In the first part of this series, we discussed the importance of effective goal setting and the essential elements that contribute to achieving these goals. Now, let’s dig deeper into the specific attributes and behaviors that distinguish the top 1% of successful individuals and businesses from the rest.
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Personal Anecdote: A Tale Of Two Siblings
I have a sibling who is a year younger than me. Despite growing up in the same household and having similar experiences, our financial outcomes are drastically different. My sibling has faced personal bankruptcies and struggles to keep more than $10 in the bank, while I’ve been fortunate to find myself in the top 1% of the wealthiest people in America. This stark contrast isn’t about gender, race, or education. It’s about our behaviors, actions, and mindset.
Key Attributes Of Successful People
From my experience, there are five key attributes that set successful people apart:
1. Clarity Of Goals
Success begins with having extreme clarity about what you want to achieve. Early in my career, I aspired to build a $20 million a year business. During a mastermind group meeting, a peer asked if I had set that as a concrete goal. It struck me that while I wanted it, I hadn’t clearly defined it or created a plan to achieve it. To reach your goals, you must be crystal clear about them. Specificity is crucial. Instead of saying, “I want to grow my business,” define exactly how much growth you seek and by when.
2. Burning Desire
A burning desire to achieve your goals is essential. As Napoleon Hill emphasized, having an intense drive is a common trait among the wealthiest and most successful individuals. This desire helps you push through failures and frustrations. Winston Churchill once said, “Success is moving from failure to failure without losing enthusiasm.” For MSP owners, this means staying motivated even when tasks become tedious or challenging.
3. Belief In Achievability
Belief in your goals is fundamental. Your beliefs drive your actions, and your actions produce your results. If you don’t believe that achieving a $20 million business is possible, you’ll never take the necessary steps to get there. Picture it like taking a flight: despite knowing the journey may be filled with inconveniences, you believe you’ll reach your destination. Maintain that belief in your business journey.
4. Acquiring The Necessary Skills And Tools
Running a successful business requires more than technical skills. You need business acumen—skills in hiring, management, financial literacy, and understanding systems like CRM and budgeting. These skills and tools are the backbone of your business operations. Just as a pro tennis player needs tennis skills, an MSP owner needs business skills to thrive.
5. Consistent Productive Behaviors
Finally, consistent, productive behaviors are crucial. Developing good habits and making consistent, effective choices will set you apart. I often talk about building a REAL business—one that is Rewarding, Easy, Attractive, and Lucrative—versus a TECH business—Tedious, Exhausting, Chaotic, and Hard. The difference lies in your daily actions and habits.
Avoiding Common Pitfalls
Many MSP owners fall into common traps that hinder their success. By identifying and addressing these pitfalls, you can set your business on a path to sustained growth and stability.
Lack Of Organization
A well-organized business operates like a well-oiled machine. However, many MSP owners struggle with organization, leading to inefficiencies and missed opportunities. Without proper organization, tasks can slip through the cracks, and projects can become chaotic. Implementing structured processes and using project management tools can help maintain order. Create detailed workflows, set clear priorities, and regularly review your processes to ensure they remain effective.
Hiring The Wrong People
Hiring is one of the most critical aspects of building a successful business. However, hiring C players—those who are not highly skilled or motivated—can drag your business down. Many MSP owners make the mistake of hiring cheap labor, thinking they are saving money, but in reality, they are creating more problems. Focus on hiring A and B players who bring value, enthusiasm, and expertise to your team. Provide them with clear job descriptions, ongoing training, and the support they need to succeed.
Inadequate Training And Development
Even the best hires need proper training and development to thrive. Failing to invest in your team’s growth can lead to stagnation and high turnover rates. Develop comprehensive onboarding programs, offer regular training sessions, and encourage continuous learning. Equip your team with the skills they need to excel and stay ahead of industry trends.
Poor Financial Management
Understanding your financials is crucial for long-term success. Many MSP owners lack financial literacy, leading to poor budgeting, cash flow problems, and financial instability. Educate yourself on financial management principles, and consider hiring a financial advisor if needed. Implement budgeting tools, track your expenses meticulously, and regularly review your financial statements to make informed decisions.
Resistance To Change
The tech industry is constantly evolving, and staying ahead requires adaptability. Some MSP owners resist change, sticking to outdated practices that no longer serve them. Embrace innovation and be open to new technologies and methodologies. Regularly assess your business practices and be willing to pivot when necessary to stay competitive.
Neglecting Customer Relationships
Your clients are the backbone of your business. Neglecting customer relationships can lead to dissatisfaction and lost business. Prioritize excellent customer service, actively seek feedback, and address any concerns promptly. Building strong, long-lasting relationships with your clients will foster loyalty and generate referrals.
Conclusion
Success in the MSP industry is achievable with the right mindset, clarity of goals, burning desire, belief in your potential, essential business skills, and consistent productive behaviors. Reflect on your current practices, set clear and specific goals, and commit to continuous improvement. Join mastermind groups, seek mentorship, and always strive for excellence.
Remember, success is not about where you start but about the actions you take and the mindset you cultivate. I hope these insights inspire you to reach new heights in your business. Let’s keep pushing forward together!
Feel free to share your thoughts and experiences in the comments below. Let’s continue this journey to success together!
