10 Top Traits All Billionaire Entrepreneurs Have in CommonAugust 26, 2016
This original article was written BY JAKE NEWFIELD for Inc.com.
Did Mark Zuckerberg earn his wealth merely by stumbling onto the newest media trend, or is there something deeper and more meaningful that creates a billionaire?
After examining and interviewing over 35 billionaires, the commonalities are shocking. While many of the world’s wealthiest people have earned their riches in drastically different ways, they all share 10 traits. Whether their success came from technology, oil, investments, or retail – these 10 traits hold through in every single case.
Which traits do you have?
1. Insatiable desire for money and success
It’s hard to satisfy a billionaire, and it was especially hard to satisfy them before they reached their pinnacle of wealth. Complacency and content are two of the most dangerous traits for someone who wants to accumulate wealth. By always striving for more, billionaires are able to achieve their success.
2. Entrepreneurial mindset
Becoming a billionaire starts with thinking like one. The billionaires we spoke with emphasized their inclination towards finding their own path, creating their vision, and growing it to become a reality. Being able to blaze your own trail and create solutions is part of what billionaires attribute to their success.
3. Relentless Work Ethic
Billionaires aren’t made overnight.
Whether you have a great idea or the means to accomplish it, creating enormous wealth takes an equally enormous amount of effort sustained over a long time. Persistence and devoted energy over a sustained period of time is necessary to see your dream through fruition.
4. Empathic Ability
Successful people can make friends with anyone.
To execute deals and grow business, you need to be able to get along with people. Even further – you need to be able to connect with people and get them to favor you. A billionaire’s ability to persuade and communicate with other people is pivotal to their ability to succeed.
New money doesn’t come from old ideas.
All billionaires have the ability to innovate, to create new ideas, and to take common ideas and turn them inside-out. This comes from finding problems, understanding consumers, and creating solutions to problems.
6. Ability to Motivate Others
Being successful requires a talented team to back you up.
There is no person to ever make billions of dollars without the help of other people. If you can motivate others to help you achieve your goals, you will be able to go immensely further than you would alone.
7. Constant Dissatisfaction
People who achieve satisfaction easily tend to be complacent. If you are always dissatisfied, then you are always trying to improve, to make more money, to be better.
The billionaires today didn’t spend a week celebrating when they made their first million. They put the money in the bank and went back to work.
8. Willingness to Take Risks
Rarely is the winning lottery ticket handed to you.
Every billionaire has had to take a big risk at one point in his career. Elon Musk is known for investing all of his earnings from PayPal into Tesla and SpaceX, and in doing so risked everything. Yet in doing so, he put himself in a position to make a lot more money than he ever had before.
9. Coachability & Hyperfocus
Nobody is born with the ability to do everything on their own.
To be successful, you need to learn the basics from other people, and find mentors who appeal to your goals. At the same time, billionaires are able to hyper-focus on one task or one goal at a time, until that goal is completed.
10. Big-Picture thinking
Big ideas require big-picture thinking. Billionaires are dreamers whose willingness to win is strong enough for them to fight through every obstacle in their way.