Entrepreneurship Schools teach that it is possible to teach a person to be an entrepreneur.
Many are the researches done to try to trace the profile of people who became billionaires with their inventions or businesses. A report released by the Center for Policy Studies analyzed how self-made entrepreneurs made their fortunes. A thousand men and women who became billionaires on their own were examined, creativity, self-confidence, ambition and the ability to deal with failure are just some of the characteristics that the self-mades have in common, see below for some more characteristics:
Creativity, self-confidence, ambition and ability to deal with failure
Creativity, self-confidence, ambition and the ability to deal with failure are just some of the characteristics that self-mades have in common. However, to be a super entrepreneur, it takes a lot more than a fearless attitude.
Only 16% of US billionaires do not have a college degree. In fact, half of the super entrepreneurs have taken advanced tertiary level courses such as a master's, MBA or doctorate. Furthermore, they are five times more likely to hold a PhD than the rest of the population.
A competitive spirit and a thirst for wealth are also characteristics that need to be at the top. According to the report, successful entrepreneurs "tend to be competitive and economically oriented." For 73% of the interviewed entrepreneurs, economic profits were a motivating factor, as well as a sign of success and recognition.
Investing in multiple sectors
The idea of divide and conquer is followed by the self-mades. An entrepreneur is more likely to be successful by creating multiple companies than by focusing on just one sector – not even Bill Gates' fortune is concentrated in just one sector these days. Steve Jobs was another example: although famous for Apple, most of his fortune was derived from Pixar.
Research shows that the opportunities to become a billionaire lie in virtually every industry, from healthcare to garbage collection. But biotechnology, finance and retail are the top performers, as they hold more than half of all US venture capital investments.
Where are the majority of self-made billionaires
Hong Kong has the most big research entrepreneurs, with around three per million population, followed by Israel, with two per million. The United States comes in third, followed by Switzerland and Singapore.
As a general rule, the countries with the highest number of billionaires identified by the survey appear to have more competitive tax regimes, a high rate of venture capital investments as part of the economy, and fewer independent people. Greece, Italy, Portugal and Spain, for example, have a self-employment rate of 20% to 30% outside agriculture, but their rate of innovative entrepreneurship is low. In contrast, only about 10% to 15% of workers are in the United States, Canada, Japan and Switzerland on their own, but innovative entrepreneurship is high.
Western Europe is lagging behind in Asia and the United States, with only 42% of the Old Continent's billionaires being self-made entrepreneurs, the rest inheriting their wealth. On the other hand, 70% of US billionaires are self-made their money, while in China, virtually all are self-made.
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