The Billionaire Mindset
Most people believe that billionaires are “born with it” and that the bulk of their success comes from innate personality traits, but Stanford psychologist Carol Dweck disagrees. She believes that billionaires have a “growth mindset” – they believe that an outcome is dynamic, rather that fixed. They embrace the possibility of failure and reframe it as a necessary foundation for success. They have systems in place to learn and improve in the future and refuse to waste time proving over and over how great they are – instead, they have systems in place to learn and improve in the future.
Dweck’s research shows that the mindset you adopt for yourself profoundly affects the way you lead your life. It can determine whether you become a billionaire and accomplish the things you value.
According to the Billionaire Census 2019, billionaires display the following seven key traits. You can learn and enhance them in your own life and career in 2020:
- Innovative spirit
About 67 percent of the 2,200 billionaires in the world are self-made and extremely innovative. Some like Bill Gates invented a useful product, while Brian Chesky, Airbnb cofounder, innovated a new way of solving a problem. They trust in their ability to bring fresh ideas that benefit customers into reality.
- Purpose and Passion for Their Business
Billionaires love what they do in business and in their industry. They are passionate about their work and pursue their calling with energy and vigor. When a negative situation occurs in their business, they respond by creating positive outcomes, controlling their own agendas, and using their passion to drive forward in life and business.
- Servant Leadership
Billionaires are philanthropic and proactive at giving back as servant leaders. For example, Warren Buffett donated 55.02 percent of his net wealth in 2018, while Bill Gates donated 42.89 percent. Billionaires want to make a difference in the lives of their staff and people in their community. They enjoy positively contributing to the lives of other people and watching them grow and succeed. Billionaires feel more fulfilled when the people they have touched are happy.
- Curiosity and Passion for Learning
Billionaires are curious and never stop learning or challenging themselves. Think entrepreneur Richard Branson – he created Virgin Group in the 1970s, which has expanded into 400 different companies, including an airlines, music label, and space tourism. Billionaires see failure as a springboard for growth and as an opportunity to stretch their existing abilities. Billionaires are motivated by a desire to grow and learn regardless of the amount of wealth they accumulate.
- Independent thinkers
Billionaires trust their instincts and know when to seize opportunities. They think big, take calculated risks, and refuse to let their creative imagination be hindered by others’ opinions. Rather than listening to nay-sayers, their independent thinking and reliance on their judgment propels them to sustained success.
Billionaires thrive in competitive environments. They know that it brings out the best in them, and they seek it out. They view competition as a personal challenge for greater success. They dream big, hunger for competitive success, and work to make their dreams a reality.
Billionaires spend time to set challenging, but realistic and attainable goals. They believe that goals add purpose to their lives, and they believe in themselves and their ability to achieve their goals. By taking charge of their destiny and refusing to limit themselves, they never leave goal attainment to fate. They understand the concept, “What you believe, you can achieve.”
What billionaire growth-mindset characteristics can you apply in your life in the New Year?
Learn more about the author, Carolyn Smith.