People who are working towards their financial goals each day will often wonder what it takes to be a billionaire. We are often led to believe that billionaires are differentRead More
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]]>People who are working towards their financial goals each day will often wonder what it takes to be a billionaire. We are often led to believe that billionaires are different types of people, who are only wealthy because they inherited generational wealth or knew high powered investors during the early stages of their career.
What these people do not know is that billionaires are normal, everyday people just like the rest of us. While some may have inherent advantages, there are several attributes of a billionaire that can be ascribed to most, as well as normal, working class people.
Here are 7 successful attributes of a billionaire shared by many expert authors on The Entrepreneurs Library:
When you research any billionaire’s life story, a common theme emerges. They were willing to outwork everyone else and remained focus, even in the face on extreme adversity. Some would like to believe that becoming a billionaire is the product of luck and genetics, but those who have actually done their homework know that this is not true.
A billionaire does not sleep in until noon. They are up before their competitors and constantly seek out new advantages, so that they can remain ahead of those who are pursuing the same goals. Everyone wants to be a billionaire, but very few are willing to put in the work necessary to do so.
Great book on building work ethics: 13 Things Mentally Strong People Don’t Do by Amy Morin
Once a person decides that their goal is to accrue a billion dollars, they know that this is a long term goal, not a short term pursuit. Being able to keep their eyes on the prize and not be deterred by setbacks is what separates a billionaire from the pack. They know that there will be issues that arise along the way and they do not allow themselves to become frazzled by them.
Without patience, it is incredibly difficult to become a billionaire. No one ever has a smooth path to their goals and financial pursuits are no different. Being blessed with the patience to realize that there is a solution to every problem and knowing whether you need to stay the course is incredibly crucial when you are on the road to riches.
Great book on managing patience and stress: Performing Under Pressure by Hendrie Weisinger
This is the attribute that confuses those who are not already billionaires themselves. Since someone has more money than they can spend, it seems somewhat foolish to let it sit in a bank account. But it is more crucial for a billionaire to have assets on hand to make transactions that can boost their financial status even further.
It takes money to make money in the modern business world. While it may be fun to blow your new earnings on a mansion, a fleet of luxury cars and a private jet, these are all items that depreciate in value the moment they are purchased. A billionaire is focused on remaining a billionaire does not make these types of purchases. They realize the importance of having liquid assets at the ready.
Great book on building wealth: Get Rich with Dividends by Marc Lichtenfeld
In order to become a billionaire, you need a new and interesting idea, a fresh take on things. One person’s route to earning a billion dollars is not going to be the same as the next person’s. To capture the attention the public, you need to think about the voids that exist in everyday life and find a way to fill them.
A person cannot come up with an inventive plan by thinking just like everyone else. They need to think outside of the box, which is an attribute shared by most billionaires. They know how to think differently than their peers and will zig when most have decided to zag.
Great book on innovation and creativity: Anticipate by Rob-Jan de Jong
Being insightful is about more than being book smart. Being insightful is all about knowing how to read people and deliver what they want. An insightful billionaire is one who knows that their wealth is not the be all/end all. They are constantly searching for ways to remain in tune with the world around them.
Once a person ceases to be insightful, they are no longer as useful to their clientele. A person with lack of insight is a person who does not have their finger on the pulse of what is currently happening in the world.
Great book on being insightful: Credibility by James Kouzes
Becoming a billionaire does not happen because the person decided to stand pat and stop taking risks of any kind. It happened because they were willing to stick their neck out for a cause that they truly believed in. Billionaires do not sit around and wait for things to happen, they make things happen.
The only way to make things happen is to take risks. This does not mean that a billionaire simply lunges at the first opportunity that comes their way. These risks are typically taken in a calculated manner and considered from every angle. Taking risks is a foolish endeavor when they are not properly considered beforehand.
Great book on taking smart risks: The Metronome Effect by Shannon Susko
What gets a billionaire through the hard times? Their unwavering belief in themselves. A person who has an unshakable belief in themselves can conquer any problem that comes along and reach any goal that they set for themselves. They do not wait for pep talks from close friends or read self help books.
They simply dig down deep within and find courage in places that they did not even know existed. They do not allow naysayers to deter them in any way and they know that everything they are doing is done with a purpose in mind.
Great book on confidence: Top Dog: Impress and Influence Everyone Around You by Andy Bounds
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]]>A summary of things you should know about The Metronome Effect according to Shannon Susko: Introduction In this episode Shannon Susko takes a deep dive into her book, The MetronomeRead More
The post A Preview of The Metronome Effect with Shannon Susko appeared first on The Entrepreneurs Library.
]]>In this episode Shannon Susko takes a deep dive into her book, The Metronome Effect, where she reveals many effective ways to turbo charge the growth of any business.
In her book Susko provides a customized step-by-step action plan based on the best practices and tools that helped scale some of the most successful businesses today as well as ones she helped grow herself. The goal of the book is to teach you how to operate a company, how to scale a company dramatically, how to hold employees accountable, and how to organize a business into a smooth process.
This book is perfect for entrepreneurs who have a solid understanding of the best business practices and are in need of an easy, systematic way to tie them all into one cohesive framework.
The biggest difference I wanted to make was to be prescriptive. This book will give the entrepreneur a step by step, here is what you should do, and when.
Readers can definitely read it from front to back but they can also jump in and out where needed most.
The one thing that I would recommend that the entrepreneur and leader look at within what they are living today is coming up with what I call setting your metronome. The leader is the metronome of the business and it’s important to set some expected habits that are going to happen every day.
There is a picture in the beginning of the book that I call The House. Every entrepreneur is focused on building a great house so that their organization can grow, scale, and really set out on the success that they are looking to achieve within the business. And at the very foundation of the house is the entrepreneur and the leader of the organization and that leader needs to be absolutely in tune with their own core values and their own purpose. And that then drives to ensuring there is clarity both for the leader and the rest of the organization around the core purpose of the organization. What follows that are the core values of the organization which is absolutely in tune with the core values of the entrepreneur and the leader of that organization. From there is knowing what your big goal is for the organization. This is a 10 to 30 year goal that will guide the organization and the leader to where they need to drive to. The other piece of the strategic thinking process is the execution plan and really creating a way for an organization to have a collaborative brain, peer accountability, as well as setting up a rhythm within the organization that will beat daily, weekly, quarterly, and annually. This creates the habits needed for an entrepreneur to think less about the next thing that we need to do and think more about what we need to do within our business.
With every chapter we step through, starting with the leader, works through every piece that I go through. At the end of every chapter are actions that are recommended, books to read, as well as things you can do if you are challenged in a particular area.
The goal was to bring forth a way that the entrepreneurs and the leaders can easily and practically execute and grow their business within a time where they usually feel they don’t have another minute.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 04:04
“We are what we repeatedly do. Excellence then is not an act but a habit.” – Aristotle
I’ve been building high growth technology companies for the past 20 years and within that time I have very much found a great framework that I think others can learn from. Since the time of leaving my last organization I have been working with entrepreneurs and helping them scale up their own organizations.
The inspiration was to support other entrepreneurs in their journey in growing their company. While developing my first company I was looking for a silver bullet for myself to overcome that growth and sadly enough I came across many great tools but not one great framework that could pull it all together. This book allows an entrepreneur to understand that there is a framework available that you can bring in all the different tools that we learn along the way. I wanted to show entrepreneurs that there is a way that you can put this into play practically and grow your business at the same time.
Scaling Up by Verne Harnish
Buy The Metronome Effect by Shannon Susko on Amazon today
Visit ShannonSusko.com to learn more about Shannon and her book
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Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
Building Your Booming Business by David Mitchell
Lean Enterprise by Jez Humble
Exponential Organizations by Salim Ismail
Relevant advice and tips:
5 Ways Entrepreneurs Can Overcome Business Failure
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