The world’s idea of who and what a millionaire is has changed. When
we conjure up an image of a very wealthy person, we are imagining less
and less a stodgy old man sipping branding in a wing back armchair, and
instead, more and more what we envision is a young, energetic
entrepreneur. The internet has paved the way for anyone with a good
idea and the ambition to see it through to become rich and it is
increasingly common for the successful people among us to be young and
driven. So what do the young millionaires we are getting so used to
seeing have in common? They all share the following 10 traits.
1. They Act Fast
A sense of urgency lies at the heart of any young millionaire. It
isn’t enough to have a great idea, you need to have the will to act on
it before anyone else has a chance. If Mark Zuckerberg had decided to
sit on Facebook and develop it slowly over a few years instead of a few
months, he would have been left in the dust. Instead he put his idea
into action almost as soon as he formed it and the result has been
massive success.
2. They Build Strong Teams
Even the people who seem to have built their empires on their own
have had the help of a good team. It is usually the case that they built
that team themselves. When Steve Jobs founded Apple he wasn’t alone,
his partners gave him insight into the things he didn’t understand and
allowed him to grow the business in all directions at once.
3. They Leverage Their Success
Success breeds success and young millionaires aren’t afraid to keep
the ball rolling. When they see a good idea, they jump on it. It is no
coincidence that Google now owns Youtube and countless other web
applications that we can’t imagine the world without. The leaders of
forward-thinking companies aren’t afraid to go beyond their own comfort
zone and use the money they have to generate more money.
4. They Are Independent Thinkers
Founder and CEO of Alibaba, Jack Ma, held a meeting when he decided
to start his company. He invited nearly two dozen friends to his home
and asked them what they thought of his idea. All but one told him not
to quit his day job. He chose to ignore them and pursue it anyway. He is
now a billionaire. Not being afraid to stand alone is a common trait
among the young and self-made wealthy.
5. They Think Big
Young millionaires dare to dream big. They see the possibilities that
lie behind great ideas and aren’t overwhelmed by the scale of what they
are chasing. The truly successful individuals take things one step at a
time and work at what they can handle, but their eye is always on the
larger goal.
6. They Follow Their Passion
Most people who achieve success early in life do it by following a
path they care about and are interested in. Just because an idea is
good, doesn’t mean it is inspiring. When Steve Jobs was trying to
convince John Sculley to leave his comfortable job at Pepsi to come take
over the business side of Apple, his sales pitch was “
Do you want to spend the rest of your life selling sugar water, or do you want to come with me to change the world?” That is passion incarnate.
7. They Are Focused
When asked what makes Mark Zuckerberg such a great leader, Facebook
employees time and time again reference his focus. Mark Zuckerberg’s
goal is to connect the world in ways no one else has ever dared to
imagine, and every decision he makes is unflinchingly taking him closer
to that goal. Having a clear vision is a key to success for any young
leader.
8. They Love Learning
Just because they are rich doesn’t mean they think they have all the
answers. Young millionaires in every field share a lifelong love of
learning. They hold open meetings where they can get advice from people
at every level of the organization because they understand that you
never know where the next great idea will come from.
9. They Love Teaching
The best way to get better at what you do is to teach the tricks of
the trade to someone else. Successful young people share their vision
and teach their team members what they need to do to succeed. It not
only makes everyone smarter, it builds camaraderie and gets everyone on
the same page.
10. They Aren’t Afraid to Fail
Finally, and most importantly, young millionaires aren’t afraid to
fail. Bill Gates once said, “It’s fine to celebrate success but it is
more important to heed the lessons of failure.” Keeping an open mind and
being willing to learn from your mistakes is the only way to keep
moving forward.
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