I've Been Studying Ultra-Successful Businesspeople for Over 30 Years. Here's What Truly Sets Them Apart. Here's a look at the qualities that set billionaires apart from regular entrepreneurs, including relentless drive, emotional intelligence and a strong tolerance for risk.
By Oleg Boiko Edited by Chelsea Brown
Key Takeaways
- After studying ultra-successful entrepreneurs for over 30 years, I've found that the key to their success often comes down to emotional intelligence and a persistent drive that I've termed the "Inner Woodpecker."
- IQ is useful, but emotional intelligence (EQ) is essential for entrepreneurial success. EQ can't be hired — it has to exist already or be developed internally.
- Entrepreneurship also requires a tolerance for risk and the resilience to handle losses and setbacks.
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It's a natural instinct for woodpeckers to drill holes in trees primarily to search for food, create nesting cavities and communicate with others through drumming. Just like our feathered woodland friend, having that innate ability to peck away often against the odds is an ability that sets billionaires apart from regular entrepreneurs — and of course being okay with taking risks.
The "Inner Woodpecker" is like having a constant drive to achieve and never being satisfied with a one-off success. It's that restless feeling that keeps you going, combined with emotional intelligence. The latter is super important for motivating others and handling complex relationships in business. It's not just about being smart; it's about understanding and managing your own and other people's emotions. Like the woodpecker again, the overall endeavor is the development of a persuasive communication capability.
Related: 5 Ways to Master the Persistence That Makes a Great Entrepreneur
Criteria for a successful entrepreneur
I used to believe that anyone could gear themselves to become a successful entrepreneur who could manage large projects, even on a global scale. I later realized this is not the case. Those who possess the "Inner Woodpecker" have the distinct advantage of being consistent in their actions, having a persistent drive to achieve goals and exuding a constant restlessness where each success is merely a step toward the next. Now, it may emerge early or late, influenced by people, circumstances or even arise spontaneously — but without it, sustained success is impossible.
I also used to think that a high IQ was the primary distinguishing feature of successful people. Now, I would rank it third or fourth. You see, there are individuals with average analytical intelligence who achieve quite remarkable results. IQ is a characteristic that can be, well, hired. Charisma, communication skills and leadership qualities — these things that define emotional intelligence — can't be easily brought or even bought in. It has to exist in the first place.
Large-scale projects necessarily involve a host of colleagues, and often, such individuals are complex beings, frequently demanding, and with their own interests and agendas. How good they are depends on just how motivated they are. Now, creating this motivation is a large part of one's emotional intelligence.
Harness that emotional power
If things are structured in such a way that those involved feel content and upbeat, each in their own unique way, then valuable results will follow. In life in general, emotions are the most powerful drivers. They make humanity what it is.
There are those naturally gifted with emotional intelligence, while others have only the potential. If that potential exists, it can be developed, though to what extent depends on the person — which is why coaching is the most dependable and perhaps the only effective way to achieve it. And the best way to develop real skills is to learn them in real time, ideally with a guru-come-mentor.
So, what else makes successful entrepreneurs? Well, fortune favors those who can also combine analytical intelligence with creativity, as well as ingenuity and the ability to think outside of the box to solve matters and produce ideas. There is a common thread that runs through the career successes of many billionaires in that they all did well-known things, just much better than their competitors. In fact, very few invented something that was fundamentally new.
Related: Why Emotional Intelligence Is Crucial for Success (Infographic)
Taking risks
You can't be an entrepreneur without a tolerance for risk. Business decisions involve taking risks, often many times a day. Playing it too safe can hold you back from big breakthroughs.
If you're not a risk taker in business, instead always hedging against possible loss, you won't achieve anything remarkable. Risk drives evolution. Business, as in sport, the sciences, creative fields and exploration, is one big contest with nature, fate, oneself and the revolving world around you. So, remember, there's no competition without the risk of losing. It's therefore not surprising that running a business is often compared to gambling, the odds often being completely unpredictable.
Stay patient and always keep your cool
Patience is crucial in emotional intelligence — that ability to build relationships step by step and guide your way through complex processes. Be prepared to wait. Getting worked up about things you can't avoid or change gets you nowhere and only serves to drain your energy. If you are agitated, you see the world in a distorted way and when in that state, it becomes nearly impossible to fight effectively, let alone win.
It's the same with handling losses. Losses are inevitable in business. It might be a small market fluctuation, a turn of weak management or maybe extra pressure from competitors and wham — suddenly you're facing possible bankruptcy, and this can happen regardless of your knowledge or skills.
On the other hand, there are those who gain great riches by sheer luck but then fail to keep it because they don't have the wherewithal to manage such situations. Money, wealth and runaway success invariably impact human nature. Having large sums of money increases psychological pressure and requires enormous willpower, which leads to more complex decision-making.
Related: How to Harness the Power of Patience to Be a Better Leader
Remember, sometimes you have to go down to come up again. There are valuable lessons to be learned from hitting rock bottom. That is, if you have a reasonable level of emotional and analytical intelligence and if that "Inner Woodpecker" in you keeps pounding away.
Personally, I never get upset over losses. I dismiss it as counterproductive and, instead, I analyze what went wrong, put the mental switch in the "on" position and move ahead. I even manage to source energy from failures, becoming angry at myself, and immediately start fighting for revanche.
