10 Traits of Highly Successful People

Tom Butler-Bowden’s book ’50 Success Classics: Winning Wisdom for Work & Life from 50 Landmark Books’ suggests ten characteristics that successful people have. They are:

1. An optimistic outlook

In ‘Learned Optimism,’ Martin Seligman shows that having an optimistic mindset or favourable expectations towards the future leads to better mental and physical health. Upbeat individuals have better immune functioning and are less likely to develop depression (Carver et al., 2010). They are also more likely to persevere in tough challenges and are more likely to experience psychological growth following a traumatic experience (Prati & Pietrantoni, 2009). Optimism can also reduce mortality rates over four years (Galatzer-Levy & Bonanno, 2014) and forty years (Brummett, Helms, Dahlstrom, & Siegler, 2006).

The good news is that you can develop an optimistic mindset. A recent meta-analysis by Malouff and Schutte (2016) showed that across 29 studies, an individual’s optimism level does significantly increase with training. The most effective way to do this is with the ‘Best Possible Self’ intervention:

Optimism training works. However, it would be best to keep it up as the benefits typically wane once the intervention has finished.

2. A definite aim, purpose, or vision

Although I like this quote, Stephen Covey provides a caveat when he says that there is no point exerting all of your energy climbing up a ladder leaning against the wrong wall. First, we must determine where it is that we would like to climb.

Successful people are clear on what their values are and what they stand for before taking purposeful action. Values clarification and committed action are two of the six essential components of Acceptance and Commitment Therapy, or ACT, with the other four elements focused on teaching clients mindfulness skills. According to the American Psychological Association, ACT has strong research support for chronic pain and modest research support for depression, anxiety, OCD and psychosis.

Chase and colleagues (2013) found that goal setting alone did not affect students grade point averages (GPAs) across a semester. However, it did when they provided training in values clarification alongside goal setting—furthermore, clarifying values before setting goals also significantly reduced the dropout rate of these students the following semester (Chase et al., 2013).

3. A willingness to work hard and persevere

Professor Angela Duckworth studied the West Point Military Academy students over some years and determined which ones graduated. She knew that each cadet admitted to West Point was intelligent and physically fit, with excellent grades and test scores. However, she was also aware that nearly 6% of the cadets dropped out during the first seven weeks (Beast Barracks training), and one-fifth dropped out before graduation.

Eventually, Duckworth identified two qualities that were more predictive than anything else for determining which students made it to the end: 1. passion and 2. perseverance. Together, they make up a quality known as grit. People who score high in grit are much more likely to put in the effort required, do whatever it takes and persist until they succeed. She has since found that grit is a great predictor of success in other areas too.

4. Discipline to work until goals are achieved

Duckworth and colleagues (2010) have also researched self-discipline and show that you need to sustain this for long-term commitment and implementation. Without this self-discipline, adolescents struggle to set long-term goals and strive towards them.

Fortunately, it can be improved using two strategies:

1. Mental contrasting — elaborate upon a future that you desire with the relevant obstacles that you currently face.

2. Implementation intentions — identify the action you will take when an opportunity arises that is relevant to your goal.

Compared to a control writing exercise, eleventh-grade students who spent 30-minutes writing on the above two strategies completed over 60% more practice questions in preparation for a high-stakes exam. Because of the writing exercises, they had a higher level of self-discipline in pursuing a meaningful goal (Duckworth et al., 2010). Over time, self-discipline can result in higher knowledge, deeper understanding, and better results and grades.

5. An integrated mind utilising both logic and intuition

In his excellent book “Thinking, Fast and Slow”, Daniel Kahneman talks about our two systems of interpreting the world.

The first one, appropriately named ‘system one,’ is perceived quickly, instinctual, and generally our emotional reaction or intuition. ‘System two’ takes more effort and time to access but is also more rational and logical.

As Kahneman shows in his research, people typically use heuristics when making decisions or judgments. Heuristics are generally adequate but not optimal solutions to severe problems. Heuristics use our first system and help us conserve brainpower, but they are only accurate about 80% of the time.

Successful people can utilise both system one and system two. System one is excellent if the decision has minimal long-term consequences, such as what to have for dinner. If the decision has potentially significant implications, however, such as whether or not to buy a house or change jobs, the more energy depleting and accurate system two will be better, even if it takes more time to come up with the correct answer for you.

6. Prolific reading

Reading fiction is great for developing empathy towards others. It provides an opportunity to see inside the characters heads and experience their inner world in a way that you often don’t get in movies or TV shows. It helps develop imagination, as the brain creates the visual images that it reads in words on the page. Thirty minutes of reading can significantly reduce stress, as indicated by lower systolic and diastolic blood pressure and lowered heart rate (Rizzolo, Zipp, Stiskal & Simpkins, 2009).

I love reading non-fiction because I can learn from experts in psychology and related fields for such a low cost. If I were to see them give a talk or book a one-on-one consult, I might be paying up to $1000, and it would only be scratching the surface of all of the fantastic knowledge that they have accumulated in their lives. That is if I could even get a chance to see them. A book in comparison is $30 or less and contains the majority of their pearls of wisdom in one place. Sure, some books can take a while to get through. However, the value for money and knowledge gained is worth it.

7. The willingness to take risks

There is a big difference between constantly engaging in risky behaviour and being willing to take risks when it is a sound decision to make. Someone like Sir Richard Branson has taken many chances with his Virgin empire, and if it weren’t for these risks, he wouldn’t have been able to expand and grow at the level that he has. For optimal success, you need to take some degree of risk.

However, recent research on female and male CEOs supports the notion that too much risk isn’t a good thing either. Faccio, Marchica and Mura (2016) found that firms run by male CEOs tend to make riskier decisions, with generally higher leverage and more volatile earnings than firms run by female CEOs. They are also less likely to remain in operation than firms run by female CEOs (Faccio et al., 2016). More significant risks may lead to higher growth but also a higher risk of overall collapse.

8. Understanding the power of expectation

Successful people think big instead of small and believe that they can achieve anything they set their mind to, even if it takes more effort, setbacks and time than they initially envisioned. Furthermore, look out if thinking big combines grit, a growth mindset, and the right timing. There’s no saying how much someone could achieve.

Research indicates that individuals who believe they can improve are more likely to grow (Bergsma, 2008). Higher expectations strengthen hope, increase determination and goal completion (Geraghty, Wood, & Hyland, 2010). Higher expectations of the outcome can also improve distress tolerance (Williams, Thompson, & Andrews, 2013).

9. Developing mastery in what is most important to them

While it may be tempting to try to learn as many different things as possible, the saying “jack of all trades; master of none” often becomes the consequence for people that try to take on too many different projects or career paths all at once.

Warren Buffett once said to his pilot that he should write down the top 25 things he wanted to do in life. Then circle his top 5 priorities and label items 6–25 as “avoid at all costs” until you complete items 1–5.

Reaching mastery can take a long time. In many cases, up to 10,000 hours of deliberate practice, as proposed by Malcolm Gladwell and Anders Ericsson. Ten thousand hours equates to nearly 7 hours a day of deliberate practice, every day, for four straight years. So it makes sense not to spread yourself too thin unless you want to develop mastery in nothing.

10. Well-roundedness and balance

Developing proficiency and accumulating achievements in one area of your life may not mean much if you are not a success as a person.

After watching ‘The Founder’ movie based on the life of Ray Kroc, I was appalled by how willing he was to trample on anyone in his way throughout his pursuit of wealth and power without a second thought. He ignored his first wife, poached the wife of another business associate, didn’t keep his word, and screwed the initial founders of McDonald’s for millions of dollars annually.

Ray Kroc was also a workaholic, with his famous catchphrase “if you’ve got time to lean, you’ve got time to clean” still repeated throughout McDonald’s franchises worldwide.

Suppose you dedicate no time to personal growth, spiritual growth, health, relaxation, leisure, relationships and community. Then, it would become tough to have the well-being, vitality, meaning and support required to achieve ongoing success.

My two cents

Remember, relationship warmth is the number one predictor of long-term health and happiness, not how much money you have in the bank or how hard you have worked.

Focus on building genuine connections and a sense of belonging with others who embrace you for who you are. Don’t let old friendships go by if they give you these things.

Try to be kind, compassionate, patient and accepting to others, but also yourself. No one is perfect, and we all fall into the same traps time and time again. However, if you can learn from these mistakes, you will improve and grow.

Lastly, try to accumulate positive experiences, not things. Materialism and consumerism are empty pursuits, void of meaning and purpose. Doing fun, new or helpful things alongside the people you love never is.

Dr Damon Ashworth

Clinical Psychologist