Self Made Billionaires - The Five Duality of billionaires

Read this extremely interesting book because I found it lying at a friends house and picked it up.

In todays world It’s very much possible to become a millionaire if you take up a high-paying job in the right industry or get ESOPs in a startup as an early employee. However to become self-made billionaires, however, takes something much more.

There are people who succeed in their own way within the constraints of organisations or established systems, as managers - they are "performers" Billionaires, in contrast, are producers.

1. They envision something new
2. They bring together the people and resources to create it
3. They sell this new creation to customers who didn’t know they needed it

Both producers and performers could be entrepreneurs and highly successful. However, the book says that billionaires are entrepreneurs who display certain “habits of minds” that took form in “Five Dualities” - a set of two characteristics that complement each other.

The Five Dualities

1. Empathetic imagination. The imagination to develop billion-dollar ideas emerging from “extreme empathy” for their customers’ needs and wants.
2. Patient urgency, The unique ability to be comfortable with both urgency and patience - the ability to work fast and slow depending on the need. Basically they urgently prepare to seize an opportunity but patiently wait for that opportunity to fully emerge.
3. Inventive execution, meaning that while Execution is important, in the case of producers it involves a fresh approach involving creativity and imagination. 
4. Balancing opportunity vs. potential loss, extremely effectively.  They are not huge risk takers, but, at the same time, they are less afraid of what they might lose now if there is an opportunity to create enormous value in the future and are able to take the plunge
5. Combining their producer skills with one or more virtuoso performers by seeking partnerships with people who have the skills or experience that they are missing and being acutely aware of the skills that they are missing.

Hope this helps some one become a billionaire someday. I have hopes for myself too ;-)