People who are working towards their financial goals each day will often wonder what it takes to be a billionaire. We are often led to believe that billionaires are different types of people, who are only wealthy because they inherited generational wealth or knew high powered investors during the early stages of their career.
What these people do not know is that billionaires are normal, everyday people just like the rest of us. While some may have inherent advantages, there are several attributes of a billionaire that can be ascribed to most, as well as normal, working class people.
Here are 7 successful attributes of a billionaire shared by many expert authors on The Entrepreneurs Library:
1. Hard Working
When you research any billionaire’s life story, a common theme emerges. They were willing to outwork everyone else and remained focus, even in the face on extreme adversity. Some would like to believe that becoming a billionaire is the product of luck and genetics, but those who have actually done their homework know that this is not true.
A billionaire does not sleep in until noon. They are up before their competitors and constantly seek out new advantages, so that they can remain ahead of those who are pursuing the same goals. Everyone wants to be a billionaire, but very few are willing to put in the work necessary to do so.
Great book on building work ethics: 13 Things Mentally Strong People Don’t Do by Amy Morin
Once a person decides that their goal is to accrue a billion dollars, they know that this is a long term goal, not a short term pursuit. Being able to keep their eyes on the prize and not be deterred by setbacks is what separates a billionaire from the pack. They know that there will be issues that arise along the way and they do not allow themselves to become frazzled by them.
Without patience, it is incredibly difficult to become a billionaire. No one ever has a smooth path to their goals and financial pursuits are no different. Being blessed with the patience to realize that there is a solution to every problem and knowing whether you need to stay the course is incredibly crucial when you are on the road to riches.
Great book on managing patience and stress: Performing Under Pressure by Hendrie Weisinger
This is the attribute that confuses those who are not already billionaires themselves. Since someone has more money than they can spend, it seems somewhat foolish to let it sit in a bank account. But it is more crucial for a billionaire to have assets on hand to make transactions that can boost their financial status even further.
It takes money to make money in the modern business world. While it may be fun to blow your new earnings on a mansion, a fleet of luxury cars and a private jet, these are all items that depreciate in value the moment they are purchased. A billionaire is focused on remaining a billionaire does not make these types of purchases. They realize the importance of having liquid assets at the ready.
Great book on building wealth: Get Rich with Dividends by Marc Lichtenfeld
4. Thinks Outside Of The Box
In order to become a billionaire, you need a new and interesting idea, a fresh take on things. One person’s route to earning a billion dollars is not going to be the same as the next person’s. To capture the attention the public, you need to think about the voids that exist in everyday life and find a way to fill them.
A person cannot come up with an inventive plan by thinking just like everyone else. They need to think outside of the box, which is an attribute shared by most billionaires. They know how to think differently than their peers and will zig when most have decided to zag.
Great book on innovation and creativity: Anticipate by Rob-Jan de Jong
Being insightful is about more than being book smart. Being insightful is all about knowing how to read people and deliver what they want. An insightful billionaire is one who knows that their wealth is not the be all/end all. They are constantly searching for ways to remain in tune with the world around them.
Once a person ceases to be insightful, they are no longer as useful to their clientele. A person with lack of insight is a person who does not have their finger on the pulse of what is currently happening in the world.
Great book on being insightful: Credibility by James Kouzes
6. Takes Calculated Risks
Becoming a billionaire does not happen because the person decided to stand pat and stop taking risks of any kind. It happened because they were willing to stick their neck out for a cause that they truly believed in. Billionaires do not sit around and wait for things to happen, they make things happen.
The only way to make things happen is to take risks. This does not mean that a billionaire simply lunges at the first opportunity that comes their way. These risks are typically taken in a calculated manner and considered from every angle. Taking risks is a foolish endeavor when they are not properly considered beforehand.
Great book on taking smart risks: The Metronome Effect by Shannon Susko
7. Self Confidence
What gets a billionaire through the hard times? Their unwavering belief in themselves. A person who has an unshakable belief in themselves can conquer any problem that comes along and reach any goal that they set for themselves. They do not wait for pep talks from close friends or read self help books.
They simply dig down deep within and find courage in places that they did not even know existed. They do not allow naysayers to deter them in any way and they know that everything they are doing is done with a purpose in mind.
Great book on confidence: Top Dog: Impress and Influence Everyone Around You by Andy Bounds
Do you possess the attributes of a billionaire? What could you improve? Share in the comments.