Fifty-three billion smackers. That's how much telecom tycoon Carlos Slim Helu, the wealthiest human on the planet, is worth by Forbes' latest exhaustive count. (Actually, the tally was $53.5 billion--when you're dealing in 10 digits, every decimal place counts.)
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Those kinds of numbers can't help but make you think: What exactly does it take to amass that kind of wealth? More important, do you have it?
"People who are very successful have an incredible sense of optimism," says Joan Kane, a Manhattan psychologist who treats many a high-powered executive. "They don't have the sense of limitations that most people have. There's no limit to their capacity to achieve and keep going. Age and family commitments don't deter them."
Unbounded optimism. Insatiable need to win. These are but two characteristics of the stratospherically wealthy. There are many more.
Self-Assessment: Are You Born To Be A Billionaire?
It takes serious guts to abandon the comforts of an office, a two-week paycheck and a decent health care package to start a small business, let alone build an empire. Billionaires have a confidence bordering on arrogance that checks their fear and doubt--even as the bets grow larger and more complicated. Put another way, they have an uncanny ability to shrug off failure.
"Highly successful entrepreneurs view failure as a way to gather data," says psychologist David Ballard, head of the American Psychological Association Health Workplace Program. "That's how they learn. It's part of the process instead of being the end of road."
Do you have billionaire DNA and just don't know it yet? Before you set off on a course for prodigious wealth (and risk ruining your life in the process), ask
Why Go Big At All?
Mapping out your long-term goals for the business is critical before you decide to kick growth into high gear. Aiming to sell out in a few years? Fine. Suffused with competitive desire? Okay. Just want to be left alone to trick out your product, with little care for the bottom line? Stay small.
Can You Tolerate and Manage Ambiguity?
Successful entrepreneurs can see through a jungle of conflicting data. The chief operating officer might want to expand into Asia, but the chief marketing officer thinks the move is premature. "There's no obsessing over irrelevant details," says Kane. "Highly successful people have a laser focus and the ability to compartmentalize." If ambiguity doesn't grind you to a halt, then you might have what it takes to go big.
Are You Willing To Make Tough Decisions For The Growth Of The Company?
Sure, your sister and college roommate helped launch your business, but they may grow less useful as the business outgrows them. If you're not comfortable supplanting (or firing) them, stay small.
Do You Like Speaking In Public?
Companies of any significant size need a public face. Entrepreneurs who thrive on public performances--weekly meetings, shareholder gripe sessions, even television interviews--have an easier time than those who prefer to stay out of the spotlight. If public speaking isn't your forté but you still want to grow, find a confident substitute who can sell your story.
Are You A Consensus Builder?
In most cases, the bigger your business, the more input you need from those around you. That means being willing and able to marshal consensus. Entrepreneurs with a my-way-or-the-highway mentality should think about staying small.
Can You Delegate?
The bigger your business, the less time you'll have to interact with your employees. Clearly you can't know what's going on in every department all the time. If you can't delegate, forget about growing.
Can You Deal with Isolation?
Being a billionaire can be lonely. "Friends" appear out of nowhere, and authentic relationships are harder to develop. Balanced billionaires can sniff out parasites and cultivate a loyal inner circle of people they trust and enjoy.
Chasing billionaire status--and not courting misery along the way--is as much about knowing thyself as it is about knowing how to nab new customers or manage inventory. Who knows? Maybe a modest $100 million would be a better fit.
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