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Self-made billionaires have everyone wondering how they did it. How did a 14 year old local shirt maker become one of the world’s richest men? While we may never know exactly how Amancio Ortega made his fortune, we can tell you some of his success was thanks to his personality traits. Here are some of his and other billionaires’ traits which you might just have in common.
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You accept failure
\n1,300 global billionaires were researched by UBS financial services company and PwC professional service network to find common billionaire personality traits. They found that most billionaires embrace failure and think of it as a necessary step towards success.
\nIn the study, one billionaire said, “Our current business model is the result of a series of failures and the lessons we learned from them. If we would have stuck to the original business model, we would be bankrupt by now.”
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You’re curious – very, very curious
\nAccording to the same study, “Self-made billionaires are constantly scanning the world for untapped opportunity. Curiosity is constantly driving them to look for unmet customer needs that create a significant business opportunity.”
\nYou might not be looking for unmet customer needs, but if you’re curious about work elements that you’re not involved in or even new products at the supermarket, follow your curiosity – billionaires do.
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You’re almost compulsive
\nUBS and PwC also found that billionaires are obsessive, bordering on compulsive. A billionaire they interviewed for the study compared his tunnel vision and obsession with business to a fighter pillow who ignores things on the edge of his sight.
\n“This would only distract me and lead to a crash,” he said.
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You’re never content
\nIt’s safe to say that billionaires are almost never content with their lives. And most of the time, the reason is not because they want more money, but because they want to improve themselves.
\nAccording to several studies, billionaires care about learning new things, developing their skills, and acquiring new talents.
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You’re a workaholic
\nSome people argue that rich people don’t work harder, they just work smarter. While this might be true for some cases in today’s digital world, where fashion bloggers can earn up to $15,000 for one Instagram post, it’s not true for most.
\nIf you look at the world’s richest people, like Amancio Ortega, you’ll see that hard work was always part of their equation. Ortega first started working at the age of 14 as a local shirt maker and is still heavily involved in the design process at his retail brands.
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You don’t have an initial aim of “changing the world”
\nYou don’t have to create a world-changing product or idea to be successful. All you have to do is start somewhere.
Biomet founder Dane Miller made billions by selling artificial hips, but he started by selling arm slings. Billionaires know that success doesn’t happen overnight, so they don’t focus changing the world, they focus on doable projects and work their way up from there.
\nAuthor Robert Jordan interviewed 45 founders for his book, “How They Did It.” He said most billionaires made their money from things they most people overlooked. “Very few [products] made you think, Oh my god, it's the cure for cancer. That is not the formula for how you get to a billion-dollar level," he said.
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When you’re bored, you get productive
\nAccording to Jordan, David Becker, founder of First Internet Bank, had a skiing accident and spend weeks in the hospital. He couldn’t deal with the boredom, so he bought a company while he was in the hospital.
\nYou don’t have to go and buy a company when you’re bored, but you can use your spare time to do something productive. Even if you have no idea what kind of business you’d want to start, you’ll have better chances of finding out if you’re productive rather than if you’re lazy.