26 May 2015
By: Robert Frank
Published at cnbc.com
3 secrets to the billionaire personality
There is no formula for becoming a billionaire. To paraphrase Tolstoy, each billionaire is a billionaire in his or her own way.
Yet a growing body of statistical and qualitative surveys provide some common patterns among billionaires that offer clues into the “billionaire personality” and what it takes to make extreme wealth. The latest comes from UBS, which released its UBS/PwC 2015 Billionaire Report on Tuesday.
UBS and PwC researched 1,300 of the world’s billionaires through surveys, case studies and academic research, and interviewed 30 of them to find common personality traits.
The report said there are three personality traits that are “essential” for entrepreneurial success and reaching a 10-figure fortune.
- Smart Risk Taking
- Instinct for asymmetrical opportunities
- Recovery from failure
Isn’t it interesting how this article could have been written about peak performance in sport. Smart risk taking is required in every competition: from planning pre-race a strategy to address the strengths of competitors and opportunities to take advantage of their weaknesses, to real-time decision making during the competition in response to a surge, an attack, or from the fatigue visible in the body and face of a rival?
Fascinating isn’t it that if recovering from failure is key, that failing is therefore expected, that a straight line from start to finish without obstacles, setbacks, or mishaps is not the expectation. The exact opposite is expected – failure – but that that is not an end point, merely a new starting line offering the opportunity to recover and be smarter.
Athletes are entrepreneurs and like business entrepreneurs mindset is critical to success. As in business, the venture of athletic competition is to engage within a marketplace (i.e. a competition), against competitors (no different than in business), and using training (i.e. a business plan) to execute a strategy while maneuvering around failures, and responding to attacks from competitors.
Extreme success requires extremes in personality.
To be epic you must explore your potential to the nth degree.