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Setting & Achieving Goals

6 Unlikely Characteristics Common Among Billionaires

Are physical attributes and family life factors in whether or not one becomes a billionaire?

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Jeff-Bezos

What do the wealthiest people on this planet have in common? A great business sense? Luck? A strong work ethic? The likely answer is a combination of all of these and much more. However, when we look at the characteristics of successful entrepreneurs and investors, we tend to limit ourselves to typical business traits and disregard features like physical attributes or family life.

But what if these seemingly trivial aspects can give an indication of your potential to make billions? Take a look at GoCompare’s study of the top 100 billionaires over the last 20 years.

At first glance some of the following traits may seem unrelated to making money, but they might just be the hidden key to becoming rich.

Related: Billionaire Insights With David Rubenstein

1. Invest in your family

Are you married? Do you have three children? Statistically, you’re most likely to be a billionaire if your family looks something like this: Among the world’s richest, 87 percent are married and 63 percent have three or more children.

Naturally, having a large family does not guarantee success, yet it seems that the emotional support family and marital life brings with it, might aid individuals in dealing with the stress and ambiguity of entrepreneurship.

2. No school of hard knocks

Although 14 percent of the 100 richest people in the world since 1992 have had no formal education at all or were college dropouts, attending certain universities and studying a few select subjects could increase your chance of making it big.

The most popular universities amongst the world’s billionaires are the famous elite institutions Harvard University and Stanford University, renowned for producing a league of influential entrepreneurs and world leaders.

The most popular degrees cover a variety of sectors and include engineering, economics, computer science and business administration.

Related: These Are the World’s Top 10 Young Billionaires

3. Successful star signs

Horoscope-chart

Regardless of your opinion towards horoscopes and astrology, there is some evidence that certain star signs are linked to more successful people. Among the world’s top billionaires, 12.5 percent are Aquarius, who are said to be independent and inventive, traits that arguably come in useful for entrepreneurs.

On the other hand, the least represented star sign is Cancer, with only 5.9 percent of billionaires born between late June and July. Cancerians are linked to traits such as tenaciousness, but also tend to be insecure, a potential obstacle on the path to success.

4. Let’s get physical

If you have a bald spot and you’re wearing glasses, you may be in luck. The number of balding billionaires has risen throughout the last two decades, a trend that can largely be explained by the fact that the people on the list are ageing. However, stressful periods, such as the financial crisis, seem to have an impact on hair loss, which saw a sharp increase between 2008 and 2009.

Currently, 41 percent of the 100 richest billionaires wear glasses. Although this figure is lower than the 64 percent of the total U.S. population that needs glasses, there are still a significant amount of billionaires who clearly haven’t opted for laser eye surgery.

Related: Self-Made Billionaire David Rubenstein’s 7 Habits Of Success

5. It’s still a boy’s club

Alice-Walton

Alice Walton. Image credit: inarkansas.com

While the number of successful female billionaires, like Liliane Bettencourt and Alice Walton, is on the rise, there are still only eight women among the 100 richest people, making it far more likely to become a top-grossing billionaire if you’re male.

Furthermore, although these female entrepreneurs worth billions often hold important positions in their respective companies and have succeeded in growing existing businesses further, all of them have inherited their wealth.

This is especially interesting: overall, an impressive 69 percent of billionaires are self-made.

6 Origins of success

Could your country of origin be an indicator for your success potential? According to Go Compare’s figures, yes. China may have now overtaken the United States with the highest number of total billionaires amounting to 596. However, 40 of the 100 richest billionaires, among them Bill Gates, Warren Buffet and Jeff Bezos, are from America.

Further countries with high numbers of billionaires include Germany, Russia and France. Possible explanations for this geographical bias may lie in America’s promotion of the “American Dream” story and a solid network of angel investors and venture capitalists, which both provide a positive environment for innovation.

Looking at the factors mentioned above, we see that even traits that seem far-fetched can be an indicator for success, if they are viewed in the right context. There is no magic recipe for becoming rich, yet understanding what influences wealth is a good start.

From what we can see here, if you’re a married, male Aquarius with three kids, have a degree from Harvard, a bald spot and an American passport, the odds of becoming a billionaire are on your side!

This article was originally posted here on Entrepreneur.com.

Image credit: Amazon

Anders Nilsson is head of PR, outreach and content at Gocompare.com, which is a UK-based financial services comparison website that helps people review and switch their insurance, energy, banking and telecoms providers. Anders has spent 10 years in PR and external communications across the technology, B2B and financial services industries.

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Setting & Achieving Goals

You’ve Already Abandoned Your New Year’s Resolution. Here’s A Better Path To Reach Your Goals

Instead of self-flagellation and getting stuck in the quagmire of negative thoughts, dust off those good intentions and give yourself another shot at making your resolutions stick.

Harrison Monarth

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new-years-resolution

It’s only mid-January, but chances are pretty good that all those lofty resolutions you made before the clock struck midnight on Dec. 31 have fallen by the wayside. You’re not alone.

A small, but oft-cited, longitudinal study of New Year’s resolutions by John Norcross, a professor of psychology at the University of Scranton, revealed that nearly a quarter of people abandoned their goal after one week. That number swelled to 46 percent at a month and 64 percent after six months. Less than a fifth, 19 percent, were able to hang on for two years.

So instead of self-flagellation and getting stuck in the quagmire of negative thoughts, dust off those good intentions and give yourself another shot at making your resolutions stick.

Don’t make a backup plan (just yet)

You’ve likely heard that having a Plan B (or C or D) can be very helpful when dealing with unexpected contingencies. Being prepared for any bump in the road will make arriving at the destination unscathed and on time a sure thing, right?

Not so, according to new research from the Wisconsin School of Business at the University of Wisconsin-Madison. Jihae Shin, assistant professor of management and human resources at the school, together with Katherine L. Milkman of the Wharton School at the University of Pennsylvania, conducted a series of experiments that challenged the conventional wisdom that holds backup plans in high regard.

Instead, their experiments revealed that when participants spent time plotting out a contingency plan, they failed to meet their goals. Of course, it’s important to note that these goals didn’t have anything to do with luck or innate skill, they required participants to do simple tasks including unscramble sentences. The same could be said for standard issue resolutions to get fit or save more money. They don’t rely on luck, only stick-to-itiveness.

The researchers do say that backup plans do have their place. The caveat: “You might want to wait until you have done everything you can to achieve your primary goal first,” Shin said.

Related: The 7-Step Formula For Goal-Setting

Trick yourself into changing

Yet more counterintuitive research led by marketing professors from INSEAD, IE Business School, and Pamplin College of Business, finds that we humans actually want to change rather than keep the status quo.

Their study revealed that the brain is weighing how hard reaching the goal will be, and if it finds that it’s easy to reach, then it starts looking for reasons that getting there won’t happen. This ties into thousands of years of conditioning to be more sensitive to bad news versus good, a.k.a. the negativity bias.

The researchers also found that while participants scored a goal for potential challenges, they tended to score goals that took a modest effort as easier to reach than maintaining the status quo.

To trick your brain into achieving a goal, make sure what you want to achieve is manageable, or can be done through smaller, more consistent efforts. Instead of saying you want to be vice president of your division, for instance, make a plan to work on projects that will add to your professional standing and contribute to your organisation’s bottom line.

What to do if you hit an “action crisis”

“Setbacks present real challenges in pursuing our goals,” said Richard Vann, assistant professor of marketing at Penn State Behrend. “When goals are blocked by obstacles, we often feel bad about ourselves and sometimes stop pursuing these goals.”

When it comes to resolutions, there can be setbacks aplenty. However, there’s a technique you can employ to counteract the negative effects of roadblocks and challenges you may encounter on the path to keep your resolution.

It’s called “Mental Contrasting with Implementation Intention” and it comes to us courtesy of Gabriele Oettingen and Peter Gollwitzer, psychologists at NYU.

Basically, that’s a fancy way of saying that you need to think through what it would take to reach your goal and make yourself aware of the potential obstacles you’ll hit along the way. In this way, you’ll have a strategy in place to deal with potential setbacks in advance, rather than be blindsided and subsequently switch into evaluation mode (for example: Asking yourself, “Is this goal even worth it?”) which doesn’t help you get anywhere.

Just focus on one thing

We humans tend to get ambitious when thinking about the possibility of a fresh start. Unfortunately, the “new year, new me” is just too big to be achievable. We can’t realistically get fit, stop smoking and save money while simultaneously sign up for more significant projects at work, get a mentor (or three) and build out a professional network.

That’s because we tend to make tradeoffs between goals when we have more than one or two.

Researchers from the University of Toronto found that having a single goal greased the wheels of progress for people by putting them into implementation mode. That happens even if the goal is deceptively simple, like saving money. Some participants in one of the study’s experiments were told to save money for their children’s education. For others, that goal was expanded to include saving for healthcare and for retirement. Those with the single focus were more successful than individuals who were trying to meet three separate objectives.

Related: The One Leadership Concept That Can Help You Achieve Your Biggest Goals

The researchers noted that while these experiments focused on financial matters, they believe the evidence suggests that setting a goal in any area (health, professional development, etc.) should be easier to achieve than if you’re scattering your energy on trying to make multiple resolutions come to fruition.

So if you find yourself among those who’ve abandoned their best intentions to become a better version of themselves in 2019, take heart. These strategies should get you back on track in no time.

This article was originally posted here on Entrepreneur.com.

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Setting & Achieving Goals

Unless You Track Your Progress, Setting Goals Is A Waste Of Effort

The single most common reason people don’t reach their goals is they forgot they set them in the first place.

Alexander Maasik

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goal-setting

I’ve always carried a notebook with me at work and on business trips. I usually jot down notes from meetings or random thoughts I have on how to improve our company. Recently, I found some of my old notebooks and I started flipping through the pages.

Despite the awful handwriting, their were actually some interesting ideas written down. I found some great goals and objectives for the past years, that I had never gotten around to implementing. I could have done most of these things and probably be more successful than I am now.

What went wrong?

Do you know what your team is doing?

Boardview writes that “two thirds of senior managers can’t name their firms’ top priorities” and “more than 80% of small business owners don’t keep track of business goals.”

So the problem is that while companies probably have some sort of goals (even if they are just “making money.”), the progress towards those goals is not measured. I have seen this behaviour at many companies I’ve worked with. Starry-eyed managers excitedly pitch a goal in an attempt to motivate their employees to get on board. This great initiative is then almost instantly forgotten, and three months later no one will even remember it at all. This is part of a wider problem of companies not prioritising goal setting.

The easiest way to make sure you have serious goals that you can follow is inform everyone in your company (starting with the senior management) of those goals. Then you’ll need a goal tracking system that makes sure you measure your progress regularly.

Related: The 7-Step Formula For Goal-Setting

Own your goals

Once you’ve written down a company or a team goal, two questions arise. Who is responsible for the goal (accountability), and how do you review the results (performance review)?

As for accountability, at my work we set impactful, quarterly objectives for each of our teams. We make sure each team goal is assigned to specific person who is responsible for achieving it.

These goals are not usually met 100 percent as they are designed not to. They are designed to force me and my employees to try new things, experiment and break old habits. It’s reaching for the moon and landing among the stars.

Step two: Tracking goals with meetings

You must track your progress towards said goal week by week. This is called continuous performance review. I review our team’s Key Results or KPIs every week. At our weekly status meeting, we start by discussing each Key Result and the progress towards our end goal.

Weekly status meetings are used in most companies. But you have to be careful with them as they can become pointless very easily if you haven’t set clear goals first.

If your company is not focused on goals, you are wasting time and money. You should never just chat about your work without knowing how that work aligns with your company’s goals and vision.

Related: 6 Reasons Why Concrete Goals Are Essential To Entrepreneurial Success

Having an impact every day

Christina Wodtke, author of “Radical Focus”, has said that success is not checking a box. It’s having an impact. Working towards your goals is something you need to do every day and every hour. Only then can you make an impact. Instead of weekly meetings, you can take in one step further with status reporting.

I like the Plans, Progress, Problems (PPP) approach. With it, you set 3 – 5 impactful plans for yourself every week that you focus on. What makes this great is that you can link each of those to one of your goals to make sure every big task you work on, actually moves you towards your goals. And the reports you get out of it, can be the basis of your weekly status meetings, making it easier to keep yourself and others focused.

A weekly review of your progress is vital for the long term success of goal setting. Many people can relate to a situation where you set goals and decide on a deadline that seems so far away. Then, a week before the time is up, you finally remember your goal and panic sets in. This is not the way to do it.

Great ideas should not be left to rot in a notebook. They should be written down, discussed with your team, improved and executed every day. Doing so will ensure that your best ideas are never forgotten and lost. Instead, they bring you satisfaction and success.

This article was originally posted here on Entrepreneur.com.

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Setting & Achieving Goals

Finish The Year Strong To Carry Momentum Into 2019

Survey your accomplishments now, and reassess your goals, to conclude this year in kinetic alignment with where you want to go next.

Raul Villacis

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end-of-year

At the end of every season I like to take some time to reassess my yearly outcomes. I also do this with all my coaching clients because it helps them see the progress they’ve made and how they can adjust their expectations.

This year, I decided to bring all my clients together for a two-day event to do their assessments in a group setting. This is going to be the main theme at this year’s Next Level Leadership Summit: “How to Finish Strong.”

I’ve been privileged to coach, consult and interview some of the most productive entrepreneurs I know, and I have learned as much from them as they have from me. The principles they have shared with me are timeless and easy to follow. I have used them time and time again to reset my goals to make sure I set myself up for a great closing to the year instead of being disappointed by what I didn’t accomplish.

Don’t let attachment to the outcome rob you of victory

Most entrepreneurs are very competitive. We have a vision and goals, and we want things to look a certain way. The truth is that things don’t happen the way we want them to most of the time. To keep the momentum, sometimes you have to adjust your vision.

Currently, I’m working with a real estate developer who is working on several projects. At the beginning of the year, he set a goal to close a deal that would net him $20 million. He found one and started working it. It looked like he was on his way to achieving his goal, but he later received news from his architect that he had miscalculated some numbers and that they would be making $5 million less than originally projected. Upset, he called me to tell me the news.

All I heard in his voice was how disappointed he was that he was not going to hit his goal. I reminded him of where he was three years ago when he joined my programme. He was burned out, had lost his purpose and didn’t have any deals to count on. And now, this is one of the many deals he has in the pipeline. Maybe he won’t get what he was aiming for, but this is still a victory.

This is what we do all the time. We beat ourselves up because we are attached to the way things should be. A high-performing entrepreneur looks at their life as a game. To finish the year strong, he must appreciate how far he has come and reset his outcomes according to his current situation.

Related: The 7-Step Formula For Goal-Setting

Focus on progress, not perfection

At the first of the year, you create a list of things you want to accomplish. You then wait and wait for the perfect timing. After nine months go by, you look at the list and you feel disappointed you didn’t get everything done.

I know a guy who is developing a productivity app. He has interviewed developers, created the overall design and is constantly asking for feedback from people on how the app should look. He has been working on this for years but he is always waiting for the perfect time to execute.

One of my other clients has just launched his first app, and he is getting rave reviews. What’s the difference between these two men? One is waiting on the perfect time and is paralysed by the illusion of perfection while the other one was focused on creating progress.

Each week I asked my client how his app was going, and he shared his progress. Was it perfect? No. Did he experience challenges to make it work? Yes. But he knew the first steps – finding the money, reviewing the design and creating the user experience – were going to be the hardest. Now he is working on improving it based on all the feedback he has gotten from users.

High performers know perfection is the lowest standard. To finish the year strong, take inventory of all the progress you’ve made and focus on making things better.

You are the product of your environment

We’ve been taught that mindset and positive thinking are the keys to success. But that’s only part of the equation. For the last decade, I’ve focused on being in an environment that supports my growth. It doesn’t matter how strong your mindset is. It doesn’t matter how positive you are. If you are around negative people or in a negative environment, you will lose.

I’ve helped one of my clients get clear on how he wanted to take his business to the next level. We created a plan and a timeline with clear outcomes. Then I asked him, What is one thing that can mess this plan up? He said if he continued to hang out with his drinking buddies and give in to his old habits, it could distract him from his plan. So I told him to change his environment for the next 100 days to see if that would make a difference.

Now, at day 110, everything – his business, life and relationship – are on fire. I not only asked him to change his environment, I also replaced it with a group of high-level performers who hold him accountable to his commitments. That group is on fire, and they are going to be recognised for their amazing shift at my Next Level Leadership event.

High performers evaluate their environment and make changes to align it with their vision. They eliminate any possible scenario that can prevent them from getting what they want.

Related: 6 Reasons Why Concrete Goals Are Essential To Entrepreneurial Success

Focus on the other R.O.I. – return on impact

As entrepreneurs, we must watch the bottom line at all times. Every move we make has to bring us a return on our investment. Lately, I’ve seen a big shift in the market. The “cut through to the bottom line” mindset can only take you so far. I’ve been able to grow my business faster by focusing on the impact rather than the income. Don’t get me wrong. I charge for my services, and I’m not running a non-profit, but income is not my main focus.

I recently helped a client create a framework in his business that gave him a sense of purpose. He was ready to sell all his assets and move to an island with his wife and kids because his idea of success was being met by his expectations in his business. I helped him see that he simply needed to focus less on the transactions and more on the transcendence his business could provide. He owns multiple businesses, so it took him some time to figure out how he could help his clients have a better experience rather than treating them as singular transactions.

When he came back to me, he had a list of things where he had made an impact. All of a sudden, his passion for running a business had returned. He had a new sense of purpose seeing how much impact he could make in he lives of others.

A high-performing entrepreneur measures his success on the amount of impact he has on people’s lives.

Reset, recharge and recommit

We all want to have more time. We are running 100 mph, and we don’t want to slow down. That’s the life of any entrepreneur who wants to succeed in this competitive market. But, if a car is running that fast every day, it will eventually crash. And that’s what happens to us. We crash and sometimes burn things down.

To avoid this, I meet with my clients several times throughout the year to reset our goals, recharge our batteries and recommit to the process. Nothing is better than iron sharpening iron. It doesn’t have to be a long period of time. We actually discover that all we need is one day per quarter, and we can compound time. When you’re busy, quality is better than quantity.

Each quarter, people travel from all over the country to our meetings so they can share their progress and see how they can help one another. The key here is to Reset your goals, recharge your mindset and recommit to your outcomes.

High performers know that proximity is power. They also know you need to recharge your batteries in order to get back into the game – especially if you want to finish strong.

This article was originally posted here on Entrepreneur.com.

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