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.
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 2022, billionaires display the following eight key traits. You can learn and apply them in your own life and career:
- Innovative Spirit
About 67 percent of the 3,311 billionaires in the world are self-made and extremely innovative. Some like Bill Gates invented a useful product, while Melanie Perkins, Canva cofounder, innovated a new online design platform. They trust in their ability to bring fresh ideas that benefit customers into reality. - Purpose and Passion for Their Business
Billionaires tend to have more risk tolerance, emotional stability, and extraversion than non-billionaires. 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. The majority serve on non-profit boards and donate to solve world problems. They 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. - Personal Growth and a Passion for Learning
Billionaires are curious and never stop learning or challenging themselves. Think entrepreneur Richard Branson - the Virgin Group, created in the 1970s, has expanded into 400 different companies, including an airlines, music label, and space tourism. Billionaires are curious, open-minded, and always learning. They take a world view and see the potential for change and profit where others see only what has already been done. - 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 propel them to sustained success. - Drive and Focus
Billionaires are very focused; set challenging, but realistic and attainable goals; and generate big ideas. 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 are talented in envisioning possibilities and a different future. They create plans with a world view and are driven, almost obsessed, to accomplish these goals and visions. They understand the concept, “What you believe, you can achieve.” - Life Satisfaction and Health
Billionaires actively cultivate happiness and life satisfaction. They focus on practicing gratitude and enjoying the process. The positive emotions contribute to better health and longevity and increase their resilience. Because they have a positive state of well-being, they are more likely to invest in healthy behaviors, e.g., healthy eating, exercising, - Never Give Up
Billionaires use their people skills to persuade others to buy into their dreams. They refuse to take no for an answer and find ways to overcome any obstacles in their path. In fact, the most common traits among billionaires are their strong work ethic and refusing to give up.
To adopt a billionaire mindset and increase your likelihood of success, take calculated risks, develop your creativity, and create a long-term plan. Leverage your focus and drive, and always maintain an attitude of gratitude.
