The key to success

Are billionaires born or made? What are the common attributes among the uber-wealthy? Are there any true secrets of the self-made?

These were just some of the questions which Forbes Magazine tried to answer via what it admits was an unscientific study of the 657 self-made billionaires it counted in February for its list of the world’s billionaires.

First, it was observed that a significant percentage of billionaires had parents with a high aptitude for math. Some of the most common professions among the parents of American billionaires were engineering, accountancy and small-business ownership.

I completely agree. It is said that those who have a high aptitude for math have very good analytical skills, which is a must in any successful endeavor.

While this is not true in all cases, many successful entrepreneurs had grown up in an environment where their parents were businessmen themselves, whether small or big. How many end up receiving seven-figure salaries or getting six figures a month as stipend for board meetings? They also had to climb the ladder of success and they are very small minority. In short, nobody, save for a few, becomes rich by being employed by someone else. But as entrepreneurs, the possibilities are limitless.

Also according to this informal survey, American billionaires were born in the fall than in any other season. Many were born in September. Relatively few billionaires were born in December, traditionally the month with the eighth highest birth rate. This anomaly holds true among billionaires in the US and abroad.

If the Forbes survey took into consideration astrology, this attribute would make better sense. Sagittarians, or those born for the most part of December, are not known for their business skills, because they enjoy being free spirited too much. I should know. But of course, there are notable exceptions.

The third attribute observed by the magazine is that more than 20 percent of the 292 of the self-made American billionaires on the most recent list of the World’s Billionaires have either never started or never completed college. This, it said, is especially true of those destined for careers as technology entrepreneurs like Microsoft’s Bill Gates, Apple’s Steve Jobs, Dell’s Michael Dell, Larry Ellison, and Theodore Waitt.

Unfortunately, I do not agree. It just so happened that these technology entrepreneurs stumbled upon something big early on in life that they could not find sense in going to college. It is also possible, especially in the Philippines, that these billionares did not have the means to go to college when they were younger.

The fourth characteristic is that billionaires who derive their fortunes from finance make up one of the most highly educated sub-groups: More than 55 percent of them have graduate degrees while nearly 90 percent of those with MBAs obtained their master’s degree from either Harvard, Columbia or University of Penn’s Wharton School of Business.

How many of our bank presidents and finance guys obtained their MBAs from Ivy League schools? How many of our younger taipans obtained their degrees from these schools. But these schools did not make them billionaires. You are able to enter these schools either because you have the means or because you are able to get a scholarship. These schools did not make them experts in finance. They were already experts to start with.

Another attribute noted is that several billionaires suffered a bitter professional setback early in their careers that heightened their fear of failure. Unless they were born rich, something very strong and compelling must have pushed them to become successful individuals. Poverty is a good incentive for success, but of course, you also need good breaks in life.

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