Summary

The author shares insights into the nature of wealth and success after interacting with business millionaires, emphasizing that money amplifies one's true character and that networking and leveraging unfair advantages are key to business success.

Abstract

The article recounts the author's experience of being surrounded by affluent businesspeople, revealing that wealth does not inherently make someone a good person, nor does it guarantee happiness or fulfilling relationships. The author notes that luck and privilege often play significant roles in financial success, and that networking is crucial in the business world. It's highlighted that successful entrepreneurs often capitalize on their unique advantages and that seemingly mundane businesses can be highly profitable. The piece concludes with the reflection that money serves as a magnifier of one's personality traits and that while business can be a powerful wealth creation tool, it should not come at the cost of one's well-being or relationships.

Opinions

Wealth does not necessarily correlate with positive personal traits or moral goodness.
Success in business is frequently influenced by luck, privilege, and the ability to exploit opportunities.
Strong networks and relationships are more valuable than business plans or strategies.
Boring, essential businesses can be more lucrative than those chasing the latest trends.
Money acts as a revealer of one's true character, amplifying existing traits rather than changing them.
Business is seen as the most effective path to wealth creation, outperforming other methods.
Despite their success, many wealthy individuals lead unhealthy and unfulfilling lives, sacrificing personal relationships for financial gain.

I Was Trapped In A Room Full Of Business Millionaires. Here’s What I Learned.

#5: Money doesn’t create you. It reveals who you truly are.

I found myself in a room full of business millionaires.

Here’s what I learned.

#1: Money doesn’t make you a good person.

Many had impressive business accomplishments.

They had built multiple businesses across multiple countries. Held high positions on government advisory boards, won multiple awards, and spent most of their time traveling to wherever they wanted.

But they weren’t good people to be around.

Loud, arrogant, and egotistical are how I would describe many of the people in the room. They were sensitive to any sort of slight. And relied on their status and position in the hierarchy.

Lesson: Money ONLY solves your money problems.

Money doesn’t give you confidence. It doesn’t improve the relationships with your family. It doesn’t give you peace of mind. You can only achieve those things internally.

#2: Luck played a disproportionate role in their success.

Many came from families of wealth and privilege.

One billionaire I met was the nephew of a Prime Minister. They never had to struggle to access money, status, or power. They were simply born into it.

When you have a massive trust fund as a safety net, you can afford to take a lot of risks.

Lesson: What looks impressive on the surface is more often luck or privilege.

Another entrepreneur I met worked in the government when his country wouldn’t allow anyone to leave. He was one of a handful of people who could travel abroad.

During this time, he exploited the opportunity.

He made networks, built connections, and set himself up for the future. When his country opened up, and people wanted to do business, guess who they called first? Exactly.

He made literally hundreds of millions from this opportunity.

I’m not mad about it. Life is inherently unfair.

But the lesson I took was to exploit your unfair advantages. Everyone’s got them. You just need to position and frame them differently.

They were not:

Overly smart.
Skilled or talented.

They were born in the right place, at the right time.

#3: Everything in business is about who you know.

It’s a cliche (and somewhat unfair) fact.

Building networks and relationships is the difference between business success and failure.

A business with the right networks and a mediocre product will do better than a business the no networks and a great product. At least in the short term.

Business plans, strategy, and tactics mean fu*k all in this world.

The reason they continued to get rich was because they all supported each other. Simple.

Many had relationships with each other for decades. Together, they built a global network of business leaders they could leverage.

They didn’t always like each other.

But they knew they could get rich together. If you want to make friends, open a coffee shop. If you want to get rich, make the right networks.

When they wanted to open up a new venture in a new country, they already had powerful eyes and ears on the ground who could sway governments.

It’s pretty impressive when you think about it.

#4: Boring business run the world.

So many owned boring businesses that made a lot of money

From iron rod production to vehicle manufacturing, and facilities management, they managed to monopolize a small part of the supply chain and deliver it cheaper and to a higher quality.

There’s always a technological innovation around the corner.

In a world of digital transformation and the promise of artificial intelligence, it can be easy to be caught in the next shiny thing syndrome.

It made me rethink my approach to business.

I’ve started brainstorming boring businesses that are critical to the day-to-day function of society and humans. These are businesses you don’t see and likely can’t live without.

Think boring and get rich.

#5: Money doesn’t create you. It reveals who you truly are.

Money doesn’t corrupt, it reveals.

If you were an asshole before, you’ll be an asshole after money too.

If you were a generous person before, you’d use your money for generosity too.

Lesson: money doesn’t change you, it amplifies.

#6: Business is the greatest vehicle for wealth creation.

There was no getting around it.

Business was the vehicle all of them used to create wealth. Some came from the government, others from the community sector but all used a business to create value and capture it.

Every other vehicle is inefficient.

I am always reminded of a quote from Warren Buffett: “It’s not about how hard you row, but the type of boat you’re in.”

Lesson: If you want to get rich, start a business.

While they were all successful and wealthy, I wouldn’t want to be like them.

Not at all.

Don’t get me wrong. I’ll still learn valuable lessons from them. I respect what they’ve achieved and how I can use their journey to help my own business journey.

But many were:

Unhealthy and overweight.
Consumed an ungodly amount of alcohol and drugs.
Had terrible relationships with their partners and children.

They had sacrificed everything at the altar of money and business. Many seemed like tortured people with miserable lives.

The main lesson I learned? Learn from their success AND failures.

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