Success is about practicing a disciplined approach to business and mastering focused energy working on the One Thing that will leverage the biggest results. While this may be boring and you may feel that progress is slow, it is essential that this skill be mastered to achieve long-term success.
There is one, just one habit that if you can master, you’ll be heads and tails above your competitors and well on your way to success. But if you fail to recognize and master this habit, you’ll struggle and fight and claw your way toward success, some of you will make it, but most of you will not. Stick around, and I’ll share with the secret that you need to master.
Welcome to episode #25. My name is Jeremy Epp, and I'm here to help you set up, launch and grow a profitable business. Before we begin, do me a favor and go to JeremyEpp.com and subscribe to the show.
If you have been listening to this podcast for any time, you’ve heard me mention this, and I also referenced this in the previous episode #24, “Increase Your Effectiveness and Change Your Life”. But this is so important to your success that I felt it was worth spending more time on it in this episode. The habit you need to master to succeed is Focus. AAAAHHHH!!! Really? Focus? Is that what you got Jeremy?? Yes! Pretty underwhelming isn’t it? But it is absolutely critical to success.
Let’s put this into perspective. Want to lose weight? The latest trending diet will be fun for a while and may get short term results, but the key to truly lose weight and keep it off is to eat a healthy balance diet and exercise. BORING! If you want to retire well and have a comfortable life in your golden years? Don’t chase the market with the latest stock picking trends, instead, invest consistently over a long period of time in a good mutual fund. Again- BORING.
Want to create an amazing business that opens up doors for you and create a life of fulfillment? You need to master the ability to FOCUS! If you're like me, and I know many of you are, you need to actively fight against the shiny object syndrome and the squirrel syndrome. Don’t get distracted into trying to short cut your way to success by deviating from your path because a different route is working for others. Stay true to your aim and double down on your efforts.
Good things are worth repeating. The Pareto Principle or the 80/20 Rule states that 80% of your rewards come from 20% of your effort. In the early 1900’s Vilfredo Pareto was an economist that studied the distribution of wealth in his home country of Italy. What he uncovered, was that 80% of the wealth in Italy was owned by 20% of the people. A few decades later, Dr. Joseph Juran, a leader in manufacturing quality, demonstrated that 80% of the the problems were caused by 20% of the defects.
The Pareto Principle has two sides. On one side you can state:
On the other side, you can state:
Did you catch that I basically stated the same information? I just reversed the 80%- which is the results, with the 20% which is the input.
The key is to focus on the input (20%) that will produce the best results (80%). If the Pareto Principle is accurate, I believe that we find hundreds of applications to support the Principle, what happens if we put the Pareto Principle on steroids?
Do this exercise: List out the top 100 steps you need to do to build and grow your business. No particular order, just starting writing out the various actions you need to do. Then, apply Pareto’s principle by down selecting to the top 20 steps that will produce the biggest results or have the biggest impact. Now, let’s step it up a notch by applying the Pareto Principle to the 20 steps you’ve already prioritized. Yes! Prioritize your priorities! From your list of 20, down select and identify your time 5 steps. Once you’ve done this, you probably know what to do next…You’re right! You’re going to apply the Pareto Principle one more time to your top 5 steps to get down to THE TOP STEP….The ONE THING you need to focus on to succeed in your business.
This is at the core of Gary Keller’s successful book, The One Thing in which Keller talks about that every successful business and successful person can pinpoint their breakthrough success back to One Thing.
What is your One Thing? What is Your Focus? I know that while this may not be a new concept, this isn’t necessarily easy either. I’ve made it no secret that I am on the journey just like you are. I am in the process of building my business to the stage where I can leave my corporate job and focus 100% on my business, just like many of you are working toward as well. So, what I am working toward, and so should you, is to focus 100% of your available time toward working on your One Thing. If you don’t have a product or service, focus on building one. If you have a product, but no sales, focus on your marketing. If you have some sales, focus on growth and exposure. The is no single, common right answer for every entrepreneur, but every entrepreneur has something- the One Thing, that if you can stay focused on it, and master the habit of focus, you’ll eventually find yourself in the winner’s circle of success.
Now, if you find yourself being a little hesitant of focusing all your energies on one thing, Keller addresses this concern as well. He speaks to what is known as the Domino Effect. In 1983 a physicist by the name of Lorne Whitehead discovered that a single domino has the ability to bring down another domino that is 50% larger than itself. If each succeeding domino is 50% larger than the preceding one, it doesn’t take long to be knocking down some very large dominos. If you apply this principle to your business, if you can stay focused on knocking down that single domino (or step) in front of you, it doesn’t take long for momentum to build and your business to take off. Each successful business owner will have a defining moment to which they can attribute their success. However, it is the ever-pursuit of focused energies that led them to that moment in time.
So to each one of you my friends, I encourage you to prioritize your greatest need and master the art of staying focused.
If you’re struggling with coming up business ideas that are right for you or have too many ideas and need to narrow them down, be sure to download my Discovery Worksheet that will walk you through the 9 steps to help you find the right business idea for you based upon your experience, skills, passions, and interests. Go to jeremyepp.com/discoveryworksheet to download the worksheet.
I appreciate you tuning in and thank you for your support and I look forward to speaking with you on the next episode.
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