Episode Details

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.

• The Rich Are Positive Thinkers – A positive mental outlook is critical to overcoming problems, obstacles, pitfalls, mistakes, and failures. Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to intractable problems.
• The Poor Are Negative Thinkers – Negative thinkers are unable to see solutions to problems. Thus, they are unable to overcome obstacles, pitfalls, mistakes, and failures. Opportunities pass them by because they are not looking for opportunities. They are too focused on the negative consequences.
• The Rich Are Decision-Makers –Forging the habit of making decisions is critical to success. Those who develop the habit of making decisions are sought after as leaders, by others. Decision-makers have forged the habit of overcoming the fear of making decisions along with the paralysis of analysis associated with those unable to make decisions.
• The Poor Let Others Make Decisions –They succumb to the fear of making a decision. They get lost in analysis and overthinking, which is a form of procrastination. The poor feel uncomfortable about making decisions, so they defer to others.

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 p