Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 09, 2014 at 05:30PM

this blog is spored BY reflex Eco Group

VENTURES AFRICA – A quick online search for “habits of millionaires” reveals plenty of tips, most of which you will surely have heard many times before. There are numerous books on Amazon that promise to enlighten with the inside secrets to attaining and maintaining wealth. Attempting to reinterpret these age-old secrets would be uninspiring. The similarities across successful individuals, however helpful, present the lowest common denominator for financial success. Embodying these traits will, at best, make you average. I’m interested in the approaches that not only differentiate top performers from average performers in business, but also the ingredients that can catapult one to achieving extraordinary financial success – this defined as investable assets of over a million dollars.

According to a recent HMRC (Her Majesty’s Revenue and Customs) report, approximately 18,000 Britons currently earn more than £1 million ($1.5 million) a year. Another report revealed that London is the city of choice for ultra-high net worth individuals – people with a net worth of more than $30 million. With over 4,000 such individuals centred in an urban metropolis of approximately 8,300 square kilometres, this is certainly the best city in which to conduct research on these individuals’ approach to business and management, and all that goes along with financial prosperity.

I have found that not one of the wealthy or successful people with whom I have interacted has been like another, particularly in terms of their approach to business or their management style. It is my firm belief that the real secret to extraordinary achievement – and hopefully wealth – lies in carefully blending these lowest-common-denominator traits with the wonderful spice that is individuality.

Unfortunately, very little is taught about the power of individuality in the corporate world. Rather, corporations seem to encourage sameness, urging employees to find a mentor, emulate that person, and follow the core values of their organisation. Core values almost always encourage “team players” and laud attributes such as commitment, empowerment and community. We celebrate these values with accolades, awards and prizes required to foster the right behaviours. But let us not be fooled, this push towards conformity often encourages employees to strive for mediocrity. Business tycoon, investor and philanthropist, Carlos Slim, famously said, “When you live for others’ opinions, you are dead.” Unfortunately, the very essence of recognition in an organisation is about others’ opinions.

All of the exceptionally wealthy people I have interacted with and know about have gone against the grain of convention. Bill Gates and Mark Zuckerberg rank among the world’s wealthiest people, though both famously dropped out of Harvard – not exactly the preferred path to extraordinary success. Similarly, the exceptionally wealthy embody a confidence in their unique qualities and talents. One wealthy associate of mine lives by the mantra that God gave her an amazing talent no one else has: being herself. Most of us ignore this talent, instead choosing to model ourselves on others and blend into the corporate culture of acceptable norms.

The more I think about the business or management style and habits of the wealthy, the more I am convinced that it is impossible to draw any real conclusions. Ordinary folk who are able to identify their unique skill set and cultivate a personal philosophy individuality are those individuals best placed to end up on the rich list. The most successful people I know have spent their whole lives mastering this formula. Here’s hoping it works for you.


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