Impressive Billionaires or Not?

News flash: "Australian tycoon is world's richest woman worth $29Billion" 

But "heiress to an iron-ore empire" suddenly sounds less impressive, even if it was up by $19Billion last year. And then we read that the woman she pushed back to #2 spot was Wal-Mart heiress Christy Walton.  So are these successful entrepreneurs we can learn from?

I think the ranking should be based on increase in their net worth from the starting point.  And even that might be an indicator of the skills as an investor (or the skills of their management people) more than their success as entrepreneurs.  So let's agree that for model entrepreneurs we need to look at what they built starting from zero.  That works, even if they started with lots of their own money.

So then we still can be comfortable with our role models, like Steve Jobs, Richard Branson, Bill Gates, Oprah Winfrey, etc. .... 

Rich heiresses, not so much.  

Are you the Entrepreneurial Type?

It's a question that I suggest entrepreneurs ask themselves before they commit to their business venture.  Am I really the entrepreneurial type?  Do I have the characteristics of a successful entrepreneur?  Am I likely to succeed in a business venture or should I make a new plan?

I usually advise that anyone can be an entrepreneur and start, build and grow a successful business if they are determined and persistent, talented and hard working; and they have a viable business concept. But it is still important to consider that you may actually be better suited to another option.  You will certainly be more satisfied and likely to achieve your potential if you spend your working hours in a career that is better matched to your personality, your individual preferences and where you are motivated by what appeals to you, rather than what is expected of you.

So I have developed a theory (very unscientific and certainly not as a professional psychologist) based on my observations of people who are happy and successful in their chosen careers. 

There are three basic personality types that fit certain careers best:

1. Creative spirit (entrepreneurial)

• Characteristics: determinedly independent, confident, constantly curious, questions conventional wisdom, always seeking a better way, balances vision (the dream) with practicality, action and results oriented.
• Occupations: entrepreneurs, artists, writers, research scientists, political activists, architects, designers, some managers and engineers.

2. Contributor

• Characteristics: loves to add talent to the team, thrives on collaboration, needs or provides leadership and a plan, seeks recognition by peers.
• Occupations: some managers and engineers, staff positions, civil servants.

3. Builder

• Characteristics: thirst for knowledge, proving their expertise, pursuing usefulness, providing valued service.
• Occupations: some scientists and engineers, tradesmen, doctors and nurses, social workers, teachers.

Recognizing your own personality type and preferences will help you to decide on your career plan and what situations to avoid.  Yes, there are more combinations and permutations of the three types I have described.  But if you recognize your own needs and what will motivate and satisfy you, you are much more likely to make the right choices for a long and satisfying career.

You do not need to be a psychologist to know that.