If you and I took every wealthy person we know and put them into a room, those millionaires and billionaires would generally fit into three core competencies. You would say, “This dude’s strength is here, this girl’s strength is here, and this partnership’s strength is here. That’s how they made their wealth.”
So let me explain to you the three core competencies of millionaires.
#1: Technical Soundness
The first core competency is somebody who is extremely technically sound. Here are some examples of what I mean by technically sound. They know things such as:
• How to read charts
• How to read trends
They may notice things you don’t even think of if you yourself aren’t technically sound. They can look at projections on an investment and know whether to say yes or no, or see ways to build or re-engineer things. Their brain is wired in a completely different way because they’re technically sound.
Leadership is the second of the three core competencies of millionaires.
Now, what is leadership? Sometimes the guy that’s very technical is horrible about the leadership side. And sometimes the guy that does well at leadership may be horrible on the technical side.
Leadership is somebody who looks at things from the outside and sees how things need to be changed. They may reposition people, or recruit new talent because they know how to lead an army and how to put a strong team together.
And the last of the three core competencies is not technical, and not leadership, it’s strategic. Strategic competency is people who know how to put deals together. They may say things like, “I want to take 25% of this here on this real estate deal. And let’s bring in this person with money, and create this partnership. If we sell at this time, we’ll be able to sell for this amount.” They’re all about strategy.
Strategy is slightly different than leadership. Leadership is more about people. Leaders are very good at driving people. Strategy has to do with things like:
• Teaming up with people
• Knowing when to take out the competition
• When to announce launches and initiatives
These are all examples of strategy, which is very different than leadership.
By the way, if you find yourself in a situation on a team where there’s someone technical, a leader, and a strategic person, if you put those together, you have a powerhouse team.
My message to you is very simple. You’re not going to be able to do all three of them. No one is all three. Now you may say you know someone who is good at all three, but everybody typically has one of the three core competencies.
And by the way, just because you’re very good at one of these doesn’t mean you’re going to be a millionaire. I don’t know your work ethic, fire, and desire. I don’t know your willingness to get up and go to work for years, or how you’ll handle pressure. I’m assuming you’re willing to do that. If you are willing to do those things, and you have one of the three core competencies, you have a shot at being a millionaire entrepreneur.
Now if you have any questions, comments, or thoughts, be sure to comment on the bottom. And if you haven’t subscribed to this channel, be sure to click on the button below to subscribe.