afraid of hard work: Bill works all day in the office
At 86, Bill still bikes to his office every day and works a full day – in person.
“I usually get to the office at 8:00 or 8:15,” he explained, saying he went straight to work upon arrival.
“I usually have lunch at my desk,” he said. “And I usually leave here around six o’clock.”
Bill also talks about the importance of not shying away from a long day at the office.
“Nothing is more important than hard work, desire, perseverance and dedication,” he writes in his book. “What vain pleasures are we willing to give up to achieve what we really want?”
Bill shares more about his journey to building a successful business and nonprofit organization in his book
Being in the office makes a difference: it is important to learn from colleagues
While a post-pandemic world may have embraced a hybrid work schedule, Bill believes in being in the office to learn from your colleagues and mentors.
He thinks working from home results in fewer opportunities to learn from others, perseverance and company culture.
“I think people need to show their drive, their perseverance and their dedication,” he explained. ‘That’s not possible from home.’
‘They lose so much (working from home),” he explained. “They will never have the opportunity to learn from their peers.”
Be a good writer: Bill has every employee take an editing test
Bill says they ask everyone who works for the company to take an editing test when they apply for a position.
‘We want them to show that they can write, and we do that with a one-page letter. Are there 35 or 36 errors in it?’ he explained.
“The people we meet who can write and organize their thoughts will find thirty of those errors.”
Bill says the test shows that they know how to put their thoughts in writing and that they carefully search their work for errors.
“(It shows) they care enough to learn what the rules are,” he said.
He emphasized that being able to solve problems is an essential skill
Know how to solve problems: essential for leadership
An essential skill for anyone seeking a leadership role or running their own business is problem solving.
“Whenever I have the opportunity to coach people on the joys and perils of entrepreneurship, the concept of a resourceful problem solver is at the top of my list,” he explained.
“It also seems completely foolish to me for someone to own or operate a business when the work itself and the sense of satisfaction are not always a large part of the reward,” he added.
Look for opportunities everywhere: be proactive
According to Bill, life is not about waiting for something to land in your lap, but it is more about creating opportunities for yourself.
“One of the most important things to remember about happiness is that we must train ourselves and our colleagues to recognize it when it occurs,” he explains in his book.
He added that entrepreneurs were always looking for their next opportunity.
“Although they may sometimes do so unconsciously,” he continued. “Because of this predilection, most will probably never actually retire.”
Learn to work well with others: Be a team player
Bill doesn’t look for lone wolves when he hires, telling DailyMail.com that he looks for people “who work well with others.”
He added that when his company received a resume, they wanted to make sure the person would be a good fit for the team.
“It’s the person presenting here that we usually worry about more than the resume,” he explained.
“We say we hire for fun,” he added. “The biggest reason people tell me why they stay with this company as long as they do is because they like the people.”