The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Who Wants To Be A Billionaire?
Do you have what it takes to become a self-made billionaire? That’s the question posed by this infographic from the Brighton School of Business and Management which examines some of the personality traits that many self-made billionaires possess.
In the infographic you will discover, for example, some of the personality traits that many self-made billionaires possess. Discover some fascinating rags-to-riches stories and unearth some of the top business tips form the world’s most successful billionaires. From Larry Ellison to Ursula Burns discover what drives a person to become a self-made billionaire, and see if you’re up to the task.
In the infographic you will discover, for example, some of the personality traits that many self-made billionaires possess. Discover some fascinating rags-to-riches stories and unearth some of the top business tips form the world’s most successful billionaires.
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DO YOU HAVE WHAT IT TAKES?
Travie McCoy sang, “I sweat the world world better prepare, for when I’m a billionaire” but did he really know what it takes? Discover the top traits self-made billionaires possess, hear some rags-to-riches stories and hear top business tips from the world’s most successful business people.
TOP 10 PERSONALITY TRAITS OF SELF-MADE BILLIONAIRES
“I like thinking big. If you’re going to be thinking anything, you might as well think big.” – Donald Trump
Self-made billionaires refuse to allow their creative imagination to be hindered by race, age, or background. They dream big and work towards that dream. They didn’t just emerge as billionaires overnight; they desired it, they hungered for it, and worked towards making that desire a reality.
They take calculated risks
“To win big, you sometimes have to take big risks.” – Bill Gates
Most people abhor taking risks but billionaires know how to take calculated ones. Instead of shying away, billionaires put up a strong risk management strategy and then go ahead and take the risk. For many, their ability to take calculated risks is the reason they emerged as billionaires.
They are competitive
“And obviously from our own personal point of view, the principal challenge is a personal challenge.” – Richard Branson
Most people dread competition but billionaires thrive in competitive environments. They believe that competition brings out the best in them so they seek it out.
They are focused
“The wise man puts all his eggs in one basket and watches the basket.” – Andrew Carnegie
Take a look at today’s prominent billionaires and you will see that they are focused in their dealings. They don’t try to do many things at once; they focus on one. When it comes to business, billionaires are focused.
They are driven by passion
“Passion is what drives me forward. Passion is what makes me go to bed at 2am and wake up at 6am.” – Aliko Dangote
Listen to billionaires speak and you will sense a kind of passion in them. Billionaires are passionate about their calling and they pursue this calling with vigour. It’s this passion in them that keeps them going; despite their wealth, their passion keeps them working long hours.
They are goal getters
“I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think is it possible to beat Microsoft.” – Larry Ellison
Billionaires are goal getters. They spend time to set goals that are high and challenging but realistic and attainable; and they don’t rest on their laurels until their set goals are achieved. To them, life without goals set and achieved is a wasted life.
They thrive on critcism
“Dare to risk public Critism.” – Mary Kay Ash
Billionaires don’t get weighed down by criticism; instead, they are inspired by criticism. Billionaires welcome criticism because they see criticism as a feedback to improve themselves.
They learn quickly from mistakes
“Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.” – Steve Jobs
Billionaires make mistakes, just like every other human and their mistakes sometimes lead to business failures but billionaires don’t get bogged down by mistakes; they don’t bow their head in defeat. Instead, they quickly acknowledge their business mistakes, correct them, learn from their failures and move on.
They believe in themselves
“You are nuts and you should be proud of it. Stick with what you believe in.” – Trip Hawkins
Strong self-belief is an uncommon trait possessed by billionaires. Billionaires display a high level of self-confidence. They have a little belief in fate, they strongly believe in themselves and their ability to achieve their set goals. Billionaires take charge of their destiny; they don’t leave it to fate.
They are committed
“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad
Unyielding commitment is another uncommon trait of billionaires. Despite acquiring tremendous wealth, billionaires remain committed to their call.
RAGS TO RICHES
SELF-MADE BILLIONAIRE STORIES
Net worth: $33.7 billion
Billionaire Story: Mark Elliot Zuckerberg is an American entrepreneur best known for co-founding the popular social networking site Facebook. Zuckerberg was born into a middle class background in White Plains, New York and started programming when he was in middle school.
FACT! Microsoft and AOL tried to purchase a music player named Synapse developed by Zuckerberg and recruit him, but he decided to attend Harvard University instead.
Net Worth: $53.6 billion
Billionaire Story: Ellison was adopted by a middle class family in Chicago at 9 months old. After studying computer design, he became a programmer at Ampex. In 1977, he co-founded what would become Oracle Corporation with just $1400 from his savings.
FACT! Ellison participated in building the first IBM-compatible mainframe system.
Net Worth: $13.5 billion
Billionaire Story: Lakshmi Niwas Mittal was born at Sadulpur, in the Churu district of Rajasthan, in a poor family. He started his career working for his father’s steel business, then set out to establish his own LNM group and has been the sole person responsible behind the astounding growth of his business in and around the world.
FACT! His home at Kensington Palace Gardents, cost US $128 million, making it the most expensive home at the time. It is named Taj Mittal, since it has interiors decorated by the marble taken from the same quarry that supplied the Taj Mahal.
Net Worth: $3.5 billion
Billionaire Story: Ingvar Feodor Kamprad began to develop a business as a young boy, selling matches to neighbors from his bicycle. He bought in bulk cheaply from Stockholm and sold at a cheap price for a good profit. When Kamprad was 17, his father gave him a cash reward for succeeding in his studies. He used that money to establish what has grown into IKEA.
FACT! Kamprad is notoriously frugal despite his great wealth. He lives in a modest house, files budget class, takes the bus, and eats at the inexpensive IKEA café.
Net Worth: $2.5 billion
Billionaire Story: From his upbringing in a poor family in the Bronx, Howard Shultz is a consummate example of the American dream. As a coffee machine salesman in Seattle, he took interest in a local bean company, Starbucks, and became their head of marketing. When his ideas were being ingored, he set up his own company, II Giornale and a year later bought Starbucks for $3.8 million.
FACT! Shultz was the first in his family to graduate high school and was awarded and athletic scholarship to the Northern Michigan University where he studied communications.
Net Worth: $2.8 billion
Billionaire Story: In an interview, Burns described growing up poor with “lots of Jewish immigrants, fewer Hispanics and African-Americans, but the greater equalizer was poverty.” She started her career in Xerox as an intern, later becoming an assistant to high-ranking executives and eventually becoming an executive herself.
FACT! Ursula M. Burns became the first black lady to become the CEO of a Fortune 500 company in July 2009.
TOP BUSINESS LESSONS FROM SELF-MADE BILLIONAIRES
Learn from failures
“It’s fine to celebrate success but it is important to heed the lessons of failure.” – Bill Gates
Bill Gates knows a little something about failure. One of the most famous and successful tech entrepreneurs in history, Gates was first a college dropout. Still, in his time at Harvard, Gates told his professors he would be a millionaire by the time he turned 30. He did them one better, in fact, by age 31, he was a self-made billionaire.
Know when to move on
Part of being a winner is knowing when enough is enough. Sometimes you have to give up the flight and walk away, and move on to something that’s more productive.” – Donald Trump
If it seems like Donald Trump has his irons in a number of different fires, it’s because he does. He’s a prime example of a mover and a shaker, constantly working new deals. But he doesn’t get emotionally attached or married to any of them.
Take heed of your public persona
“As I grow older, I pay less attention to what men say. I just what what they do.” – Andrew Carnegie
The Internet has forever changed the way we communicate–and the vast amount of information available about individuals and businesses. Even start-up entrepreneurs can find themselves under the microscope, to varying degrees. Social networks life Facebook mean nothing is ever really private anymore, customers are watching, and potential investors are watching.
Grow a thick skin
“If you never want to be criticized, for goodness’ sake don’t do anything new.” – Jeff Bezos
Amazon CEO Jeff Bezos is a tech leader many love to hate. His company has faced criticism and controversy since its launch, with Bezos’ personal business ethics and management style often thrown into the mix. Bezos understands that changing the game invites criticism.
Be in the know
“Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do or don’t do it.” – Mark Cuban
Mark Cuban’s first business, MicroSolutions, sold to Compuserve for $6 million. His next venture Broadcast.com was acquired by Yahoo for $5.7 billion in stock. Cuban knew his industry inside and out and continues to invest in businesses that he understands.
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