Ray Dalio: One thing successful people are good at is knowing their weaknesses

File photo of Ray Dalio, founder of Bridgewater Associates. In an interview to CNBC Make It, he said: "You don’t have to know everything... You just need to work with people who are strong where you are weak.”

Successful people are good at knowing what they are not good at.

This has been the learning of billionaire investor Ray Dalio. Most people in the top league, Dalio says, know their kryptonite. And this makes them better.

“By and large,” Dalio told ‘CNBC Make It’, the most successful people “are really much better” at knowing their weaknesses.

The fastest path to success is by recognising your lacunae, says Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates. “Because if you don’t know your weaknesses, you can’t get around them,” is his logic.

We often know what our weaknesses are. And in case we don’t, Dalio, who has a net worth of $20.3 billion, suggests taking daily feedback from our co-workers. This way you can also notice patterns in the mistakes you make.

Secondly, while all of us have several weaknesses, it’s important to identify the biggest one, as that is the obstacle coming in the way of you and success.

“For almost everybody, there’s one big impediment that keeps coming up,” Dalio says.

Despite being a 72-year-old with a towering reputation, Dalio was candid about his weaknesses. He said he struggles with giving feedback well, “and not appearing to the recipient as being brutal with them.” At times he is also accused of “rambling or not being clear.”

Dalio writes his weaknesses down and posts them where he can see them daily so he is reminded of what he needs to work on.

Once you figure out your big weakness, talk to others about it to collect more information and find ways to turn it into a strength, he says. An easy approach is to find people who are experts in that aspect. It could be a colleague, a coach or a friend.

“You don’t have to know everything,” Dalio says. “You just need to work with people who are strong where you are weak.”

In 2017, Dalio stepped down as co-CEO of Bridgewater Associates. He is now the chairman and co-chief investment officer. In his current avatar, he has been focused on helping others succeed through Principles, a people management software company he set up.

Last month Principles announced the Dot Collector Zoom app launch, a tool that allows real-time feedback during video meetings. Dalio says the app can help people get daily feedback while working from home. And thus know their weaknesses, and in the process empower themselves.