Finance: Traits of successful people I've met

[Pook]

I've met my share of millionaires and successful entrepreneurs. Is there something unique about their characters? Here's what I've observed. EVERY successful person I've met contains these two qualities:

1) They work very hard at what they do (and easily put in the time to do it).

2) They LOVE what they do (so it doesn't seem like work).

But's let's look deeper then this, shall we?

Trends

They seem to be very aware of trends. And I don't mean fashion trends. I mean demigraphic trends and technological trends.

For example, Japan will be decreasing in population. America will be increasing in population. Understanding the trends mean investing in real estate in Japan may not be wise while investing in real estate in America might be wise.

I have a friend who does nothing but notices a new trend, build a good solid business in that trend, and sell the company for big bucks while that trend is hot. He then moves on to the next trend.

Example: Years and years ago, when hand held pcs were very much a novelty, he created a business in it and when the industry took off, he sold his business. He'll find the next trend, and start another business. Millionaire at 26. Not bad!

Bill Gates made his fortune through trends. Altair (sp?) was developing the first home pc and Gates called them to sell his Operating System (which he hadn't even written). He ends up buying one from someone else and puts himself into the trend of operating systems for home pcs.

What's also important about trends is realizing the BAD trends. If you make a business in a bad trend, you can do everything right and have the market shrink into oblivion. I mean, you don't go selling horse and buggies when cars are coming from the assembly line.

Communication

Money seems to be attracted to the communicators. I've never met any successful person who didn't have excellent communication skills. And I don't necessarily mean sales skills.

What I think is at the heart of this skill is not HOW they say things or how ENERGETIC they are. Rather, it is an acute awareness of human nature. They KNOW how the other person is thinking and shift their presentation to reflect it. This goes to making something the customers want to getting investors to invest in you.

St. Augustine had a saying that the best way to win a debate is to know the opponent's position better than the opponent! (Those who get the women also are the communicators.)

Failure

All these people failed. Oddly, most of them held bitter memories of being made fun of either in school or in their youth. I get the sense that they are trying to prove something to the world.

These people were attracted to the benifets of their dream. They did not try to prevent mistakes. They tried to realize their vision. They didn't say, "Must analyze forever so there will be no mistakes!"

Time > Money

Strangely, for many money wasn't their focus. Rather, it was doing what they love and maximizing it to its potential. Then the money came.

Time is more valuable to them then money. You may get money from a rich guy, but it is very hard to get their time.

Poor people will be trying to 'save' on their purchases by driving all around town to 'save a few bucks'. These peoples' mindsets would rather sacrifice the few bucks for the additional time it gives them. They did this even when they had no money.

Share your observations of any successful person you've met.

 

[aBAzLLnA]

One's I've met keep an active and healthy life. One comes to mind, he's a really good friend of mine and is an intense rock climber. He actually climbed Mt. Kilamanjaro (sp?) this summer at the age of 18.

Not only is he extremely active, but he is also a well dispositioned (sp?) person. Always optimistic and looking on the bright side of things even when they seem dark.

I've learned a cow-load from this kid, and he's only 18. Stay active, remain positive, be a good person, and you'll have more friends than enemies.

 

[diplomatic_lie]

There was this chick I know whose already made her first million at age 21, while doing college.

Her "secret" was simply the fact she always did what she enjoyed. A lot of business owners try to analyse trends or markets or profitable categories...she just did what she loved doing, and succeeded as a result.

So yeah, do what you love, because that's what you're going to wake up to every day.

 

[Shiftkey]

Her "secret" was simply the fact she always did what she enjoyed. A lot of business owners try to analyse trends or markets or profitable categories...she just did what she loved doing, and succeeded as a result.

I doubt that was her only secret. I enjoy watching movies; that doesn't mean watching movies will make me a millionair.

 

[diplomatic_lie]

Originally posted by Shiftkey
I doubt that was her only secret. I enjoy watching movies; that doesn't mean watching movies will make me a millionair.

Actually, I can think of several ways you can make money by watching movies. So yes, if you do what you like, adapt it into a business/career, you will succeed.

 

[Sammo]

Originally posted by diplomatic_lie
There was this chick I know whose already made her first million at age 21, while doing college.

Her "secret" was simply the fact she always did what she enjoyed. A lot of business owners try to analyse trends or markets or profitable categories...she just did what she loved doing, and succeeded as a result.

So yeah, do what you love, because that's what you're going to wake up to every day.

This is #1. It all comes back to this, all the other behaviours you pick up on succesfull people all stem from this 1 concept.

The most succesfull person i knew must of been the guy i did work experience for, he owned the most succesfull real estate agent in my city. This guy was expelled frmo high school and the people working for him have uni degrees.

The thing i noticed about him was his energy, he told me about 6 times in one week that "time is money" and i know this guy believed it. He was all over the place, he did more in that week then most people do in a month.

He was also dominant, he spoke more then other people, he spoke a little louder and walk with confidence. And people were dominated and this guy was tiny.

But yeah, i guess it came back to #1. He loved talking and communicating and real estate sale were perfect for him.

 

[MetalFortress]

Originally posted by diplomatic_lie
There was this chick I know whose already made her first million at age 21, while doing college.

Her "secret" was simply the fact she always did what she enjoyed. A lot of business owners try to analyse trends or markets or profitable categories...she just did what she loved doing, and succeeded as a result.

So yeah, do what you love, because that's what you're going to wake up to every day.

What did she enjoy?

 

[diplomatic_lie]

Originally posted by MetalFortress
What did she enjoy?

Sex. She's an escort.

Actually, she enjoyed outdoor sports/activities, so she turned that into a tourism company. Then later a white water rafting guide, then into rural property investment.

However so much success at such a young age does come with some strings attached. I hang out with her and some friends once a month - and that is her full social life.

 

[Jvesti]

Hey guys,

Just letting you know there is a mastermind business group made out of a decent percentage of sosuavers. We meet weekly on aim internet chat. The purpose of the group is to ensure the success of each individual member by pooling advice, networking, resources etc. "Mastermind" in the Napoleon Hill definition is applied.

I figure I'll post this on here to limit the amount of visibility since we don't want it to explode into a cluster**** since we are just starting out. Word of mouth would probably be a better form to grow due to its nature. If you are interested you can contact me at:

AIM: Jvesti123

 

[Ricky]

Let me add this one



RISK TAKING

I went to college got an engineering degree, and a masters and have so far lived the practical life.

Two guys that I know of from my high school that were bad students, both have created great businesses and appear to have alot more money than me.

They didn't have college as an option, and they didn't have that practical nagging voice in the back of the head that said, "Find a nice career that will give you security, etc"


Now to plug myself a bit, I have gone back to get a second masters and it looks I will easily increase my salary again. I have quit good jobs twice to do this, so I'm a bit of a risk taker myself I guess!

 

[Shiftkey]

Actually, I can think of several ways you can make money by watching movies. So yes, if you do what you like, adapt it into a business/career, you will succeed.

Yes, there are ways of making money that involve watching movies, but watching movies in itself will not make you rich. There's much more too it. That's my point.

 

[Marcopolo]

Making money watching movies? How about making money as an artist doing oil paintings? How come the stereotype is that most of these guys end up starving or getting day jobs even if they love what they are doing? If I thought even for a second that I could make millions doing this I would drop my job to be a full time painter because this is my true (and secret) passion.

 

[Alpine]

Work out how you can 'Profit from your Passion'

And we're not talking pimping here.

 

[MackJr]

Organized

I think organization is important. I used to not be that organized and I wondered why I hated work so much while I like play activites (sports, video games, movies, books) so much. I eventually realized that in play activies, what you're doing has been organized for you, while in work you have to do it yourself. However, once you get a handle on being organized, you can control the fun level, and thus control your motivation and also get more success.

this isn't an obvious fact, but it's true. In a large sense, a DJ is someone who's taken an organized approach to dating so as to get better much faster.

 

[Alpine]

Having lots of money starts with desire, everything else follows.

Two books that analyse and model very wealthy/effective people are:

How to grow rich. This is the classic, slightly old style, but the fundementals never change.

7 habits of highly effective people. Stephen Covey's classic

The parallels with DJing are uncanny.

Desire

Have a plan.

Be Bold.

Fvckin Apply it.

Never give up.

 

[Krassus]

There are enough of these traits to fill many books, and they're all priceless. For now, here's one off the top of my head: the courage to dream big dreams. There is a good saying that goes something like this: "it is better aim your bow at the moon and hit an eagle than aim it at an eagle and hit a rock." The more successful a person is, the more likely they are to posess this trait, and vice versa. Since our financial success is a reflection of what goes on inside our heads, incredible, jawdropping success simply isn't possible without the posession of this trait and others like it. You can never become a magnificent success until you can imagine becoming a magnificent success. Going back to your example about Microsoft: their vision of "a computer on every desk and our software on every computer" seemed laughable to say the least when they started the company. I mean think about it, two guys in their twenties who set out on a mission to have one of their products sitting on every desk in the world. On millions, billions of desks! How crazy is that? And yet, try to find a computer today that doesn't have Microsoft software on it! Gates had a huge, huge dream and became a huge, huge success.

 

[Krassus]

Originally posted by Alpine
Work out how you can 'Profit from your Passion'

And we're not talking pimping here.

Seriously, do you have any idea how much money there is in the ultra high-class escort agency business? The owner of a business where a single worker gets paid $500 per hour is destined for success.

 

[quest]

Originally posted by Pook
I've met my share of millionaires and successful entrepreneurs. Is there something unique about their characters? Here's what I've observed. EVERY successful person I've met contains these two qualities:

1) They work very hard at what they do (and easily put in the time to do it).

2) They LOVE what they do (so it doesn't seem like work).

But's let's look deeper then this, shall we?

Trends

They seem to be very aware of trends. And I don't mean fashion trends. I mean demigraphic trends and technological trends.

For example, Japan will be decreasing in population. America will be increasing in population. Understanding the trends mean investing in real estate in Japan may not be wise while investing in real estate in America might be wise.

I have a friend who does nothing but notices a new trend, build a good solid business in that trend, and sell the company for big bucks while that trend is hot. He then moves on to the next trend.

Example: Years and years ago, when hand held pcs were very much a novelty, he created a business in it and when the industry took off, he sold his business. He'll find the next trend, and start another business. Millionaire at 26. Not bad!

Bill Gates made his fortune through trends. Altair (sp?) was developing the first home pc and Gates called them to sell his Operating System (which he hadn't even written). He ends up buying one from someone else and puts himself into the trend of operating systems for home pcs.

What's also important about trends is realizing the BAD trends. If you make a business in a bad trend, you can do everything right and have the market shrink into oblivion. I mean, you don't go selling horse and buggies when cars are coming from the assembly line.

Communication

Money seems to be attracted to the communicators. I've never met any successful person who didn't have excellent communication skills. And I don't necessarily mean sales skills.

What I think is at the heart of this skill is not HOW they say things or how ENERGETIC they are. Rather, it is an acute awareness of human nature. They KNOW how the other person is thinking and shift their presentation to reflect it. This goes to making something the customers want to getting investors to invest in you.

St. Augustine had a saying that the best way to win a debate is to know the opponent's position better than the opponent! (Those who get the women also are the communicators.)

Failure

All these people failed. Oddly, most of them held bitter memories of being made fun of either in school or in their youth. I get the sense that they are trying to prove something to the world.

These people were attracted to the benifets of their dream. They did not try to prevent mistakes. They tried to realize their vision. They didn't say, "Must analyze forever so there will be no mistakes!"

Time > Money

Strangely, for many money wasn't their focus. Rather, it was doing what they love and maximizing it to its potential. Then the money came.

Time is more valuable to them then money. You may get money from a rich guy, but it is very hard to get their time.

Poor people will be trying to 'save' on their purchases by driving all around town to 'save a few bucks'. These peoples' mindsets would rather sacrifice the few bucks for the additional time it gives them. They did this even when they had no money.

Share your observations of any successful person you've met.

very well thought out post. well structured. A+

my dad is a very successful businessman..
climbed from nothing to one of the head honchos in one of australia's leading retail stores, retired. and is now one of the head honchos in a pharmacy chain.
so i try to take alot from him. even just from the little parties we have at our house with our uncle's, aunts, grandparents. or better yet when he has business friends over (rare). one thing i've noticed is how fake he is in regaurds to current trends, not the type you were talking about.

i'll use music as an example. he raves on and on about eminem (if the conversation is heading that way) when in reality he doesn't EVER listen to eminem, and knows very little about him. he did this with the killers recently aswell. my sister put them on for him, he didn't like it. my uncle said how good they were "jenny showed me them the other day, they are exellent!" i suppose its a technique we learn here, mirroring.

but i find it so interesting trying to learn from successful people, i only wish i'd been meeting dads colleagues before he retired from his original job.

 

[SELF-MASTERY]

doing wh you love is bs advice, i love golf, will neve be jack, arnie, o hogan. some would say create a business around golf, NO, i like playing golf, not running some golf related business.

I think ppl who make money from bog ideas, LOVE thei r ideaS more than running their business. others jus cant work for other and find peace of mind as bus owners.

some are just risk takers...

most are a combos of all the above.