Wednesday, January 19, 2022

g-f(2)833 THE BIG PICTURE OF THE DIGITAL AGE (1/19/2022), INSEAD Knowledge, What Distinguishes the Super Rich From the Rest of Us




ULTRA-condensed knowledge


"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital age, Personal Digital Transformation, What Distinguishes the Super Rich From the Rest of Us (1/19/2022)  g-f(2)426 


Opportunity, INSEAD Knowledge

EXCEPTIONAL “Full Pack Golden Knowledge Container”


What Distinguishes the Super Rich From the Rest of Us


  • Most billionaires are like you and me in that they want to belong and are searching for meaning and purpose.
  • While you may want to join the ranks of the world’s wealthiest, make sure not to end up with a revolution on your hands.
  • Presently, there is more extraordinary wealth creation than ever before. Still, the billionaire club remains incredibly exclusive. There are 2,744 billionaires on this planet, according to Forbes. It is estimated that by 2030, the richest 1% of the population will own two-thirds of the world’s wealth.


Genioux knowledge fact condensed as an image


References


What Distinguishes the Super Rich From the Rest of Us, Manfred F. R. Kets de Vries, INSEAD Distinguished Clinical Professor of Leadership Development and Organisational Change, August 31, 2021, INSEAD Knowledge.


ABOUT THE AUTHORS


Manfred F. R. Kets de Vries


Manfred F. R. Kets de Vries is the Distinguished Clinical Professor of Leadership Development and Organisational Change and the Raoul de Vitry d'Avaucourt Chaired Professor of Leadership Development, Emeritus, at INSEAD. He brings a different view to the much-studied subjects of leadership and the dynamics of individual and organisational change. Bringing to bear his knowledge and experience of economics (EconDrs, University of Amsterdam), management (ITP, MBA, and DBA, Harvard Business School), and psychoanalysis (Canadian Psychoanalytic Society and the International Psychoanalytic Association), he scrutinises the interface between international management, psychoanalysis, psychotherapy, and dynamic psychiatry. His specific areas of interest are leadership, career dynamics, executive stress, entrepreneurship, family business, succession planning, cross-cultural management, team building, coaching, and the dynamics of corporate transformation and change. Manfred F. R. Kets de Vries directs The Challenge of Leadership Executive Education programme.

A clinical professor of leadership and organisational change, he held the Raoul de Vitry d'Avaucourt Chair of Leadership Development at INSEAD from September 1992 to March 2013. He is the founding programme director of the INSEAD Executive Master In Change. He has received the INSEAD Distinguished Teacher Award five times. He has held professorships at McGill University, the Ecole des Hautes Etudes Commerciales, Montreal, and the Harvard Business School, and has lectured at management institutions around the world.

Financial Times, Le Capital, Wirtschaftswoche, and The Economist rated Manfred Kets de Vries as one of the world's top fifty leading management thinkers, as well as one of the most influential contributors to human resource management. In 2008, he received the Lifetime Achievement Award from the International Leadership Association (the Leadership Legacy Project), being viewed as one of the world’s six founding professionals in the development of leadership as a field and discipline.

He is the author, co-author or editor of thirty-five books and has published over 350 scientific papers as articles or chapters in books. His books and articles were translated into thirty-one languages. He is a member of seventeen editorial boards. He has been elected a Fellow of the Academy of Management.


THE KETS DE VRIES INSTITUTE


KDVI was founded by Manfred Kets de Vries, Elisabet Engellau and Oriane Kets de Vries to meet the needs of contemporary executives and organisations as they face the challenges of leadership. The KDVI Associates & Affiliates have global experience in a variety of business contexts. Many have worked as COOs or CEOs in a wide range of national and global organisations before retraining as coaches. Others are faculty in leading business schools, where they conduct research directly related to organisational development challenges. All are trained to a high level in clinical organisational psychology and/or leadership consulting. KDVI has a permanent research and administrative team that provides high-touch and on-going support before, during and after our interventions. The aim is to provide a seamless client experience by remaining in-tune to our client’s changing needs and requirements, and to build long-term relationships in order to help make systemic change a reality.



Extra-condensed knowledge



Lessons learned, INSEAD Knowledge


There is something to be said about being at the right place, at the right time 

Golden Knowledge (GK) Juice


  • In the history of super-rich businesspeople, the world’s first billionaire was John D. Rockefeller, the father of the petroleum industry. He took advantage of the new technologies of his time to amass great fortunes, a trend that has continued until today. There is something to be said about being at the right place, at the right time.
  • A few years ago, the historian and sociologist Rainer Zitelmann interviewed 45 members of the German wealth elite, mostly self-made entrepreneurs with net assets between €30 million and 1 billion. Zitelmann had them take the Big Five personality test to figure out whether specific personality traits play a key role in the successful pursuit of wealth.
  • In the field of psychology, the Big Five model suggests that behaviour is determined by people’s degree of neuroticism, conscientiousness, extraversion, openness to experience and agreeableness. Zitelmann discovered that the very rich scored low on neuroticism  and thus tended to deal well with stress. They appeared to be extraverted (or knew how to present themselves that way) and more open to new experiences. In addition, they were less agreeable, i.e. less likely to shy away from conflicts. And finally, they were quite conscientious, i.e. more detail oriented and thorough.


Condensed knowledge




Lessons learned, HBR


In sum, the super-rich may be different from you and me, but not very much 

Golden Knowledge (GK) Juice


  • In sum, the super-rich may be different from you and me, but not very much. Having dealt with quite a few of them given my work as an executive coach, psychoanalyst, and management professor, I would like to add my own observations.
  • Most self-made billionaires appeared to have been raised by parents who encouraged them to pursue their interests. But quite early in life, these budding super-rich realised the importance of having control over their lives. To work under somebody became a very unattractive proposition for them. As a result, many grew up with an entrepreneurial role model in mind.
  • Furthermore, from a young age, they came to appreciate the importance of having money. They view it as a tool that provides them with a range of options and opportunities. In other words, their pursuit of money is linked to their primary desire of having more control over their lives.
  • Beyond these traits, I have also noticed the following common behavioural themes.
    • Drive. Many self-made billionaires possess a somewhat different Weltanschauung, or world view, compared to run-of-the-mill businesspeople. They’re very focused and have big ideas. They are also quite talented in envisioning possible futures.
    • Determination. These people appear extremely determined. And they don’t easily give up. When faced with crises and setbacks, they take action and move on.
    • People skills. Many of these people tend be somewhat outgoing. They have realised that starting ventures isn’t an activity that can be done alone. Given this interpersonal skillset, they have a knack for persuading others to buy into their dreams.
    • Nonconformity. While other people spend time and energy blending in, the super-rich create their own path. Going against prevailing opinions is not a problem. In fact, many of them enjoy swimming against the current. Some even become uncomfortable when they suspect that their way of thinking is too mainstream.
    • Self-confidence. Another notable quality of the super-rich is their sense of self-efficacy. They have a can-do attitude. They strongly believe in their own abilities. They come to view success as being the result of their own efforts.
    • Work ethic. The super-rich are very much achievement oriented. They set challenging goals for themselves and work hard to achieve them. In whatever they do, they go beyond the call of duty. Furthermore, they aren’t easily satisfied. They’re always driven to do better.
    • Strong intuition. Compared to run-of-the-mill corporate executives, the super-rich make many of their decisions based on gut feelings as opposed to resorting to detailed analysis. Somehow, they’re able to bridge the gap between the conscious and unconscious parts of their mind.
    • Competitive mindset. Self-made billionaires thrive on competition. In fact, many of them appear to have collected sport achievements, which taught them how to deal with victory. It also taught them how to assert themselves against their competitors. In addition, it increased their tolerance for frustration.
    • Risk tolerance. They also know how to take calculated risks. They strongly believe in the saying, “No guts, no glory”. To them, being risk averse is not the way to great achievements. At the same time, they always ask themselves how they can minimise their losses. In other words, they are risk tolerant but not impulsive.


Some relevant characteristics of this "genioux fact"

  • Category 2: The Big Picture of the Digital Age
  • [genioux fact deduced or extracted from INSEAD Knowledge]
  • This is a “genioux fact fast solution.”
  • Tag Opportunities those travelling at high speed on GKPath
  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
  • Type of validity of the "genioux fact". 

    • Inherited from sources + Supported by the knowledge of one or more experts + Supported by research.


References


“genioux facts”: The online programme on MASTERING “THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)833, Fernando Machuca, January 19, 2022, blog.geniouxfacts.com, geniouxfacts.com, Genioux.com Corporation.


ABOUT THE AUTHORS


PhD with awarded honors in computer science in France

Fernando is the director of "genioux facts". He is the entrepreneur, researcher and professor who has a disruptive proposal in The Digital Age to improve the world and reduce poverty + ignorance + violence. A critical piece of the solution puzzle is "genioux facts". The Innovation Value of "genioux facts" is exceptional for individuals, companies and any kind of organization.




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