You must give up so much in the pursuit of success. So, why would anyone pursue success? Because success is worth the sacrifice. In my Rich Habits Study, I interviewed 233 wealthy individuals (177 of whom were self-made millionaires) with at least $160,000 in annual gross income and $3.2 million in net assets.
Here are most important ingredients, or attributes, that the self-made millionaires in my study possessed:
1. Add value
You must bring to the table some added value. Whatever product or service you are selling must be just a little bit better than the competition.
2. Slight edge
You must have some slight advantage over the competition. Your slight edge could be anything: a superior skill, superior knowledge, better product, better service, stronger work ethic, better habits, more creativity, more powerful contacts, etc.
3. Expert knowledge
You must know your industry, company, competition, or field inside and out. You must be an expert.
4. Expert technician
You must have skills that set you apart from your competition; skills you have honed for many years.
5. Strong work ethic
You must be able to put in the hours. A strong work ethic means, on a daily basis, you devote many hours to your craft.
6. Intense focus
You must have the ability to focus single-mindedly on one task for many hours, many weeks, many months, and many years until you successfully complete that task. Every dream, every goal, every project must have your undivided attention.
7. Power relationships
You must forge relationships with individuals who can open doors for you.
You must have apostles for your cause. These could be individuals you hire (employees or contractors), or they can be fellow dreamers — individuals who share your dream and your vision. When you have a team of apostles, pushing the ball up the hill is much easier.
You must possess the mindset that you will never quit. Elon Musk famously said he’d have to be “dead or completely incapacitated” in order to quit.
10. Good luck
Perhaps the most important ingredient to success is good luck. Without some good luck, success is virtually impossible. Good luck only visits the relentlessly persistent. If you keep at it long enough, you will eventually get lucky.