The founder of Microsoft has net worth of US$80bn and a reputation for philanthropy. So what does Bill Gates believe helps achieve success?

These five points were highlighted by Inc.

1. Learn to say no

Are you always overloading yourself accepting invitations, tasks and supporting projects? It’s time to say no. Gates isn’t the first hyper-achiever to highlight the importance of prioritising your time – he got the tip from Warren Buffett – but it’s classic advice that it pays to listen to. Work out what’s most important and stay focused.

2. Take on board criticism

We all make mistakes and it is worthwhile listening to critical feedback when it comes your way. It’s a learning experience – not always pleasant but it can be valuable.

3. Be optimistic

If there is one trait that sums up an entrepreneur, surely it is optimism? Investing time, energy and finances into a new idea or project, creating a business from scratch or turning around a business in decline – all these are signs of a positive outlook.

Don’t give up the optimism, even in the face of really tough times. And a can-do attitude will always attract a good team and enthusiastic franchisees.

4. Fail

Yes, failing is essential to success. This generally accepted advice is based on the fact that we learn more from our mistakes than we do from our achievements. The important part is the learning.

5. Head for your goals

It’s important to keep on track with your goal clearly set out ahead. Gates has written “You can achieve amazing progress if you set a clear goal and find a measure that will drive progress toward that goal.”