Shared Traits of Self-Made Millionaires
It is said that self-made millionaires have certain qualities, either inherent or acquired, that are present across the board. These traits have been cultivated out of a specific mindset, fuelled by a desire to succeed. Though the path to success invariably varies for every entrepreneur, below are a few traits that experts believe are common to all millionaires
Napoleon Hill in his popular book, "Think and Grow Rich" emphasizes that after a study of 500 millionaires, he observed that one trait that was common to all was that they acted fast and made decisions promptly.
Skillfully Manage Finances
Millionaires are prudent about their finances and the expenditure of their company. They know how to minimize their personal expenses and prioritize maximum reinvestment in the company to foster growth. Put simply, they know how to manage most effectively the money they have.
They Are influential
Millionaires depict strong negotiation and persuasion skills. They have charming and attractive personalities which can sway opinions of others. They are equipped with communicating their ideas in a manner that is influential and persuasive to their team.
They Identify and Utilize the Correct Opportunities
Millionaires carefully scrutinize every opportunity to evaluate its value and worth to the business. If they feel that the opportunity is fruitful, they do not hesitate to plunge in, even if it entails risks. The ability to identify the correct opportunity at the right time is a quality that is characteristic of most Young millionaires.
They draft a clear vision for the future
Entrepreneurs, who go on to become millionaires, have clear and concise short-term as well as long-term goals. They not only work towards these goals themselves but also inculcate their vision for the future in their employees so that the company moves forward in synchronization.
They do not fear failure
One of the reasons that millionaires instantaneously make decisions and eagerly bear risks is that they aren't afraid to fail. They realize that failures are in fact lessons in disguise. They evaluate and analyze their failure to ensure prevention in the future. In this manner, they can convert their weaknesses into their strength.
They do not follow the Herd Mentality
Millionaires have been invariably found to be independent and creative thinkers. They were uninhibited in their resolve to cultivate out the box ideas for product development or produce innovative solutions to daily challenges. The founder of Alibaba, Ma, was advised by his peers not to pursue his wild dream and instead continue with his job. Jack Ma, however, dared to think beyond and became a billionaire based on his unique business idea and approach.
They are open to learning and growing
Millionaires are flexible and open minded. They do not believe that their experience and knowledge is unchallengeable or complete. They are receptive to advice from their team and employees because they recognize that they need to evolve themselves constantly