They know downsides and blind spots

Wealthy people love and seek constructive criticism. Constructive criticism can increase your odds of success. It can make you aware of faults, weak points, and blind spots. If you are in business, you have to mend your failures and faults fast, and constructive criticism can help you overcome and correct your mistakes fast. And you must not be afraid of failure because if you do, you will freeze in fear of failure. The only thing you should do is correct your mistakes and overcome failures faster than anyone else does. So know your blind spots, and associate with someone who complements your weak points. You may be a great product designer, but not competent in marketing, then you have to seek a great marketing person.

Wealthy take calculated risks, and always cover downsides in their investments. For example, Benjamin Graham has suggested buying stocks at a lower price than their real value. This margin of safety covers their downside. He understands that there can be errors in calculating the real value of stocks, and having a margin of safety can help you avoid major losses.

Buffet once said, he has only two rules for investing-

1. Never lose money.

2. Never forget rule no. 1