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Lewis Schiff studied successful entrepreneurs when he realized that it is this habit that all of his subjects mention at one point or another. To come to this realization, he asked three questions:
- Do you know what you are exceptionally good at that makes you money?
- Write down the areas where you're exceptional. How many did you write down?
- Do you work to get better at things you're not exceptional at?
Only about a half of the "middle-class" (net worth less than 1 million) that participated in the survey had an answer to the first question. In contrast, almost all the multimillionaires knew exactly what it was that they are exceptionally good at. On your way to success, it is incredibly important that you identify your value. There isn't a single successful entrepreneur that doesn't know the answer to this question. After all, it is after identifying what you're exceptional at that you can turn that quality into a business.
When it came to writing down the areas they're exceptional at, the middle-class had an average of six items to write down while the number of items only went down as the net-worth went up. The richest only wrote down an average of two items.
Finally, the answers to the third question might come as a surprise to you. The richer they are, the less they work to get better at things they aren't exceptional at. The richest of the participants don't even bother working to get better at other things. Considering the difference in the answers of the wealthiest and the not-so-wealthy, it is evident that there is a distinction in their approaches.
The middle-class constantly works on improving their weaknesses, probably as a result of what we were taught in our childhood and school. They encourage us to work on the things that are problematic to us in order to ultimately become a well-rounded individual. We scatter our focus around working in a number of different areas thinking that it will, in turn, eventually pay off. On the other hand, as soon as they figure it out, the wealthiest of the wealthy focus solely on what they do exceptionally, and, apparently, it pays off.
What approach do you have? Are you more middle-class or millionaire?