The Richest Man in Town

The Twelve

Commandments of Wealth

W. Randall Jones

The Richest Man In Town The Richest Man In Town

Some people dream of getting rich. Some people dream of getting rich. Instead of dreaming, W. Randall Instead of dreaming, W. Randall Jones, author of Jones, author of The Richest Man In The Richest Man In TownTown, set out to talk to the richest , set out to talk to the richest person in each of the 100 U.S. towns person in each of the 100 U.S. towns he visited for his study to see what he visited for his study to see what commonalities he could find. commonalities he could find.

From these interviews he found 12 From these interviews he found 12 attributes that ran rich within these attributes that ran rich within these mostly self-made magnates. mostly self-made magnates.

Commandment #1 Seek money for money’s sake and

ye shall not find.

• This is true. It is not money only that the greatest (or the great wannabes) seek in the relentless pursuit of entrepreneurial success, because money is only a scorecard or measure of one’s progress.

• The most important goal is to create substantial value in terms of better or more saleable products or services.

Commandment #2 Find your perfect pitch.

• The book’s research showed that America’s top self-made tycoons knew themselves and their innate strengths (plus weaknesses) very well, they knew where their passions were, and then capitalized on those to make themselves successful.

Commandment #3 BYOB: Be your own boss.

• A total of 94 percent of the self-made tycoons the author interviewed for this book had founded their own companies, therefore he concludes that to be super-rich, it is ideal to either build your own business, buy your own business or somehow own your own business.

• The book admonishes that based on the self-made tycoons’ experiences, it is ideal to “be a benevolent dictator — share the wealth but keep the ownership.”

Commandment #4 Get addicted to ambition.

• Do not get addicted to useless and dirty things like cigarettes, liquor, gambling or other vices that weaken us physically, psychologically and spiritually.

• The book’s research came up with a better addiction for would-be self-made tycoons — ambition addiction. Be persistent, work hard, have self-confidence because of great ambition!

Commandment #5 Wake up early — be early

• The younger we are, the more time and less risks we have to pursue business and even professional success.

• The book advises us to start young, if possible (but I believe it’s never too late for anyone; look at Colonel Sanders of Kentucky Fried Chicken who started late), show up early, and try to learn as best we can.

• Mal Mixon of Cleveland, Ohio said, “Don’t procrastinate, because in only two days, tomorrow will be yesterday.”

Commandment #6 — Don’t set goals — execute or get executed.

• Over-analysis often results in paralysis. Goals and feasibility studies are fine, debates and many ideas can be enlightening, but the bottom line is decisions must be made! Thomas Edison said: “Vision without execution is hallucination.”

Commandment #7 Fail to succeed.

• We should never fear the risk of failure — whether as businesspeople or professionals.

• Mistakes or reversals are just part of the overall process of success. Failure is a great and incomparable teacher.

Commandment #8 Location doesn’t matter.

• My friends and I often ponder whether our chances to become world-class dollar billionaires in the future would be better if we were born in Shanghai or anywhere in the land of our ancestors, China, now the world’s fastest-growing major economy with its market of 1.3 billion people.

• This part of the book is a relief to me and to hopefully all others, for the author says, “It’s the size of the bottom line that matters, not the size of the town.”

Commandment #9 Moor yourself to morals.

• The book’s author said, contrary to what many may think, that integrity is still integral to the creation of vast wealth and a good reputation is one’s “greatest single asset.”

• In the Chinese business communities throughout the Asia-Pacific region, this is known as “shinyong,” roughly translated as “trustworthiness.” 

Commandment #10 Say yes to sales.

• It is well-known that many of the most successful businesspeople are great salespeople, or people who know that “nothing happens until something is sold.”

• We need to improve our listening skills and our EQ, or emotional quotient, in order to sell well. Even non-entrepreneurs need to sell ideas and themselves for promotion or recognition.

Commandment #11 Borrow from the best — and the worst.

• One of the reasons it is unforgettable and fun to talk to John Gokongwei Jr. is because of his having read so many biographies of business and political leaders, as well as his knowing so much about the sagas of successful people and families in history here and overseas.

• Whether you are an entrepreneur, professional or student, we should all seek the good ideas and advice of wise people, and always learn from their successes, as well as their mistakes.

Commandment #12 Never retire.

• One of the reasons I marvel at the examples of National Book Store founder Socorro Ramos, John Gokongwei Jr., SGV Group founder Washington SyCip, SM founder Henry Sy and the great Singaporean statesman Lee Kuan Yew is their never really retiring.

• The book sums up what I believe is very true for all people of whatever vocation: “Retirement is hazardous to your health and your wealth … the brain needs continual stimulation — the greatest source for that sustenance is work.” 

“A leader is one who knows the way, goes the way, and shows

the way.”

(John C. Maxwell)