• Home
  • Entrepreneurship
  • Which Of The Following Is Not A Creative Thinking Exercise Entrepreneurs Use To Generate Ideas?
Entrepreneurship

Which Of The Following Is Not A Creative Thinking Exercise Entrepreneurs Use To Generate Ideas?

which of the following is not a creative thinking exercise entrepreneurs use to generate ideas

Question: which of the following is not a creative thinking exercise entrepreneurs use to generate ideas?

A. Challenge the Usual

B. Judge Each & Every Idea as Realistic or Not

C. Draw Idea Maps

D. Think Backward

Answer: (B) Judge Each Idea as Realistic or Not

Entrepreneurs have different mental exercises where they go through various ideas, create mindmaps, judge the feasibility of an idea, and more. Here are a few alternative answers to the question asked.

As you can already see, option B is the right answer to the question asked. If you want an explanation, I will suggest going through this article.

Explanation For The Right Answer

Entrepreneurs often use a variety of creative thinking, and they are usually different from common thought patterns. They think this way to look for innovative ideas for a business. Entrepreneurs intend to break free from the traditional thought pattern and explore many different ideas.

However, generating ideas does not happen alongside judgment. If we look at options A, C, and D, clearly all of those options easily come under practices followed for generating ideas. However, judging an idea’s feasibility and seeing how realistic it is does not fall under developing ideas.

Please take a closer look at these different alternatives below to find out the credibility of this answer.

Challenge The Usual

Challenge The Usual

Entrepreneurs usually identify opportunities for improvising, innovating, and differentiating their businesses. They do it by challenging the usual and coming up with a different idea. This tendency to question the usual gives them the capacity to break the existing norm, routines, and assumptions and come up with a new direction.

This process involves the entrepreneurs questioning the pre-existing practices and norms. They examine these practices critically and identify different areas where they can solve a complexity. They introduce new ideas around those areas, breaking the norms and practices in the process. They are usually asking questions like – “why do we do it this way?” and “what could we have done better?”

This is undoubtedly one of the ways for entrepreneurs to come up with a new idea for their business.

Read More: What Is Social Entrepreneurship? – Steps To Become A Successful Social Entrepreneur

Draw Idea Maps

Draw Idea Maps

Another process called creating mind maps allows entrepreneurs to organize their ideas. Creating an idea map is a process where the entrepreneur creates s diagram connecting different concepts and thoughts related to a specific concept.

Entrepreneurs can identify new connections through the visualization of the relationship between different elements of their ideas. This exercise leads to nonlinear thinking and allows the entrepreneur to explore different possibilities. Sometimes this leads them to follow new solutions, ideas, and more. So, based on the question asked here, clearly drawing a mind map is creative thinking.

Think Backward

Think Backward

Thinking backward takes an entrepreneur through the back steps to come up with that massive initial push for running. It allows them to imagine what they want to achieve and work backward to find out what they need to do to reach there.

This imaginative situation allows entrepreneurs to envision things that are beyond their current circumstances. When they are picturing their end goal, they can challenge the constraints and the obstacles that are keeping them from achieving it. Sometimes it also leads to alternative paths that they had not considered otherwise.

One can easily surmise thinking backward is a process to allow entrepreneurs to think out of the box.

Which Of The Following Is Not A Creative Thinking Exercise Entrepreneurs Use To Generate Ideas?

Creative thinking is the process that allows entrepreneurs to come up with divergent thinking formulates regardless of the feasibility or reality behind those ideas.

The Creative Phase

The Creative Phase

When an entrepreneur is looking for ideas, they allow themselves to come up with an idea first without any judgment. At this part, they do not bring reason along with them. When encouraging the free flow of ideas, one should keep judgment aside.

However, it is common for some entrepreneurs to be dismissive of their ideas while they are in their premature stage. The phase of creativity is about taking risks and embracing uncertain things. They explore new possibilities, pushing boundaries and push different boundaries and think beyond their current positions.

This allows an entrepreneur to make their business stand out in the market. In this phase, they come up with unconventional solutions and breakthroughs with innovative solutions.

The Judgement Phase

The Judgement Phase

But when an entrepreneur is judging the feasibility of the idea, they are being realistic. This is not the phase where they leave an idea to the imagination, passion, or just the idea itself. They have different parameters allowing them to evaluate these ideas.

Certain parameters for judging these ideas would include judging it based on market demand, resource requirement, funds, technical feasibility, regulatory restrictions, and the wide competitive landscape.

Judgment during the ideation phase can cause the dismissal of lots of premature ideas. But, judging an idea based only on initial realism can result in an incremental thinking mindset. This leads the entrepreneurs to follow ideas that fit into their existing products, ideas, and services.

Read More: Business Entrepreneurship  – What Should You Know Before You Start A Business?

Conclusion

For a new idea to come out and flourish, an entrepreneur needs an environment where the possibility of an idea is welcome. An entrepreneur needs an environment or culture where creativity is encouraged and new ideas can live and grow.

Also, the idea of judging every idea is not really a realistic way to develop creative thinking. So, according to the question, if an entrepreneur is being creative, they cannot bring their judgment along the way and see if each of those ideas is realistic or not. Did this article clear your queries? Please let us know your feedback on the same.

Read Also:

author-img

Shahnawaz Alam

Shahnawaz is a passionate and professional Content writer. He loves to read, write, draw and share his knowledge in different niches like Technology, Cryptocurrency, Travel,Social Media, Social Media Marketing, and Healthcare.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

importance of entrepreneurship

Importance Of Entrepreneurship: Types, Features & Benefits

Entrepreneurship is one of the most important aspects of society, as it helps in developing products and services in the economy by turning a new concept. Entrepreneurs have a better understanding of the market forces in play, and they understand how to find an existing need in society and turn it into a profit-earning opportunity. Let's understand the importance of enterpreneurship in details. In this article, you will learn about entrepreneurship and its importance in society and the economy. Here, we shall discuss every important feature of entrepreneurship and how they benefit an economy as a whole. Then, we will discuss each of these major characteristics of entrepreneurship for better understanding. Hence, to find out more, read on through to the end of the article. What Is Entrepreneurship? According to a definition in Investopedia, “An entrepreneur is an individual who starts and runs a business with limited resources and planning and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.” One of the most important things of an entrepreneur is the capability to deal with risks. Entrepreneurs have the capability to risk their careers and financial security to build a venture. They even do not shy out from spending time and capital on something uncertain. Furthermore, entrepreneurs know how to make the best arrangement for necessary capital, resources, raw material, locations, and human resources. Furthermore, successful entrepreneurs also have the capability of making strong networks and focusing on sales and marketing techniques to make their ventures strong. What Is The Importance Of Entrepreneurship? If you want to understand the importance of entrepreneurship, you will need to understand what an entrepreneur does in society. The term entrepreneur comes from the French word ‘entreprendre’, which means ‘to undertake.’  An entrepreneur is an individual who undertakes or plans for every risk and responsibility that accompany new businesses that are created to make profits. The following are some of the major factors that make entrepreneurship important: 1. Creating Better Job Opportunities The major importance of entrepreneurship in the economy lies in job creation for the people. Entrepreneurs that start new businesses mostly have the opportunity to work for themselves while they provide support to other businesses and grow their own businesses accordingly. By starting new businesses, entrepreneurs earn profits for themselves and employ others in the business as well. This is how entrepreneurship helps in creating new job opportunities at all levels of society. 2. Reduction Of Socio-Economic Problems As entrepreneurs start new businesses, they help to promote new industries, which in turn, helps to create employment in society. Entrepreneurship involves better utilization of resources and offering products and services at competitive costs.  With the help of all these factors, entrepreneurs help to reduce social problems like poverty. Job creation helps to eradicate crime, violence, lower-level living standards, child labor, etc. Entrepreneurship also helps to provide equal opportunities to all sections of society when it comes to work. 3. Creating New Businesses According to Indeed.com, “The entrepreneurs can run the vast majority of these enterprises entirely by themselves. They assemble and coordinate their operational processes that support other business ventures. It is a sector in which a person might start a business idea that could grow into a large corporation.” Basically, entrepreneurs, in general, are people that own businesses individually. They start small in the market but have the capability to find out opportunities faster and deliver accordingly. In all economies, entrepreneurship involves a diverse range of initiatives through which businesses are created. 4. Helps In Wealth Creation The primary role of an entrepreneur is to create and accumulate capital by making profits. As entrepreneurs generate more wealth and pay their taxes, they contribute to the national economy of the country. This helps in adding to the Gross Domestic Product of the economy.  In addition to that, entrepreneurs not only invest their own capital but also draws them from the market. Then they use these capital resources to bring new solutions in the form of products and services to create new markets. These factors help a lot in the growth of the economy. 5. Brings A Culture Of Innovation By bringing in various resources, ideas, and human resources, entrepreneurs bring in a culture of innovation. This positively affects not only the business or an established form but also government agencies. With this process, they either generate new wealth-creating resources or enhance the existing resources’ potential to create more revenue. With the help of such a process, entrepreneurs create new product lines and improve the quality of products with new innovative techniques, ideas, and technologies. This, in turn, helps in creating life better for all. 6. Helps To Harness Resources Better The major factors of production are land, labor, capital, and entrepreneurship. Without these four factors of production, no entrepreneurial activity can be put into place. The fourth one is important since it helps in putting the first three into effect. The major aspect of entrepreneurship is to make resources work better and produce better results which would otherwise not be possible. Entrepreneurs know how to use the right amount of resources at the right place at the right time to produce effective results, which is good for the business. This helps the economy too. 7. Eliminates Poverty With Community Development According to an article in Borgen Magazine, “Instead of giving clothes to children in impoverished communities, employment created through entrepreneurship allows parents to buy clothes for their children themselves. Instead of short-term healthcare initiatives that provide healthcare for a few months at a time, employment allows members of the community to provide healthcare all year round.” Entrepreneurship also promotes industries and creates employment in society. Thus, better income and savings in the economy help in better capital formation and eases living standards. Bottom Line Hope this article was helpful for you to get an idea of the importance of entrepreneurship. You can see that there are various roles played by entrepreneurs which help in eliminating many social and economic problems.  The best thing an entrepreneur can do is find market opportunities and provide solutions. This helps in creating more economic capital and jobs. How do you think entrepreneurs help the economy? Share your views in the comments section below. Read More: Malpractice Vs Negligence – Let’s Find Out The Difference Is Startup Business Insurance Necessary For New Businesses? What Is Commercial Insurance? And Its Different Types – Let’s Discuss

entrepreneur and entrepreneurship

Difference Between Entrepreneur And Entrepreneurship With Examples

An entrepreneur is a person that decides and works accordingly to start a new business. On the other hand, the word entrepreneurship is used to describe the process that the entrepreneur follows to start a business, manage the business, and thereby achieve success with the business. In this article, we will learn in detail about the major differences between entrepreneur and entrepreneurship. In the first section, we will discuss the terms entrepreneur and entrepreneurship. Then you will learn about the major differences between the terms. Finally, we will share with you the major myths associated with entrepreneur and entrepreneurship. Hence, to find out more about these interesting terms, read on through to the end of the article. Who Is An Entrepreneur? According to Investopedia, “An entrepreneur is an individual who starts and runs a business with limited resources and planning and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.” With the help of these entrepreneurial ventures, entrepreneurs try to achieve high returns despite having high market uncertainty. One of the most notable aspects of an entrepreneur is that the individual is willing to take risks in regard to financial security and career. They spend their time and capital on something that is uncertain. These individuals know how to arrange for raw materials, investments, necessary capital, manufacturing locations, office spaces, and human resources. They also know how to make optimum use of those resources to bring out the best outcome for business. Since the entrepreneur carries most of the risks associated with the business, therefore the entrepreneur enjoys the most amount of rewards at the time of success too. Read More: What Are The Different Types Of Entrepreneurship? – Take A Look What Is Entrepreneurship? Entrepreneurship is the process that entrepreneurs take to build their businesses and achieve success while making a positive impact on society. They create and manage business ventures to get access to better finances. This process involves identifying the best opportunities in the market and bringing new ideas and innovations to provide market solutions. According to GeekForGeeks.org, “This (Entrepreneurship) requires a unique blend of skills and qualities, such as innovation, risk-taking, creativity, and resilience. Successful entrepreneurs are known for their ability to adapt to changes in the market, take calculated risks, and persevere through challenges and setbacks.” Entrepreneurship includes creating an applicable business plan, raising capital for the business, bringing new ideas to create products and services, and actually creating those products with the help of resources. Apart from that, it also includes managing the resources and overseeing the operations of the business on a day-to-day basis. According to Investopedia, “Entrepreneurial ventures generally impact economies and communities in a significant manner, which also results in a cascading effect on other sectors, like job creation. Small businesses are more limited in this perspective and remain confined to their own domain and group.” Hence, you can understand how much entrepreneurship is important for society and the economy. This is because entrepreneurs, with their skills and competencies, help in creating more wealth for the economy, provides job opportunities, and create a culture of innovation. Although entrepreneurship typically relates to small business, it can still be applied to any organization. Entrepreneur And Entrepreneurship: Major Differences The following are the major differences between entrepreneur and entrepreneurship: 1. Meaning An entrepreneur is a person, and entrepreneurs are a group of people who come up with an innovative idea. They try to then try to convert that idea into reality while bearing various risks.  On the other hand, entrepreneurship is the activity through which entrepreneurs take steps, where the individuals start their businesses. There they offer products and services to a target market where there is demand, and in return, they earn profits. 2. Decisions Entrepreneur makes major decisions about their business, and the decision is for the creation and growth of the business. On the other hand, entrepreneurship is the process of making such decisions throughout a business’ lifecycle. The decision-making process never ends while the business is there. 3. Representation An entrepreneur is an innovator who has an idea and tries to give shape to it with the help of various resources available in society. On the other hand, entrepreneurship is the process of giving shape to the idea and the process through which the entrepreneur innovates. 4. Business The entrepreneur sets up the business and turns a concept or an idea into a reality by understanding the needs of the market. On the other hand, entrepreneurship is the process through which the entrepreneur makes those decisions. Myths About Entrepreneur And Entrepreneurship The following are the major myths about entrepreneurs and entrepreneurship: Entrepreneurs Take Unnecessary Risks: This is not true. Although entrepreneurs take a lot of risks, those are calculated, and the risks involve a lot of planning and dealings. Entrepreneurs Start Businesses With A Big Invention: Not all entrepreneurs are inventors, and not all businesses are breakthroughs. Most of them identify the opportunities in the market, deliver the right solution, and earn profit in return.  Entrepreneurs Get Success Only After Significant Experiences: This is not true, as most entrepreneurs are young and inexperienced individuals who work day and night to turn their idea into reality. Entrepreneurs Do A Lot Of Research Before Taking The First Step: This factor is partially true as most new businesses start on a new concept, and those entrepreneurs have little to no research capability in those cases. Entrepreneurs Need To Have Enough Capital: Capital is necessary, but some ventures do not need a significant amount of capital, especially with the advent of services that are provided through the Internet. Read More: Business Entrepreneurship  – What Should You Know Before You Start A Business In 2023? Wrapping Up There is no proper definition of an entrepreneur, and hence it is not easy to define entrepreneurship. No theories or models can define entrepreneurship. In simple words, it is the way through which an entrepreneur identifies suitable business opportunities and works towards tuning those opportunities to fruitful outcomes. Another major attribute of an entrepreneur is that the individual knows how to take risks and strategize accordingly for the success of the business. What is your own definition of entrepreneur and entrepreneurship? Share your idea with us in the comments section below. Read Also: Entrepreneurship Skills – Types, Importance & Examples Importance Of Entrepreneurship: Types, Features & Benefits Risk In Entrepreneurship : What Risks Do An Entrepreneur Face?

How To Double Your Money

How To Double Your Money – A Simple And Easy Formula For The Entrepreneurs

Do you want to become rich quickly? If yes, then you need to follow some simple steps for that. You can become wealthy if you follow some of the essential steps correctly. You must follow these steps in the correct order if you want to become a billionaire in a short time frame.  Many of you have asked me earlier how to double your money quickly? The answer is quite simple: you need to follow specific steps for developing your cash fast. Proper planning will help you perform the task better and help you achieve your goals for your investments.    Different Ways To Double Your Money For Entrepreneurs  Multiple ways can help you to double your money for the entrepreneurs. Let’s explore facts that can help your business to grow effectively and adequately. The more you plan accurately, the better you can make things happen in your favor. How to double your money will no longer be a tough task if you can follow the below points.     1. Rule Number 72     Rule number 72 is one of the crucial principles that one should know properly. It is one of the classic rules for investments that can help you gauze the definite time to double your money. In the tactics, you need to divide 72 by the annual growth rate of interest.  It will help you to achieve your goals effectively. Here, you need to plan things as per your budget, and it will help you get the right idea of how to double your money in a short time frame. Several parameters can help you to gain more in a short time.     2. Invest For A Longer period   You must try to make long-term investments. The money will add up significantly, and after the age of your retirement, you can get the lump sum amount of money in a short period. You can make your contribution for the 30years or more.    The long-term investment plan can help you to make your investment in the right direction. You may have more money left over for your business. The longer you can invest, the more you can get the returns from it. You need to make your plans appropriately. It will answer the question of how to double your money effectively.  3. Choose High Return Investment  Investments where you can make the higher returns you can get the higher risk. The investments where there is the lowest risk will provide you the lowest returns. Hence you need to plan well as per the situation’s needs to get the highest returns from your investments. The more accurate your plan is, the better returns you will get for your investments.     How to double your money will no longer be an issue if you effectively follow the above policies. Proper planning can help you to achieve your goals effectively. You must make informed choices for your investments.  4. Make Investments On Bonds     If you want to diversify the portfolio, then investments in stocks and bonds will effectively help you achieve your goals. Bonds do not generate higher returns annually. The bonds can help you get 5% -6% steady returns annually. It will help your business to grow in the right direction.  Proper planning can help you to achieve your business goals effectively. Bonds are the sager investment policies that can help you to achieve your goals effectively. Investments in stocks can provide you with higher returns if the market condition is good. Steady returns are not ensured in stocks, but in bonds, you can receive stable returns.  5. Investments In Stocks    Investment in stocks can help you make the highest returns from your investments. The best thing about it is you can gain more if the stocks purchased by you perform well. You must cross-check the status of the company whose stocks or share prices you want to buy.     Here proper planning and implementing the strategy are crucial. It can help you make the maximum profit from your investments. The more accurate you are in your approach, the better planning you can make for your investments. Proper implementation of the strategy will help your business to grow properly. Here, you need to get the things properly.  6. Oversold Stocks    How to double your money is no longer a problem? You need to buy stocks that can help your business to grow in the right direction. Proper planning here can make you incur more profits for your business.  The oversold stocks are those stocks that are performing poorly in the current market scenario. The mystery of how to double your money will be solved here. The oversold stocks perform poorly currently but can provide you with the highest returns when the market condition is favourable.    You need to play a waiting game here, and you need to wait for the right time when its price will increase. You must make your plans accordingly that can help your business to grow in the right direction.     How To Double Your Money?    You need to make your investment plans carefully if you want to double your investment in a short time. Proper planning can help you get the maximum returns from your investments at the right time. You must do your planning in the correct order to help your business grow properly.  Conclusion  Hence, doubling your money is not that tough, but you need to employ the right ways that can help you get the maximum returns from your investment. Select the best investment opportunity to help your business grow in the right direction at the right point in time.     Here, you need to make plans to help your business grow and prosper in the long run. A proper strategy can help you get things done in moral order at the right time while you need to do the right planning to get more money. You must make your decisions in the right manner it will help you to achieve your goals in the right direction. Read Also: Top 5 Successful Serial Entrepreneur Of All Time – 2021 Updates How To Create A Powerful Strategic Marketing Plan – Step By Step Guide 5 Most Powerful Marketing Strategy That Will Change Your Business In 2021

richest person in the world

Top 20 Richest Person In The World

The position of the richest person in the world has never been empty. One after another, a rich business entrepreneur has taken the spot of the richest person on earth. Forbes, the American  Business magazine, publishes the World’s Billionaires list every year. They compile the list of the richest businessmen and businesswomen in the world and publish the compiled list. The listing is usually done based on their documented assets and by accounting for them for debt and other different factors. The list of the richest person in the world usually comes out in March, and the first-ever list of the richest man on earth came out back in 1987. Bill Gates was the richest person on the planet from 1995 to 2010; then again, he claimed the position in 2013 and kept it till 2017. The current individual to own the title of the richest person on earth is Elon Musk. Here is a small overview of the richest person on earth– 1. Elon Musk Age:  51Nationality: American Net Worth: $240.7 BillionImportant Assets: SpaceX, The Boring Company, Twitter.Famous For Tesla, SpaceX, Twitter ownership Elon Musk is best known as the founder of Tesla. He is responsible for PayPal. It was his startup X.com that later became known as PayPal. Musk revolutionized the electric vehicle industry with his car manufacturing company, Tesla. He is the richest person in the world. He also invented his zero-profit organization named SpaceX. Musk is also the owner of SolarCity. Elon Musk also owns Neuralink, The Boring Company, Open Ai, and Tesla Energy are some of his business ventures. Recently, Musk also acquired Twitter. 2. Jeff Bezos Age: 59Nationality: AmericanNet Worth: $154.9 BillionImportant Assets:  Amazon, Blue Origin, The Washington PostFamous For Amazon Amazon, founded by Jeff Bezos, is the pioneer of all eCommerce platforms. Jeff Bezos has also acquired the place of the richest person on the planet. Bezos started his eCommerce venture with the intent to sell books online. Although Bezos pitched the idea to the head of the prestigious book store named D.E Shaw, his ideas were not well received. Bezos then took the risk to start his own eCommerce platform we now know as amazon.  Bezos is the former richest person in the world. 3. Bernard Arnault Age:  74 Nationality: FrenchFamous For LVMHImportant Assets: Moelis & Company equity, Hermès equityNet Worth: $231 billion Bernard Arnault is the chairperson of LVMH. Several famous fashion brands are known as  LouisVuitton, and Hennesey is under his ownership. Most of his wealth comes from his stake Christian Dior SE.  This holding company controls 41.35% of the whole LVMH. 4. Bill Gates Age:  67 Net Worth: $119.3 BillionNationality: AmericanFamous For MicrosoftImportant Assets: Cascade Investment LLC Bill Gates’ love for computers bloomed into the largest software company the world has ever seen. He and his lifelong friend Paul Allen developed the software company we know as Microsoft.  Bill Gates remained the richest person in the world through the virtue of Microsoft.  Aside from being the richest man on earth, Gates is also known for his charitable work and as an environmentalist. 5. Gautam Adani Age:  61 Nationality: Indian Famous For Adani groupset Assets: Adani Ports & Special Economic Zone, Adani Green Energy, Adani Total GasWorth: 55.7 billion Important Assets: Adani Ports & Special Economic Zone, Adani Green Energy, Adani Total Gasimportant The founder of Adani Group, Gautam Adani, became listed in the Forbes magazine as the fourth richest man in the world surpassing Bill Gates. But currently (1st June 2022) he ranks as the 7th richest man on the planet. Adani is close behind Elon Musk, the richest person in the world. 6. Warren Buffet Age:  92Net Worth: $117.4 Billion Famous For Business and PhilanthropyImportant Assets: Berkshire HathawayNationality: American The master investor Warren Buffet returned the first tax of his life at the age of 14. Buffet owned and held the stocks of underdeveloped companies for the long term and acquired immense wealth that way. In 1962, he acquired his first share of a company named Berkshire Hathaway, and he became the major stakeholder of the company in 1965. 7. Larry Page  Age: 50 yearsNationality: AmericanFamous For GoogleNet Worth: $119 BillionImportant Assets: Alphabet stakes Larry Page is the founder of the most used internet search engine named Google. He founded Google in 1998. Now it is the most dominant search engine in the world. As of 2015, Google became a subsidiary of  Alphabet, a holding company. 8. Sergey Brin Age: 50Nationality: American/SovietFamous For Google President of technologyNet Worth: $106.2 BillionImportant Assets: 6% Alphabet stake Another rich person in the world is Sergey Brin, the owner of the 6% stake in Alphabet. He became the president of the tech at Google in 2001. After Alphabet was established he held the same post at google and acquired a massive amount of wealth. 9. Mukesh Ambani Age: 65 years   Nationality: IndianFamous For Reliance IndustryNet Worth: $98 billionImportant Assets:  Reliance assets Son of Dhirubhai Ambani, Mukesh Ambani is the owner of Reliance industries. The textile mill that Dhirubhai Ambani opened in 1966 has been listed on the stock exchange of Mumbai since 1977. That is where the wealth of Reliance started to grow, making Mukesh Ambani one of the richest persons on the planet. Mukesh Ambani might not be the richest person in the world but he has acquired an immense amount of assets. 10. Steve Ballmer Age: 66 years Nationality: AmericanFamous For Microsoft CEONet Worth: $89 billionImportant Assets: 4% Microsoft assets Ballmer succeeded Bill Gates as the CEO of Microsoft from 2000 to 2014. He also owns a 45 stake in the Microsoft company. He is also the owner of the Los Angeles Clippers basketball team for $2. 11. Larry Ellison Age: 79Nationality: AmericanFamous For Software company OracleNet Worth:  $139.0 BillionImportant Assets: 35% share of Oracle Larry Ellison is the co-founder and the chairman of the big software company named oracle. His immense wealth is the result of his 35% share in the company. Aside from being the CEO of Oracle, Ellison is also the technology officer of the company. 12. Carlos Slim Helu Age: 82 Nationality: MexicanFamous For América Móvil, telecom company Net Worth: $81 billion importantAssets: América Móvil, 17% of The New York Times The richest man in Mexico is Carlos Slim Helu. He and his family control the biggest mobile telecom named América Móvil. He also has a stake in a Mexican mining and construction group. He also owns 17% of The New York Times. 13. Mark Zuckerberg Age: 38Nationality: AmericanFamous For Facebook, MetaNet Worth: $67.7 billionImportant Assets: 12% Facebook stock Mark Zuckerberg is known for his creation of the social media app named Facebook ( currently termed Meta). Meta also has different platforms like Instagram, Whatsapp, and Messenger under its control. Elon Musk has surpassed Zukerberg as the richest person in the world. But Zuckerberg still is the founder of one of the first social networking companies in the world. 14. Michael Bloomberg Age: 81Nationality: American   Famous For Co-Founder of Bloomberg LP, Mayor of New York CityNet Worth: $96.3 BillionImportant Assets: 88% Bloomberg LP The co-founder of the financial information company named Bloomberg LP is Michael Bloomberg. He owns 88% of the company’s stake. Mr. Bloomberg has also remained the Mayor of New York City for 12 years. 15. Zhong Shanshan Age: 67Nationality: ChineseFamous For CEO of Nongfu SpringNet Worth: $65 billionImportant Assets: 84% of Nongfu Spring A school dropout, Zhong Shanshan is the chairperson of a bottled water company named Nongfu Spring. The company got listed in the Hong Kong stock in 2020. His early life was spent as a construction worker. He is not the richest person in the world, but his growth is inspiring for business people. 16. Jim Walton Age: 75Nationality: AmericanFamous For Board Member of Walmart, Arvest Banks ChairpersonNet Worth: $67.7 BillionImportant Assets: Walmart, Arvest Bank. The youngest son of the founder of Walmart is Jim Walton. He is also the chairman of his family’s bank named Arvest Bank. He also used to be one of the board members of Walmart. His immense wealth from Arvest Bank lists him way behind Elon Musk as the richest person in the world. 17. Alice Walton Age: 75Famous For Crystal Bridges Museum of American ArtNationality: AmericanNet Worth: $66.0 Billion Important Assets: Walmart share Sister of Jim Walton and the only daughter of the Walmart founder Sam Walton, Alice is a collector and curator of arts. She is the founder of the Crystal Bridges Museum of American Art. 18. Rob Walton Age: 77   Nationality: AmericanFamous For Walmart chairmanNet Worth: $59 billionImportant Assets: Walmart stock Rob Walton took over for his father as the chairperson of Walmart in 1992. All the Walton siblings own half of the Walmart stocks. The wealth of Walton may not be enough to make him the richest person in the world. But his wealth is near many big named billionaires. 19. Changpeng Zhao Age: 46Nationality: CanadianFamous For Binance exchangeNet Worth: $13.1 Billion Changpeng Zhao, also known as CZ, is the founder of the biggest cryptocurrency exchange in the world. Finance is the biggest Cryptocurrency exchange in the world, and CZ is the billionaire with a $17 billion net worth. 20. Francoise Bettencourt Meyers Age: 70  Nationality: FrenchFamous For L’Oreal company CEO, the richest woman in the worldNet Worth: $84.9 BillionImportant Assets: 33% L’Oreal stock Francoise Bettencourt Meyers may not be the richest person in the world, but she is the richest woman in the world. She is the granddaughter of the founder of the L’Oreal company. She and her company hold 33% of the company. Frequently Asked Question (FAQs) If you are looking for any further queries, here are some questions and answers – Q1. Who Is The No. 1 Richest Person In The World? Ans: Elon Musk, the confounder of Tesla and the founder of  SpaceX, is the number one richest person in the world. Before him, the position was held by Bill Gates and Jeff Bezos. Q2. Who Is The 7 Richest Person In The World? Ans: Here are the seven richest people in the world –i. Elon Muskii. Jeff Bezosiii. Bill Gatesiv. Warren Buffettv. Bernard Arnaultvi. Larry Pagevii. Sergey Brin Q3. Who Is The Richest Indian? Ans: Gautam Adani of the Adani group and industries is the richest person in India. His business with Adani groups has helped him acquire $112 billion. Some other billionaires from India are – Mukesh Ambani, Shiv Nadar, Lakhsmi Mittal, etc. Q4. Why Is Elon Musk So Rich? Ans: The strong business acumen, innovative ideas, and the will to do disruptive industrial work are the main reason behind Elon Musk’s wealth. Final Words The list of the richest people in the world keeps changing. If you look at the list a year or two ago, there was another person sitting at the top of the list. The current list of the richest person in the world is topped by Elon Musk, the founder of Tesla, SpaceX, and several other companies. He is succeeded by Jeff Bezos, Bernard Arnault, Bill Gates, Gautam Adani and so many more. I hope the list above helps you with the information you need. Read Also: 4 Tips For Succeeding In The Great Resignation How To Start A Concession Stand Business? – A Complete Guide How To Double Your Money – A Simple And Easy Formula For The Entrepreneurs