Commonalities of Success and Wealth

Submitted by Derick Ng on 27 April 2010 - 7:07am

Category: Business & Management Tags: BusinessIntrospection and reflection on the last few years of being a "balls to the wall" entrepreneur, I've studied and found a few commonalities of successful people and the ability to accumulate wealth. Of course, I'm generalizing the word "success" here.

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  • Successful employees and entrepreneurs do what they love doing, or at the very least, something they feel makes an impact and difference in the world around them. Focusing on the part of world that they are familiar with, not detached.
  • Successful businesses are started with people who have passive income elsewhere. Their owners do not draw large salaries.
  • Successful managers will listen to the employee as a person, and get to know what drives them. They are genuinely interested in the advancement of the employee. They carefully vet new hires, the chain is as strong as its weakest link.
  • Wealthy people continue to build assets, things that accumulate money without requiring them to sit in a chair and work, and eliminate liabilities such as expensive homes, cars, and other things that squeeze the fruits that assets create. Doesn't matter what the real estate professional tells you, your house take money away from you... it is not an investment.
  • Successful entrepreneurs start with customer desire, or their hatred / frustration. People are not going to buy luke-warm companies, employees are unhappy at luke-warm companies and customers do not want to buy luke-warm products.
  • Successful open source developers are either incredibly frustrated with what exists, or they are just playing around, having fun and learning all the time.
  • Success is persistent. It never gives up and over time will remove all obstacles. It is a consistent learning and pivoting.
  • Achieving is temporary, it is not the same as success.

Do not confuse wealth and success. Wealth is the ability to build assets and minimize liabilities. Success reaches beyond this, it is a reflection of the condition of the soul.