The Success Formula is something that I have been working on for a very long time. It is a collection of the true attributes, habits, and personality traits of those who truly find success in business. In this post, I am going to show you the basic breakdown of the main pieces of the formula itself. We are going to look at the asset allocation of a successful mind, so to speak.
Strategy + Psychology = Success
Everyone seems to be looking for the secret formula to success. I have had this conversation about a million times, “what do I need to do to be successful?” I have given seminar after seminar and taught workshop after workshop, and above all of the business strategies and techniques that I can offer — this formula alone is going to be your guiding light. I am so pumped that I can sit down and put pen to paper and actually write it out for you so that hopefully we can scale and affect more of you out there who are looking to know what it takes to succeed.
When I talk about success, it could really be about any business or any aspect of life. From selling real estate, to insurance, or selling nutritional products or even makeup – it doesn’t matter your product or service it is the same guiding principles that will help you in all businesses. Actually, we can even take it a step further. Even if you aren’t selling anything but you just want to be happy and fulfilled – this “secret sauce” of success can help you too.
The Most Common Mistake
Do you want to know what the most common mistake most people make when considering becoming successful at anything? Let’s take real estate for example, and someone is starting out their career in real estate sales and wants to make it big. What do you think is the question they ask most often? Why do you think a real estate agent who wants to make $100,000 a year or more goes to a course from a guy like me or engages in coaching or training with a company like mine? More often than not, they want the silver bullet. That one simple idea or task I can give them that will help them close more sales and make more money. The problem is that there is no one silver bullet that will get you to success. There are many tools you will need in the arsenal, and anyone who sells you on or makes you believe that you just need to do “this one thing” is probably full of it. Sure, we have tons of really good ideas that can help your business grow tremendously. However, if you are looking for that one quick thing to get you over the top you just might be missing the point altogether.
There is no one simple task you can perform to be instantly successful. If you truly want a career, a business, a life worth living that will last – it is going to take time and it is going to take much more than just a 3 hour seminar and a list of things to do. Is a list of things to do or a proper business strategy important? Of course! However, it is not the only piece of the puzzle. In fact, I am going to argue that it is not even the most important piece of the success formula. There is so much more to it than that.
Your Success Asset Allocation
If you have invested any money in your lifetime, such as in an IRA or a 401k – you probably have heard the term “asset allocation.” If you are still too new to the world or just starting out, maybe this is something you have heard in passing but never really given it much thought because you are not quite there with your finances just yet. To keep it simple for those of you that might need to know, in investing asset allocation is the idea of taking your money and allocating it to various different types of investments. Therefore, rather than having all of your eggs in one basket (such as the stock market) you may also allocate some of your money to other investment vehicles such as bonds, real estate, or even just plain old cash such as a savings account.
So if we are going to think about the success formula, you need to understand that you have a limited amount of assets as well. Allocating your own personal resources to the proper channels is going to be critical to succeeding in business as well as in anything else. For instance, think about your daily routine now. You only have so much time, right? You only have so much energy, right? You only have so much effort and intensity you can give to something daily right? Good! That means you are human. What I want you to understand about the success formula is that allocating your resources in the proper percentages from one bucket or another are going to be massively important in your track to being successful in real estate or any other business.
In fact, we discussed this very thing recently on my weekly YouTube show #OfficeHours. Click below to see the discussion!
The Secret Success Formula of a Champion
If you truly want to succeed in business, any business, such as real estate then you need to allocate yourself appropriately. Therefore, I am going to reveal for you the most important part of the formula that almost everyone leaves out. I will say it again, this is the most important piece of the formula and most people just plain don’t consider it as a part of their plan at all!
Having the right mindset, the right attitude, the right emotion towards your life and your career is the most important part of the success formula. I have written about mindset before, such as in this post where I talk about the winner’s mindset. In other words, the strategy doesn’t matter if you don’t have the right psychology. As I mentioned earlier in this post, if you only want the silver bullet to success (strategy) it is much more like a “get rich quick” mindset rather than the type that is truly going to set you up for success. Without the right mindset, the strategy may not matter at all. Let me give you an example:
Let’s say that I take a salesman (let’s call him Bob) and give him the golden sales playbook for success. You got it, the ultimate strategy. I show him exactly what he needs to do, every single day, lay it out for him on a silver platter. However, there is just one problem and that is Salesman Bob is a self-absorbed jerk. Bob wants to make lots of money, drive fast cars, have fancy watches and have everyone in town marvel at how rich and successful he has become. Bob wants it all, and he wants it now which is how he came upon this golden playbook for success.
However, when it comes down to the critical sales appointments he continues to fail. During many appointments, Bob gets frustrated and cuts potential clients off mid-sentence. He tries to “set them straight” because obviously they don’t understand. He is the expert, after all, they need to be listening to him! Appointment after appointment he fails to close the sale, and even leaves on bad terms with these potential clients whom he expertly sought out and nurtured using the playbook. But what Bob is missing is the right mindset, and Bob lacks the emotional intelligence in order to deal with people properly. He is quickly hated by the community and gains a reputation as a sleazy salesman, and soon is back in school changing his degree and amassing more student loans so that he can get into an industry where he may not have to sell to anyone ever again.
Now let’s contrast Bob with Salesman Suzy. When it comes to business skills and strategy, let’s just say that Suzy is new to the game. She is fresh out of school and is still learning the ropes. However, when it comes to dealing with people Suzy is just the best. Always thinking of others first, she is the type of person that asks a lot of questions. She listens carefully to the other person’s answer. She understands problems that people are having and likes to help people solve them. Everybody loves Suzy, and she wakes up every day happy and fresh and looking forward to the day ahead. Suzy is killing it as a new sales associate at her firm, even though she really doesn’t know much about sales. But within just a few short months, each of her new clients is referring her to more and more of their friends and family because of the experience they had in doing business with Suzy. In other words, her meetings were so pleasant and enjoyable that her clients were becoming advocates and marketing her services for her! After the first year in sales, Suzy was given a raise and a bonus while Bob ended up leaving the firm.
The lesson here? Without the right psychology, the mindset, the understanding of how to deal with people and yourself the strategy just doesn’t matter. It doesn’t! Unless you are selling stocks or something else in a faceless computerized environment, eventually it is all going to catch up with you.
What Bob needed was to take the playbook, implement the strategy, but then begin working on the most important part of the formula – himself. If Bob only cares about Bob, if Bob only cares about money, and if Bob has that distinct aura of arrogance that comes with someone who thinks they know it all – he is not going to make it. Suzy was either born with or truly understands the success formula as it needs to be implemented. It is truly about how you treat other people, listen to their needs, and react to the world around you as if it is happening for you and not to you!
Remember this, if you want to success in real estate or any other business you need the right formula. The secret formula to success looks like this:
The success formula as a pie chart:
Mindset and Emotional Intelligence (Psychology) – 85%
Business Plan and Tactics (Strategy) – 15%