Tuesday May 26, 2015

// May 26th, 2015 // Daily News

3 secrets to the billionaire personality
Robert Frank | @robtfrank

CNBC.com
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.
“Billionaires are different,” the report said. “Self-made billionaires have distinct personality characteristics that allow them to approach the challenge of creating new value from most corporate managers and leaders.”
The report said there are three personality traits that are “essential” for entrepreneurial success and reaching a 10-figure fortune.
Smart risk taking. Just because you gamble or like taking a lot of risk doesn’t mean you’ll be a billionaire. Yet billionaires have keen instincts for risks that could be rewarding or in their favor. They “tend to have a very optimistic attitude toward risk, focus on risks they understand and find smart ways to reduce them.”
As one billionaire told the study authors: “If you want to be successful in a big, big way you have to go where the biggest risks are, because that is where the biggest opportunities are, as well.”
It’s not that billionaires ignore downside risk. They just have a more accurate sense of how to “identify value at the risk level of risk,” the report said.
Instinct for asymmetrical opportunities. Billionaires tend to have a good gut sense of where they have an advantage (insights, funding, access) and where they can bring special value.
“In these situations, the risks for anybody without advantages will appear high and they are likely to walk away,” the report said.
Billionaires see a need that they alone have an ability to fill, and jump in.
Recovery from failure. Whether it’s a knack for the “quick pivot”—changing a business idea as market signals change—or brushing off a wrong move, billionaires see each failure as a necessary step toward success.
As one retail billionaire said in the study, “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.”

Today’s Inspiration

A Time to Remember

by Joyce Meyer – posted May 26, 2015

Having eyes, do you not see [with them], and having ears, do you not hear and perceive and understand the sense of what is said? And do you not remember? Mark 8:18

I have often said I think we forget what we should remember and remember what we should forget. Jesus chastised the disciples on one of their journeys because they had forgotten about a miracle He had done. They had started out on a trip and suddenly remembered that they had forgotten to bring enough bread. They had only one loaf, and that would not be nearly enough.

In a short while Jesus began to teach the disciples to beware of, and on their guard concerning, the leaven of the Pharisees and Herod. Jesus of course was talking about being on their guard against deception, but the disciples reasoned among themselves that He was talking about the fact that they had forgotten to bring bread, as if that would have concerned Jesus at all. He then began to chastise them, asking if they had forgotten when He fed five thousand people with five loaves of bread. Had they forgotten another amazing miracle when He fed four thousand with seven loaves? Had they remembered, they would not be worried about going hungry because of not having brought enough bread with them.

If we would remember the miracles God has done in our past, we would not so easily fall into worry and fear when we face new challenges. When David was facing Goliath and nobody was encouraging him, he remembered the lion and the bear that he had already slain with God’s help. Because of remembering the past, he had no fear of the current situation.

Trust in Him Take time to remember a specific instance in which God provided for you. Celebrate it. This will increase your ability to trust Him.

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