The BRW Rich List published on the 28th of May revealing the personal fortunes of Australia’s 200 wealthiest individuals and families.

On the surface it appears the featured 200 have a lot in common – hard work, good business  nous and a little bit of luck.

Best selling author, Roger Hamilton who was born in Hong Kong and educated at Trinity College, Cambridge University has studied the world’s richest entrepreneurs and sheds some of his insight on these differences.

“Essentially there are only eight strategies for wealth creation. There are also eight personality types of entrepreneurs. Vast wealth tends to happen when a person pursues the strategy that is right for them. The game that they are uniquely suited to.”

Hamilton’s first type of entrepreneur is called the “Creator”. They are masters of innovation; they invent things, create new business models and often share their vision for the future.

Dr Shi Zhengrong has made his entire fortune from innovating products. He has been on the forefront of solar innovation and has personally invented 11 patents world wide.

The second type is the “Star” entrepreneur. Wealth and fortune is made and grown though a unique brand. Star Entrepreneurs are often the most well known on the rich list. Nicole Kidman and Greg Norman are examples, their fortunes that have been built upon their personal brand.

The third type is the “Supporter”. Supporter’s people person’s who makes their wealth through their connections and leadership. Supporters are well connected to many people and thrive fuelling valuable relationships and leading teams. Jack Cowan is a supporter profile who has built his wealth through his strong leadership.

Fourth on the list for wealth creation strategies is the “Deal Maker”. Entrepreneurs who are classified as Deal Makers are grounded and patient people who take the time to complete deals which result in them making money from successful transactions.

Andrew Forester has always loved deal making, he is a hands on entrepreneur who can often be found on site in the mines. It’s this level of grounded understanding of his industry that makes him an exceptional deal maker.

Well known for their high flying lifestyles “Trader” types are very grounded by nature. Traders are deeply connected to markets and possess a sixth sense for market movement. Great traders tend to trust their instinct more than a fixed system. Their market behaviour and movement often defies logic.

Most famously Richard Farliegh and Greg Coffey have made vast fortunes through their trading.

The sixth type of Entrepreneur is the “Accumulator”. They personify the tortoise who beat the hare through the “slow and steady” approach to wealth. Accumulators are slow to make decisions, they do their homework and they are often quite unassuming and hard to spot.

Clive Berghougher has taken a lifetime to accumulate his fortune. He has made prudent decisions, lives frugally and gives generously.

Newcomer, Paul Fudge shot from anonymity to major wealth when his private company Pangaea (Coal Steam Gas) sold a single tenement to Origin Energy for $660 Million this year. Fudge first started as a fabric trader discovered he had the grounded temperament, patience and ability to do the homework in order to find the value in Coal Steam Gas. He is intensely private and displays all the attributes of an Accumulator.

Seventh on Roger’s list is the “Lord” type entrepreneur. They are introverted; numbers focused and loves to compete on price. Lords are notorious for being “penny pinchers” and no-one can compete with them on price.

The late Richard Pratt, made his fortune making cardboard boxes. It’s not an innovative industry and buyers don’t care how nice you are, they just want a bargain. It was Pratt’s penny pinching that made him the best in that business. It’s now upto his son Anthony to carry on these principles if he is to remain Australia’s richest person.

The final eighth type of Entrepreneur is the “Mechanic”. They love systems and processes, and often simplify things so their Empire can expand without relying on any special talent. They make their business reliable and good value.

Brett Blundy is a Mechanic type. He was so good at systemising retail chain operations that he did it with Music (Sanity) and Lingerie (Bra’s N Things). Female ‘mechanic’  Naomi Milgrom with her well oiled privately owned Sussan Group (Sussan, Sportsgirl, Suzanne Grae)  sits on a  $660 Million fortune this year.

Roger Hamilton’s list of Entrepreneur types highlights why and how the top 200 businesspeople earn their place on the prestigious list. Most of the featured people find their wealth through the strategy that was most suited to their personality and found a businesses model which enabled them to play to their strengths and minimise their weaknesses.

For more about how your personality type can be your strength in creating wealth visit www.wdprofiletest.com

- By Daniel Priestley (www.twitter.com/danielpriestley)

]]> http://wealthdynamicsupdates.wordpress.com/2009/05/28/press-release-decoding-the-australian-brw-200-rich-list/feed/ 0 Wealth Dynamics BRW Rich 200 2009 http://wealthdynamicsupdates.wordpress.com/2009/05/21/decoding-the-sunday-times-uk-rich-list/ http://wealthdynamicsupdates.wordpress.com/2009/05/21/decoding-the-sunday-times-uk-rich-list/#comments Thu, 21 May 2009 13:15:40 +0000 Daniel Priestley http://wealthdynamicsupdates.wordpress.com/?p=116 ]]>

The Sunday Times Rich List was published this month revealing the personal fortunes of the UK’s wealthiest individuals and families.

On the surface it would seem that these people have a lot in common – hard work, good business and a little bit of luck – but scratch the surface and we find some very obvious contradictions as well.

For example, Billionaire Lakshmi Mital keeps a low profile, doesn’t talk to the media and was hardly known to most Britons until he purchased London’s most expensive house. On the other hand, Richard Branson regularly courts the media and enjoys his high profile.

Greg Coffey (38) has made a fortune trading commodities. He has never been creative enough to invent a product or innovate a new industry. He just knows when to buy low and sell high.

In contrast, Niklas Zennstrom has made his entire fortune from innovation. He has been on the forefront of internet innovation for the last 10 years and has built several cutting edge ideas (like Skype and Joost) into big public businesses without watching the price of stocks.

Then there’s Simon Fuller, the consummate Deal Maker. He is credited with making the Beckams rich, getting the Spice Girls the big money and recently took on the challenge of making tennis star Andy Roddick a few extra Millions. He doesn’t try to get in the limelight himself, he goes out and finds the big deals for his “talent”.

I have personally been reading the Rich List since I was about 15 years old (sad but true), and find it much more discernible since learning about Wealth Dynamics (www.wdprofiletest.com).

Wealth Dynamics tells us that, there are only eight strategies to create wealth. There are also only eight types of entrepreneurs. Massive wealth typically happens to people who are a good match between their natural strengths and talents and the strategy for wealth creation that they have chosen.

The first type of entrepreneur is called the “Creator”. They are masters of innovation. We see them inventing things, coming up with new business models and talking about their big vision for the future”.

James Dyson, Richard Branson and JK Rowling are all Creators known for their ability to keep innovating with their new ideas.

The next type is the “Star” entrepreneur. They make their money through their unique brand. They are of course the most well know people on the rich list. Paul McCartney, The Beckhams, Simon Cowel and Elton John are all on the Rich List this year with vast fortunes that have been built on their personal brand.

The third type is the “Supporter”. This is a born people person who makes their wealth through their connections and their leadership. Supporters know a lot of people, they can see connections between people who should be working together and they love to lead teams.

Recognised for her strong leadership skills, Jacqueline Gold has grown the family business, Ann Summers by building a team of Party Planners and Sales Assistants that numbers over 7500. She says the key to her success has been her ability to listen to her team and customers.

The “Deal Maker” is the next type of Entrepreneur. Grounded and patient these people take the time to get deals done that can make them very wealthy without ever having to invent anything at all.

Sir Phillip Green is a Deal Maker. He made his first small fortune doing deals on stock that manufacturers couldn’t clear, he’s an extravert, he’s well connected and he can often be found spending time in his stores.

Well known for their high flying lifestlyes the real “Trader” types are actually very grounded by nature. They get deeply connected to markets and they often just get a sense for the movement of markets. Great traders don’t seem to follow a completely fixed system, they actually get to know markets so well that they can hardly tell you the exact logic behind each trade – They just know.

Most famously Greg Coffey and Joe Lewis have made vast fortunes through their trading. There’s also the story of Anil Agarwal who reportedly made over £500M in a matter of weeks trading scrap metal.

The sixth type of Entrepreneur is the “Accumulator”. They personify the tortoise who beat the hare through the “slow and steady” approach to wealth. They are slow to make decisions, they do a lot of homework and they are often quite unassuming and therefore quite hard to spot.

Andrew Davis went from mild success trading property and art, to extraordinary success when he decided to buy and hold. He is so secretive about his wealth that he was almost rejected from the list based on the fact that the FT couldn’t figure out how he was getting his funding. He has carefully bought up hotel properties which he refinances to further add to his growing portfolio.

The “Lord” type entrepreneur is the introverted numbers wizard who loves to compete on price. They rarely court the media, they are notorious for being “penny pinchers” but it is that very nature that is the key to their success. Quite simply, no-one can compete with them on price.

Ironically, the Duke of Westminster is a perfect example of a Lord Profile. He makes his money from his vast property portfolio, he doesn’t court the media and he manages the family fortune with a frugal eye.

Sir Ken Morrison, the Chairman of Morrison’s Supermarkets, is also a Lord Profile known for his endless store visits and fastidious attention to detail.

Finally, the “Mechanic” type entrepreneur completes our set. The Mechanic type loves systems and processes. They try to simplify things so that their empires can expand without relying on any special talent. They make their business reliable and good value.

Marcus Evans is a Mechanic type. He took the complicated Event Conferencing industry and made it so simple that he is able to live in Bermuda and still run over 2000 events annually in 36 countries (I can personally confirm that it would take some pretty brilliant systems to do that). Despite having his name on the company, he never gives interviews and is rarely seen in the usual social circles.

As we study each entrepreneur on the list we can find that they each find their wealth through the strategy that was most suited to their personality. They found businesses that enabled them to play to their strengths and minimise their weaknesses.

If you want to find out more about Wealth Dynamics visit http://www.wdprofiletest.com.

- By Daniel Priestley

1. The vast majority of Wealth is created by Entrepreneurs* – There are very few people on the rich list who would describe themselves as employees.

2. There are Eight Types of Entrepreneur – See the Wealth Dynamics Square (below)…

There are eight ways to wealth

3. Each type of entrepreneur has both strengths and weaknesses that set them apart from the other types – For example, extraverted people are more likely to feel suited  to working closely with people, whereas introverted people tend to feel more confident working with data and processes.

4. These strengths and weaknesses create a predisposition for each Entrepreneurial Type to be more  suited to specific wealth creation strategies, likewise they are also unsuited to certain strategies. For example, ‘Star’ type Entrepreneurs thrive when in an environment that involves creatively expressing a brand; and ‘Mechanic’ types tend to thrive best working on optimising processes (such as creating a franchise).

5. Understanding your “Entrepreneurial Type” gives you clarity on what to focus on and which strategies are right for you to create wealth – People who don’t understand their type often try vastly different strategies with very limited success, if any, (eg: network marketing, stock trading, commission only selling, buying a franchise, etc).

6. Understanding your strengths and weaknesses will allow you to find people who compliment you to assist in your Wealth Creation – There’s no such thing as a “Self-made millionaire”. Vast wealth is always created through a team of people and when each person plays their set of natural strengths, true high performance teams can be achieved.

7. Without sufficient understanding of the strategy suitable to you … creating wealth will always feel like hard work.  For instance, anyone can be trained to be a public speaker, but someone whose entrepreneurial type is inclined towards public speaking will naturally outperform others.

8. When you focus on the strategies that are suited to your strengths and you have the right team of people to compliment your weaknesses, creating wealth feels inspiring and rewarding – Very few of the wealthiest people in history have retired early. They tend to work as long as their health will allow. In real terms, if creating wealth felt difficult and unrewarding they would likely have quit after making their first million.

*Definition: Entrepreneur – People who have undertaken a journey of promise. In that journey they will create value and find ways to leverage that value. Entrepreneurs are willing to embrace both the support and the challenge, the risks and the rewards in pursuit of that promise.

The website got a makeover today (purely cosmetic, but very important).

I can’t wait to upload the brand new site once we complete the overhaul.

Sorry for the late post this week, we have been preparing for the Wealth Dynamics Experience event in London, England (and it was great!).

Entrepreneurs from all over the UK have gathered to learn all about their Wealth Dynamics Profile and how to get into their “flow”.

Today I want to give you some updates on the Web Site. We know it is so important that we get a new Wealth Dynamics website ASAP. Especially since many people are seeing us on Social Media sites now and the Wealth Dynamics site doesn’t match. It’s confusing, to say the least, for someone to come from our Twitter site and then arrive at the current Wealth Dynamics Site.

Changing the Wealth Dynamics Website is a two stage process…

Firstly, in the coming week we will be re-skinning the web site with the new look colour scheme and brand symbol so its consistent with our new identity. The site will run on the old system but at least it will have the new look and feel.

Secondly, behind the scenes we’re working on a whole new web site and system that is state art. It will have new affiliate tools built for people who want to actively market Wealth Dynamics on the internet, through events or through PR. The new systems will have lots of measuring tools, bonuses and strategies to try.

Our commitment is to keep making the Wealth Dynamics website better. We want it to be as cutting edge and world class as the Wealth Dynamics philosophy itself.

Last week I spent a day with Mike Harris, who has built three Multi-Billion Pound Businesses. He took a look at the six goals for Wealth Dynamics and said “Great companies should always strive to have a better product for their customers”.

We agreed that Wealth Dynamics needs to offer greater insights, to more people, so that it is an integral part of every business.

As it so happens, Roger Hamilton has been developing “The Wealth Spectrum” for the past three months. This new addition determines the level that you are playing at. It differentiates a Creator who has built iconic products (like steve jobs) from a Creator who is just starting out in their first job.

Each level has ways for you to make progress and take appropriate steps forward. This exciting addition to Wealth Dynamics will be launching in May 2009.

Additionally we are looking for new ways to improve the Wealth Dynamics Profile Test so that accountants, financial planners, venture capitalists and business analysts want all of their clients to use it too.

Finally, the “Wealth Dynamics Everywhere” strategy has started to take shape. In just two weeks we have over 1100 twitter followers, 2000 Facebook club members and over 450 channel views on our YouTube Channel.

It is so exciting to see such a great response and I just can’t wait to launch the new site.

Keep an eye on this blog for more updates.

When we first started working with Wealth Dynamics it took 14 clicks (not a typo) to take the Wealth Dynamics test from the time you hit the main site.

Suzann Larsen set to work and discovered some very sloppy coding. Suzann has a 30 year history in computer programing and she said that when she first got started programers used paper punch cards; One mistake and you had to start again.

This disipline has carried forward with her and she just wont tolerate inefficiencies (She is an off the chart Lord profile). After she analysed the process, refined the code and made some crucial adjustments, Suzann got the process down to 8 clicks… A saving of 6 clicks.

But it wasn’t enough, we had a team goal to get it down to just four clicks.

I flew out to Singapore for a number of meetings and Suzann and I sat down and started examining the process. We got a worksheet and mapped out the process again and again.

Each time we placed the payment gateway in a different spot, we looked at better layouts and more efficient ways to communicate to what needed to be done.

Finally, we got it down to our goal… Just four clicks!

We think that the new process is a lot easier. What do you think? Could we make it better?

We have now registered Wealth Dynamics with the major Social Networks. We have chosen Eight (of course) that will feature on our main page. Here’s a sneak peak at some of them:

1. Facebook
2. YouTube
3. Twitter
4. Slideshare

We are hoping that Affiliates also take us on to:

Ecademy, Myspace, Flickr, Xing, LinkedIn, Vimeo, WordPress, socialmedium, digg, blipTV, meetup and much, much more.

Where would you like to see Wealth Dynamics being shared?