U.S.News recently published their “Secrets of the Super Rich” edition in the US and it makes for fascinating reading.
Here is their list of the 7 Keys to Making a Fortune…
1. Perseverance Beats Education
While more and more people on the world’s rich lists are seeking higher education there is still a very large group who didn’t even graduate from high school. “Smartness is an ability to absorb new facts” says Bill Gates, “To ask insightful questions. A capacity to remember. To relate things that seem not connected at first.”
Sam Walton said, “I think I overcame every single one of my personal shortcomings by sheer passion. I don’t know if you are born with this kind of passion or if you can learn it. But I do know you need it.”
2. Make Your Own Luck
Harold Hamm quipped, “I consider myself very lucky when I work hard.” Eli Broad said, “I believe the harder you work, the luckier you get.”
Oprah Winfrey said, “I don’t consider myself lucky. I think luck is preparation meeting opportunity.” T.Harv Eker, author of Secrets of the Millionaire Mind said, “No luck or anything else worthwhile will come your way unless you take action. And when you do, is it luck or is it the universe or a higher power supporting you in miraculous ways for having the courage and commitment to go for it?”
3. Gamble but wisely
Because they constantly see opportunity the rich are willing to take a risk. The very best make calculated bets designed to recoup their investment in a worst case scenario.
They also have an unshakable belief in their own ability – a supreme self-confidence that doesn’t factor in fear or failure.
4. Know Your Market Intimately
This business classic is critical to business success – to have a deep understanding of the market your business operates in.
5. Focus Obsessively, and work hard
Having a great vision or idea is a start but executing it requires focus, attention to detail and often the willingness to follow grueling work schedules. “The rich don’t base their actions on what’s easy and convenient.”
6. Timing is everything
All markets have their ups and downs but most members of the super-rich got there by riding a business boom or conversely by seizing opportunities that often accompany the inevitable busts.
7. It’s Not Just (or even mostly) About the Money
A widely held assumption is that money is what motivates entrepreneurs to succeed but researchers say that is just not the case. “Studies show the desire for financial success in no stronger among the super-rich than every day people,” say Charleston College’s Kelly Shaver. “No one is saying that they don’t like wealth; but what matters more to them is innovation, the intense commitment that have to an idea, and the difference it can make. Money is the by-product.”
It’s easy to lose confidence sometimes, especially when things don’t appear to be going so well, but those are the times you need your confidence most. It’s easy to be positive when everything is going your way but those who achieve success and happiness keep their heads when everybody around them is losing theirs.
Written by Peter Spann
Peter Spann – Film Maker | Director | Business Coach | Writer | Public Speaking Coach | Presenter | Investor.
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