5 Multimillionaire Entrepreneurs Share Five Traits Successful People Have In Common
What if there’s a formula to being successful?
The Oracles is a prestigious, invitation-only membership group that features the world’s top entrepreneurs. These people have established themselves in their respective industries, earning millions of dollars for their breakthroughs or patents, and/or have created a business that has become a standard for success. And the members of the group believe there are certain characteristics that are indispensable in people who want to be successful.
Being successful will take a very long time—and will entail a long list of heartbreaks. There will be times when you think you’ve got it, or you deserve it, but the world will refuse to give it to you.
Dottie Herman, CEO of real estate brokerage empire Douglas Elliman, knows that to succeed, you will never have to tire of trying. Since Herman bought Douglas Elliman in 2003, the company has become the largest and fastest-growing real estate firm in New York, now posting more than $27 billion in annual sales.
Herman reminisces how she started in the industry as an employee at Merrill Lynch, where she worked her way up the ladder to becoming manager, regional manager, and eventually the head of the whole company from the Long Island office.
Herman shares, “When Merrill Lynch decided to sell its real estate offices, I wrote a letter offering to buy them. There was one problem: I had no money. Prudential bought that business instead, and I worked for them for several years—until they decided to sell. I once again attempted to buy the offices, and this time, I refused to give up.”
“After six months, I finally convinced Prudential to lend me $8 million, plus working capital,” she continues. “When I knew we had a deal, I stood in front of the 1,600 agents in the Long Island division and asked them to stay—and they did. While I had been a businesswoman for several years, that was the day I truly became an entrepreneur. In business and life, never give up.”
A winning mindset
There is a difference between working hard and working to win—that much is clear to Trevor Chapman, a successful entrepreneur and one of the world’s most successful digital strategist, who has generated over $100 million in sales for his businesses and partnerships. He started his first company at 21 years old, managed to survive bankruptcy, owns dozens of eCommerce websites, and founded eCommCon.com, the largest virtual summit in history.
According to him, hard work is important in achieving success—but not everyone can win or succeed with only working tirelessly every night and day, 7 days a week. Chapman says that to win, you’ve got to have the heart, the patience, and the mindset to actually win.
“Is hard work important? Yes—but hard work is a baseline. Hard work is like showing up for practice. However, it’s not the hardest workers that get drafted into professional sports: it’s the winners. To win, you have to endure years of losing while honing the craft. To win, you need a resilient heart while others win, usually before you,” Chapman says. “What you focus on grows. Take the time to focus on the craft of winning in business. You’ll reap what you sow.”
Times change; and so should we. In the rapidly changing times of today, many hallmark companies and brands have seen themselves defeated and obsolete because they refused to ride the waves and adapt. And Michael Johnson, successful motivational speaker and mindset coach for professional athletes and elite entrepreneurs, owes many of his successes to this point to the ideas and opportunities he opened himself to.
Don’t be like Nokia or Blackberry. Don’t let yourself get eaten by the changing times. Be like water, flow like water.
“To be successful, you need to respond to the changing environment around you. Many business owners get stuck because they insist on maintaining status quo, even when people grow, regulations change, and markets fluctuate around them,” Johnson says. “I avoid getting stuck in a fixed mindset by reading, learning, studying, and hanging around people who think differently from me. By exposing myself to novel ideas and settings, I’m constantly honing my ability to adapt.”
Know how to fail
Never underestimate the power of learning how to fail well, because many successful stories always start with countless and countless of heart-crushing failures. To be able to understand the value of work and success, one must first understand and master the art of accepting defeat.
Jason Hall, founder of digital marketing company Five Channels, have managed to master the art of failing throughout his work with SEO and online marketing since 2001. Only after knowing how to learn from his mistakes and improve himself after each failure did he finally manage to build his own company, which has already managed to generate more than $17M in sales revenue for his clients in just one year.
“Failure can help you evolve. Lessons learned can motivate needed self-improvement. To develop a healthy appetite for failure, get uncomfortable with your inner self. Push yourself to overcome obstacles that you might otherwise avoid. Stay driven and intent on mastery. Once you’re comfortable being uncomfortable, you have a unique edge that most don’t,” Hall says.
“When you practice tackling obstacles head on, you’ll also learn your inner voice is often the biggest obstacle of all and not the actual actions necessary to achieve success. Pretty soon, you’ll look forward to failure—knowing that there’s a better you on the other side.”
Passion and purpose
Many successful entrepreneurs and business would always say to follow your passion, and do what you love doing to succeed. But for Thomas Carter, founder and CEO of blockchain business accelerator and crowdfunding platform DealBox Inc., the true powerhouse combo to success is working on what you’re passionate about and finding a purpose in everything you do.
Thomas Carter (photo from @thomascapserve)
“When passion is mixed with purpose, you become unstoppable. To stay focused and on the right track, constantly ask yourself: ‘What’s my why?’” Carter says. “These days, my ‘why’ is to liberate entrepreneurs while providing investors with better data. My goal is to build the best FinTech software on the market and help entrepreneurs launch their startups. To be successful, find your passion and purpose, and don’t let anything get in the way.”