Secrets Of The Self-Made 2008

Fri, Sep 19 01:30 PM

Brett Nelson, Forbes.com

What's the difference between a millionaire and a billionaire? And what does it take to bag those three extra, all-important zeros?

Put such questions to America's wealthiest entrepreneurs--luckily, we can--and you will get a wide array of thoughtful, intriguing and even playful responses.

Secrets Of The Self-Made: Greatest Hits 2008

In Pictures: Britain's Billionaires

How Would A Billionaire Invest $100,000 Today?

What's The Coolest Number In Your Cellphone?

How To Spot A Liar

As to the divide between seven and 10 digits, billionaire Leon Charney--former adviser to U.S. President Jimmy Carter and now the host of the The Charney Report, a TV news-talk show--summed it thusly: "reverence for humility, isolation, envy, superficial compliments and lost relatives coming out of the woodwork." Tequila and hair-product magnate Paul DeJoria on the distinction: "absolutely nothing."

In Pictures:

In the accompanying slide shows, self-made members of the 2008 Forbes 400 list offer an exclusive peek into their thoughts, quirks, strategies and more--compelling reading when you consider that this bunch has launched hundreds of companies, employed hundreds of thousands of people and bagged (wait for it) a combined $1.08 trillion!

We coaxed these titans into revealing whom they turn to for advice (a handful said "No one"); where most of their deals go down (restaurants were popular spots, though motorcycles and ski lifts made the cut); what questions they ask in an interview (casino mogul Phil Ruffin's favorite interrogation: "How much are you going to sue me for?"); and what watering hole deserves "best bar on the planet" status (a question that manufacturing giant Michael Heisley felt too inadequate to answer, as he's never drunk a drop).

They even told us whom they would most rather be for an evening: Michael Jordan or James Bond. (Nine said Bond; six, MJ; and two said "neither.") Condominium developer Jorge Perez's justification for choosing 007: "I prefer women over basketball." Tom Secunda of Bloomberg fame picked Bond, too, but admitted that he'd "rather be Derek Jeter or even better Eric Clapton." (Don't worry, Mike: Pharma king Patrick Soon-Shiong wants to be you "for a week.")

Six of the top 10 spots on The Forbes 400 belong to entrepreneurs, as opposed to well-paid corporate soldiers or the silver-spoon set. The combined net worth of those self-made billionaires in the top 10 is $192 billion, 67% of the pie. And of the entire list, 271 (68%) are self-made, up from 270 last year. Average net worth of all self-made members: $4 billion.

While their conquests run the gamut from oil and fertilizer to real estate and leveraged buyouts, these billionaire-entrepreneurs also have a few things in common, according to our 20-question survey. Valuable commodities include pets and sleep. And most claim that, despite their rocket rides to wealth, they have done a decent job of keeping long-standing relationships intact.

Other answers were all over the map, such as their thoughts on the estate tax; which historical event they'd like a front-row seat to; and even how much cash they keep in their wallets (Charney's answer: none.) When asked what will touch off the next economic crisis, Secunda replied, "Let's get out of this crisis before we hit the next one." Point taken.

In Pictures:

The surveys are filled with perspective, but perhaps 58-year-old financial whiz and cricket enthusiast Allen Stanford, whose eponymous firm manages a whopping $51 billion in assets, best captured what it takes to make a bundle on one's own steam. Asked if he preferred "the chase or the kill" he replied: "Any entrepreneur will tell you they are equal."

Clarity of mission and love of the journey: No wonder the guy's worth $2.2 billion.

Source:http://in.news.yahoo.com/240/20080919/1301/twl-5437868.html