What sets the thought process of billionaires apart from the rest? What secrets do they possess that lead them to achieve extraordinary success? What beliefs fuel their drive, and what energizes them to chase ambitious goals?
To uncover these mysteries, I dedicated six years to in-depth, face-to-face interviews with 21 self-made billionaires, compiling their success principles in the book, “The Billion Dollar Secret.”
However, one of the most profound revelations from this journey was recognizing that, despite their immense wealth, billionaires harbor regrets, much like anyone else.
From our conversations, several common regrets emerged:
- Hesitation to Seize Great Opportunities The adage that high risks can yield high rewards holds true, but only if one acts promptly. Many billionaires I interviewed learned this through missed chances.
Take Tim Draper, a venture capitalist billionaire. His advice for aspiring success stories was straightforward: “Set a goal and pursue it relentlessly.” Yet, even Draper admitted to moments of hesitation, such as his initial interest in investing in Facebook, which he ultimately passed up due to a bidding war, a decision he later regretted as the company’s value soared.
- Not Living in the Moment Chip Wilson, the mind behind Lululemon, preaches the importance of living in the present, a lesson he learned after years of reflection. Initially consumed by past regrets or future anxieties, Wilson realized he was not fully appreciating his current achievements or the company of those around him. Adopting a more present-focused mindset transformed his outlook and contributed to his well-being.
- Delaying Their Pursuits A common theme among the billionaires was the wish they had started their ventures sooner. Peter Hargreaves of Hargreaves Lansdown, and Naveen Jain, founder of InfoSpace, both expressed regret over not launching their businesses at an earlier age, recognizing the value of hands-on learning over vicarious experiences.
- Not Taking Enough Risks Reflecting on their journeys, some billionaires felt they could have been more daring. Jack Cowin, who brought Burger King to Australia, wished he had taken more risks, acknowledging that while the fear of failure is a significant deterrent, overcoming this fear is crucial for success. However, he also highlighted the importance of managing these risks to avoid catastrophic failures.
- Resisting Change Frank Hasenfratz, founder of Linamar, stressed the necessity of constant adaptation. Reflecting on the evolution of the manufacturing industry, he underscored that success requires a willingness to innovate and adapt to remain relevant.
The Silver Lining: Embracing Mistakes and Failures Despite these regrets, a surprising consensus among the billionaires was the minimal time they spent dwelling on past mistakes. Instead, they viewed failures as essential learning opportunities. Jack Cowin summarized this attitude well, suggesting that without attempting and occasionally failing, one might not have truly tried.
This mindset underscores a key takeaway: rather than lamenting past decisions, focus on current actions that can shape a better future. As Cowin reflected, looking back, there’s little he would change, emphasizing the importance of maintaining a positive outlook and not fixating on past setbacks.What do millionaires regret?