To Be a Success...

...one needs to study successful people. With today's release of the Forbes List of Richest People (Warren Buffett at #1), I thought success would be an appropriate topic of discussion. Since success is defined by Merriam-Webster as "attaining something desired or intended", it is necessary for one to define what they desire or what they intend. For some, it is usually the conventional - wealth, eminence or favor - but for others it may be something else. Regardless of what your personal measure of success may be, here is a list of traits consistent among long term successful people (based loosely from William J. O'Neal's 24 Essential Lessons for Investment Success) that will help you achieve success in all you do.

Ten Traits of Successful People (in no specific order):

1) Positive Thinking - Successful people are optimistic with all their endeavors and they always keep a positive attitude - Success is good but failure is even better because one can learn much more from failure. Any outcome results in something worthwhile. This type of thinking helps to breed confidence and high self-esteem.

2) Making Conscious Decisions Regarding What They Want - If you don't know what you want or what you're going after, how can you possibly succeed. It is like trying to win a race not knowing where the finish line is. Leaders always have a specific goal in mind and they map out the shortest route to achieve it.

3) Realizing Goals are Nothing without Action - So what if you have a clear goal if you don't do anything to try to achieve it. Nothing is going to happen if you don't do anything about it. No one is going to just hand you money, a powerful position or a successful business. You need to actively pursue your goals as opposed to just talking about them. Many people come up with great ideas but only a few people follow these ideas through with action.

4) NEVER Stop Learning - Successful people are always curious and want to learn everything about everything. The more you learn, the more you have in your arsenal of ideas and perspectives. This will not only allow you to empathize with people of different backgrounds but also give you an open-minded thought process. As mentioned in the Chemistry of Learning post, the more things you learn, the easier learning new things will be.

5) Being Persistent and Working Hard - Persistence is essential because the road to success is painted with failures and persistence is what changes present failure to future success. Hard work is obvious. You reap what you sow. Successful people recognize the value of meritocracy so they work hard, play hard, rarely complain and expect above average performance from themselves and others.

6) Analyzing Detail, Seeking Out All the Facts, and Being Decisive - Successful people pay extreme attention to details and do their due diligence. They surround themselves with competent and responsible people and know every aspect of their goals, plans and businesses. Once all the facts are collected and analyzed, they do not hesitate to act.

7) Focusing Time and Money - Those that are successful know how to manage their time in order to juggle their numerous tasks and activities. They focus on the present because that is what they can control while keeping their peripheral vision on the future. Successful people don't like to waste time dwelling on the past and what "could" have been. Good money management is also common amongst successful people; they spend their money with a purpose and don't mind paying for quality. Successful people understand that there is a "tuition cost" for all learning experiences. For example: losing money when you first begin investing, paying for seminars and conferences to learn more about a specific industry and to network or losing your initial investment on your first business venture.

8) Being Able to Do Things Differently and Taking Risks - Successful people are very curious (Trait #4) and constantly try to innovate and challenge the status quo. They have the uncanny ability to see new possibilities and opportunities where others see roadblocks and difficulties. Successful people also have no problem sticking their necks out and taking risks because 1) they are confident in what they do and 2) they are not afraid to fail. Reward is directly proportional to risk thus the more risk taken the bigger the reward received.

9) Communicating and Dealing with Others Effectively - People who are continually successful are masters at networking. They know multitudes of people from all walks of life. I'm not talking about acquaintances and exchanging business cards. Successful people cultivate meaningful relationships with all those around them and value these people and relationships. This extensive quality network provides excellent reliable support in any situation. The ability to communicate and deal with others effectively is often associated with being charismatic.

10) Achieving Long Term Success Comes from Having Integrity - Although there is no specific order for this list, I did save the most important trait for last. Integrity, in my opinion, is the most significant contributor to long lasting success. Society wants us to think that we need to bend the rules or be ruthless to have an edge and become successful but that is just a myth. Those that achieve success using questionable tactics usually don't hold on to successes for long (WorldCom's Bernard Ebbers, predatory subprime mortgage lenders, steroid using Barry Bonds and Enron's Kenneth Lay and Jeffrey Skilling, just to name a few). Being fair and honest is the best route to success, albeit not the most glamorous, because integrity attracts integrity while deception, although possibly effective in the short term usually leads to long term failure and devastating consequences. Successful people who hold on to their integrity not only succeed themselves but also help others as well to succeed.

If you want to be successful, take note of the aforementioned qualities that consistently successful people share. Then clearly define your goals and pursue them actively with integrity, confidence, hard work, and an open mind and cultivate a reliable support system of other honest people you meet along the way.

If you know of any other traits not mentioned here, please post them in the comments section.

Recommended Reading - 24 Essential Lessons for Investment Success by William J. O'Neal (founder of Investors Business Daily)