Why do some people become extremely successful, while the rest of us work really hard and do fine but not great?
Robert Jordan interviewed 45 founders for his book, "How They Did It."
Each entrepreneur started a company from nothing and either sold for $100 million+ or went public for $300 million+. In total, those interviewed created roughly $41 billion from scratch.
We asked Jordan what separates extremely successful business people from everyone else.
*Note: not all people interviewed in Jordan's book are billionaires. They all have self-made fortunes and did not inherit their money or family businesses. Click here to buy a copy of How They Did It.
10 Differences Between Self-Made Billionaires And You
1/11 They recognize the value of simple ideas: Dane Miller of Biomet started out selling arm slings
Almost every entrepreneur Jordan interviewed made their fortune from a simple idea.
"They tended to be things that the rest of us would overlook. Very few made you think, Oh my god, it's the cure for cancer. That is not the formula for how you get to a billion-dollar level," Jordan says.
2/11 They have incredible curiosity: James Dolan bought a newspaper everyone else thought was worthless
Where most people would see a crack in the wall, Jordan says billionaires find gaping holes.
"They are incredibly curious; what the rest of the world thinks is a problem and complains about -- that's what these people go and work on," he says.
3/11 They crash through obstacles: Joe Piscopo had an angry employee who destroyed every byte of computer data
When a company like Groupon gets offered a billion-dollar buyout, it seems to most people like they won the lottery. Jordan explains that no billionaire has it easy. In fact, most had to overcome impossible problems.
"It just happens as a matter of fact that everybody who hits the billion-dollar level hits massive challenges, without exception." says Jordan. "Some of this stuff is so massive it makes you think, I don't know how they got passed it."
4/11 They are excellent problem solvers: Rock Mackie laid off all his employees and still went public at a billion-dollar valuatio
Many billionaires find ways to fix impossible problems.
5/11 They take risks: Vince Pettinelli had a great job and family when he quit to start PeopleServe
Most people try to avoid failing. This is not a concern for many billionaires. Some seem to actively seek failure by taking big risks.
"Many people go about business in a very cautious way, through networking and things like that. That's not what these people did. They actually had a moment where they had to take a risk, and they did it," says Jordan.
6/11 They have a great attitude: Dane Miller put titanium steel in his arm just to prove it was safe
"This is a group that is far less cynical than the rest of the world," says Jordan of the billionaires. "That's just not the way they look at the world. They have a passionate desire."
7/11 They monetize mistakes: Bill Merchantz's software was created out of critical error
The major difference between regular individuals and successful billionaires is what they do with their strikeouts, says Jordan.
8/11 They make use of boredom: David Becker started a company in a hospital bed
Billionaire Jim Dolan has one piece of advice for all aspiring entrepreneurs: "The problem is boredom. If I'm bored, I may break something just for the fun of fixing it. That's kind of rough on the people who actually work in the company, you know?"
9/11 They realize nothing happens overnight: Even Groupon was a failing company's final attempt
Most billionaires and their companies take years to become successful. It never happens overnight. Even companies that seem like overnight successes to the public really don't happen that way.
10/11 Most importantly, they don't try to do it alone: Not even Bill Gates
Bill Gates, Mark Zuckerberg. The world tends to think of these people as solo founders. A lot of them are. But they would not have succeeded without key employees and other, lesser known, co-founders.
"None of these people did it alone," says Jordan. "Even solo guys have examples of key employees, management teams that came in -- a core group of people that they had.
A quick tour:
1/11 Yes, that's right for me
2/11 OK (You should know)!
3/11 ?
4/11 I am not sure
5/11 Not anymore ( unfortunately ;)
6/11 (Strangely:) I'm not sure
7/11 Yes !
8/11 Yes (always) !
9/11 Everything must go quickly for me
10/11 I want to do everything alone (almost everything;)
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I could have been a millionaire ... almost
