Apart from your vision which determines in which direction you are going to go in order to make your richness, your richness profile is the next thing you need to understand in order to go about making true richness. Everyone has a richness profile, a personality type that goes about making money in a certain way. You can be a creator, mechanic, star, supporter, dealmaker, trader, accumulator or lord in your richness profile. If you function according to your richness profile you will find it a lot easier to make money but if you are trying to follow someone else’s richness profile, you will experience frustration as you will not be nearly as successful as that person is in their richness profile.
The first richness profile we are going to consider is the creator. Creators enjoy the creative process – creating new products and new companies; they are not so good at the day to day running of the business. Successful creators therefore delegate as much of the day-to-day running of their companies to others as possible and focus in on the creation aspect. Good examples of creators include Bill Gates, Mukesh Ambani, Lakshmi Mittal, Anil Ambani, Kushal Pal Singh, Azim Premji, Steve Jobs, Richard Branson and JK Rowlings.
The second richness profile is that of the mechanic. Some successful mechanics are Henry Ford, Sam Walton, and Jeff Bezos. Mechanics like to get hands-on with their business, and enjoy working with their product to finish and perfect it. Mechanics may take years to get going as they are not very good at starting things but once they do get started with their business can often turn out better products than their competitors due to their desire to perfect their systems.
The third richness profile is the star. Stars have strong personalities and use this to their advantage. Stars are in demand and if they are not careful can burn out. Good examples of stars are Amitabh Bachhan, Michael Jackson, Michael Schumacher, Richard Branson and Bill Clinton.
Dealmakers are the next richness portfolio. Dealmakers make their money through making deals where there are significant value differentials. Dealmakers often come into an industry as it goes past its prime, act on the moment and make millions in a moment. Good examples of dealmakers are Robert Kravis, Donald Trump and David Geffen. Traders are another type of richness profile. They may be introvert or extrovert but they love to seek out bargains and then sell the items at a higher price. Extroverts may do this through hard bargaining and may be found in the import/export sector, whilst introvert traders in many other fields use analysis of markets to find their bargains and sell at a higher price. Unfortunately many traders have never really traded but only see one side of the business (either buying or selling) whilst many people who consider themselves traders are not meant to be traders in their richness profile.
The accumulator is the safest of the profiles, relying on a system of incremental growth to achieve richness. Although the accumulator profile is one of the easiest to duplicate, the real accumulator is someone who has patience and sticks to a system. Accumulators come in two forms. The accidental accumulators are those who made their richness elsewhere and are now reinvesting their richness in property, stocks or other vehicles. These are not good role models as they are not the richness profile of a real accumulator. The second are the ones who fit the profile and have made their richness through their strategy. This includes everyone who has bought and held on to a set of assets over time, whether in company stock, property, land, or any kind of appreciating collectible. The most well known accumulator is Warren Buffet.
The last richness profile is the landlord. Land Lords can be found wherever there is a fixed asset that is generating cash, whether it is a rented property or a leased vehicle, whether it is a gold mine or an oil field.
Each richness profile has its own particular strengths and weaknesses. In order for you to make money you should ideally follow your particular richness profile as this is where you will function best and be best able to use your own particular characteristics to optimize richness creation.
By combining your passion and vision and working according to your particular richness profile you can optimize your chances of creating richness and enjoy the process as you function where you are supposed to function. In the next post, we may discuss further on this subject.
Be Happy – Be Rich.