Are You Dumb Enough To Be Rich?


So you got your MBA from Harvard, saved $20k from your last job and have 5000 friends on MySpace. But are you dumb enough to be rich? That’s what analysts of correlations between brains and bucks have concluded. You don’t have to be smart be become wealthy, and as a matter of fact, brains may even stifle your potential.

You see, wealth requires high-performance and rapid-execution. You can’t get stuck on details when there is someone far more qualified for that job.

As an entrepreneur, you must take on the task of creating everything from scratch and that requires leadership and more strategic long-term big-picture thinking. Leave all the nitty-gritty systematizing and organizing to management and for heaven’s sake – get a professional designer to do your website.

Wealth requires Four distinct elements: Motivation, Skill, Knowledge and Focus. Let’s define each one.

Motivation: The Desire To Be

From when that great idea pops into your head, until you start to do something about it, you’re in the motivation stage. An optimistic point of view that convinces you that you have the next multi-million dollar idea. The problem is that in order to turn great ideas into profitable business, you’ll need more than just a desire to create a great product or service.

Skill: Expertise vs. Scalability

The problem with Professions (besides for requiring an immense amount of both time and capital) is that they require a technical expertise that is designated to the person who is skilled. How many surgeries can a surgeon perform a day? Each one requires his physical presence, full attention and time occupation. McDonald’s on the other hand spews out millions of Big Macs each day with a work-force of teenage students. Scalability is the ability to run at full capacity whether its for 1 or 100, offering the same product or service, with the same results, every time without fail.

In business, the hierarchy works like so: Shareholders elect Executives who hire Directors, who find Managers, to teach Supervisors how to oversee Operators.

If the machines run on they’re own, all you need is a tech-savvy operator to make sure everything runs smoothly. But while technicians may be very smart, learning the service manual backwards and forwards, knowing where every nut and bold belongs – no one ever became wealthy on minimum wage.

Knowledge: Chris Langan vs Henry Ford

In the war of brains vs. bucks, you’d think Chris Langan had it all. You may have heard of Chris, as he was featured in Malcolm Gladwell’s best-seller “Outliers”. However, even though Chris boasts an IQ estimated at 210 (Einstein was 160, and Darwin a mere 120) he nevertheless makes an honest living working in bars. No mansions, no rolls-royce, no big shareholder meetings. Genius in other words has failed. (For those familiar with the collapse of LTCM this would not be the first time.

Enter Henry Ford. Someone once walked into Ford’s office and presented him with a complex math problem they knew he couldn’t solve since Ford lacked schooling. “I do not know the answer”, he replied “but I can definitely find someone who does”. He may have not had an IQ anywhere near 200, yet he practically invented the assembly line concept and industrialized the automobile. They said the Model-T was impossible. Langan would agree. Ford would laugh them out of the room.

It’s not that wealthy people aren’t intelligent. It’s just that they focus not on academic genius, but on practical intelligence. Focusing not on predetermined rules, but on what works and what doesn’t. For them business is not science, but art.

Focus: Thinking like a Laser

Ask anyone successful – Bill Gates, Warren Buffett, Peter Drucker, Michael Gerber – “What is the most important trait in business?”. They would answer: Focus. Or as Chet Holmes refers to it “pig-headed discipline”. I had many friends, who I was convinced, would be millionaires before they turned 30. They had diverse interests and skills across a broad spectrum, had storehouses of energy, could hold a complicated theological discussion with any philosopher, even take apart a fridge and put it back together again. Some were even running small businesses in their teens. To “execute” efficiently and effectively requires intense discipline and discipline requires laser-like concentration.

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  • How to improve your motivation: Read into the lives of the successful. Examine how their thoughts compelled them to do anything from controlling their destiny to changing the world. Focus on gratitude, on everything positive in your life. Relay your dreams repetitively to yourself to confirm your subconscious beliefs. Genuinely desire to create value for the rest of the world.
  • How to improve your skills: Enhance your strengths, don’t fix your weaknesses. Learn to deal with people, organize and systematize. I recommend devouring the works of coaches such as Michael Gerber, Chet Holmes, Warren Bennis and Robert Kiyosaki. Get familiar with concepts of Cash Flow, Entrepreneurship, Scalability, Delegation, Optimization and Management.
  • How to improve your business IQ: See the article “5 Books Every Entrepreneur Must Read“.
  • How to improve your focus: Set goals and set out to achieve them. We often lose sight and therefor direction. It doesn’t come easy and it requires practice and conscious application. Make a list of all the things you want to accomplish over the next 12 months. Just this document alone will propel you to bigger and greater things!
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One Response to “Are You Dumb Enough To Be Rich?”

  1. kevin Says:

    nice article

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