It's tempting to paint John Paulson as an overnight success story.

But the 54-year-old hedge-fund manager didn't simply hit the jackpot in 2007, the year his firm earned more than $15 billion on a risky bet that the real-estate market would implode. It took unwavering self-confidence, unique perspective and disciplined focus -- strengths refined during his two-decade-plus career prior to the trade.

Despite that perfect trade, Paulson has had a less-than-perfect career. It was marked by mostly minor-league wins and a tamer lifestyle compared to celebrated hedge-fund managers like Steve Cohen of SAC Capital Advisors and Kenneth Griffin of Citadel.

Few would have tabbed Paulson as the stuff that legends are made of. But his underdog status arguably lent him the perspective, maturity and guts to become a successful contrarian trader.

"It's as much a story about the evolution of a man," said Wall Street Journal reporter Gregory Zuckerman, author of "The Greatest Trade Ever," a book that chronicles Paulson's historic trade. Zuckerman attributes Paulson's achievement as much to his developed sense of focus as his innate talent for numbers.

"He had real ups and downs in his career and never really stood out," said Zuckerman. "It gives you encouragement that you can spend a career without getting much credit and still have time to make history."

FINS recently caught up with Zuckerman to discuss what advice can be gleaned from Paulson's career. Here are seven tips for those looking to succeed in the hedge-fund business.

1. Keep Your Eyes Wide Open
Always keep an eye out for potential opportunities.

While Paulson was content with hitting singles, he kept looking for the big score, said Zuckerman.

He has honed this skill since his student years. Lost in college, Paulson took two years off from New York University and lived in Ecuador where he discovered attractive but inexpensive local goods. Acting as a U.S. sales representative, Paulson pocketed a handsome commission from the venture, which helped motivate the young businessman return to school to study finance.

2. Swing Big
Take advantage of a good opportunity when you see it and make it count. Paulson chose to follow an expression once used by veteran investor George Soros years earlier to "go for the jugular."

Paulson had the guts not just to place himself against the market grain, but to do it with both feet firmly planted.

"Not everybody took that next step to make money off it," said Zuckerman, referring to the weakening real-estate market. "You really have to take advantage when you're at bat, because you usually get only one chance to hit the ball out of the park."

3. Believe in Yourself
Paulson had the rare ability to maintain unwavering confidence even as clients and industry pros bluntly questioned his bet on real estate's imminent collapse.

"People told him he was foolish," Zuckerman said. His ability to counter criticism after criticism bolstered his self-confidence.

Confidence also helped Paulson persevere earlier on, most notably when he struggled to launch his own hedge-fund firm Paulson & Co. in 1994. It took more than a year of countless meetings and unreturned phone calls before he finally landed his first investor.

4. Do Your Own Homework
Don't always believe the experts. Paulson challenged the conventional wisdom that the housing market would weaken but not collapse, opting to follow his gut feeling that something was amiss, said Zuckerman.

5. Keep Learning
To understand how to pull off the trade, Paulson and his firm had to dive deep into the complex world of derivatives. "Paulson said 'I'm gonna learn about it,' even though he was 50 and late in his career," said Zuckerman.

6. Focus
Paulson was once known for his after-hours exploits, hitting the clubs in New York and throwing parties for several hundred friends in a SoHo loft. But he realized that to reach his dream of earning great wealth, he would need to replace leisure with work and focus.

What's more, deciding to start his own firm and become a family man tempered his wild ways.

"I don't think he could've pulled off this trade a decade earlier," said Zuckerman. "Paulson had to learn to focus and mature, both as a person and as an investor."

7. Love It or Leave It
Paulson has been sitting pretty since his big bet paid off, earning an estimated $6 billion for himself through early 2009. But instead of sipping daiquiris on a tropical island, he is working harder than ever. His firm grew from fewer than a dozen employees in 2005 to approximately 90 today. They help invest the $30 billion or so under management and cater to a growing client roster.

When Zuckerman asked Paulson why he's still clocking long hours, Paulson replied: "It's like Wimbledon, once you win one, you want to win again."

---

For tips, questions and comments, contact us here.

To get the latest finance career news, follow FINSider on Twitter.