Feb 23, 2022
If you're an ambitious person who dreams of being super successful, it's natural to look up to those who have already made it and ask:
How did they do it?
Was it incredible talent? Focus? Hard work?
What techniques or strategies did they use that I can steal?
Now it’s the same whether we’re talking about property investing, business success, or entrepreneurship.
There's only one problem with that approach, according to some fascinating new science highlighted by the MIT Technology Review and also a handful of honest investors and entrepreneurs, luck plays a way bigger role in success than most of us acknowledge.
If you try to follow the path of your role models without acknowledging that fact, you're likely to run into some very serious problems.
So, in today’s episode, I’m going to be joined by my business partner and founder of Business Accelerator Mastermind Mark Creedon as we discussed the importance of luck in your success.
And whether you’re a business owner, professional, entrepreneur, or property investor I’m sure I’ll get some benefit from our chat, so welcome to today’s show.
What role does luck play in your success?
I recently read an MIT article that highlighted something I already knew - success isn’t evenly spread through the population.
In fact, its distribution follows a pattern where a tiny number of people end up with the vast majority of the money, or a small group of business owners significantly more successful than the rest, or whatever other marker of material success you're looking at.
Like many things in life success follows the Pareto principle - the 8020 rule, but if you think about it; it’s a little unusual because talent and intelligence are spread much more evenly throughout the population.
So why are some people so much more successful than others just like really have a role to play?
In my mind, the biggest thing that holds people back from becoming rich is their thinking.
As we explain in Rich Habits Poor habits - your thoughts lead to your feelings – your feelings lead to your actions, and your actions lead to a result. so, your outside world is a direct reflection of the inside world.
And we have found that the way the rich think is very different from the way the poor think.
What’s more, you need the right mindset to be lucky.
Another thing I found is that luck finds positive people — people who seek out opportunities.
And luck favors the persistent.
All successful investors, businesspeople, and entrepreneurs have failed more often than unsuccessful people.
They became a success at failing and survived until they became lucky and thrived.
Luck is a reward for persistence.
The fact is, those who try the hardest are the luckiest.
Or, more accurately, they simply never stopped trying to succeed and their persistence eventually created good luck.
Those who reach the top in property investment set themselves up to get lucky because they:
In my mind, creating luck boils down to doing specific things that increase your chances for luck to occur.
None of the success formulas in the world will produce success unless the formula provides you with specific action steps you need to take in order to create Luck.
Good daily habits automate persistence and persistence creates Luck.
In summary:
The bottom line is, like it or not, luck plays an outsized role in success.
The right response isn't to pretend that you can somehow outwit or outwork that reality (though it is true you'll definitely not succeed if you learn nothing and sit on the couch all day). Instead, increase your odds of hitting the success jackpot by developing Rich habits.
Links and Resources:
Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us
Why not join Metropole’s Business Accelerator Mastermind
Learn more about Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs
Get a copy of Mark’s new book here – Have a business not a job
Shownotes plus more here: Why luck matters more than you might think – in your property investments and success in general
Some of our favorite quotes from the show:
“I believe we’re all driving around with one foot on the accelerator and another on the brake.” – Michael Yardney
“A lot of people call themselves mentors in the property space when really that’s just cloaking themselves from being property marketers or salespeople.” – Michael Yardney
“While cash flow keeps them in the game, it’s capital gain that will get them out of the rat race.” –Michael Yardney
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