The Necessity to Succeed

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There were three groups of self-made millionaires in my Rich Habits Study:

  1. Those who saved their way to wealth
  2. Those who worked for large public companies
  3. Entrepreneurs

The third group was an interesting group. These individuals put everything on the line, in the pursuit of their dream. They invested everything they had. They borrowed money against their home. They borrowed money from family. They borrowed money from relatives. They borrowed money from friends. They personally guaranteed loans from the bank.

If they failed, their failure would not only affect their spouse and children but it would negatively impact many other people and destroy their reputation among family, friends and the bankers who went out on a limb to help them fund their dream.

Being an entrepreneur is a very courageous act.

When you pursue any dream, you will have to confront and overcome many obstacles, pitfalls, mistakes and bad decisions. Every mistake and bad decision comes at a severe financial cost. Make too many mistakes and bad decisions and you will run out of money, ending your dream.

For this group, failure was not an option and success was a necessity. They had no choice but to succeed.

This necessity to succeed forced these self-made entrepreneurs to grow and become better in many ways:

  • They identified and cookie cut proven processes that prevented them from repeating mistakes.
  • They adopted daily habits to help them achieve their goals which kept them moving forward toward the achievement of their goals.
  • They forged relationships with influential individuals who helped mentor them and open doors.
  • They became knowledge sponges, learning everything they could about their industry. They read to learn every day.
  • They practiced specific skills for many hours every day until they gained mastery.
  • They experimented to find new, novel ways of doing things.
  • They became mentally tough as a result of meeting and overcoming numerous obstacles, mistakes and bad decisions.
  • They gained control over their emotions, which put their executive brain (neocortex) in charge and not their emotional brain (Limbic System).
  • They learned to focus like a laser in order to complete important tasks that led to the achievement of their goals.
  • They isolated themselves from others for hours at a time to think through problems in an effort to find solutions to those problems.
  • They evolved a positive mental attitude and tremendous confidence by facing and overcoming obstacles, mistakes and bad decisions.
  • They worked very hard for their dream, which created a powerful work ethic.
  • They acquired tremendous willpower through their daily grind; willpower they never realized they had.

Those who pursue a dream, put everything on the line. This gives them very little wiggle room. Their backs are against the wall for most of their journey. They put themselves in a position in which they have no choice but to succeed.

When failure is not an option and success is a necessity, you will find within yourself resources, success traits and the grit you never knew you had. You grow into the person you need to be in order for success to visit you.

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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