The Real Formula For Success In Business and In Life

Posted by Fitz Villafuerte under Inspirational, Life Lessons on October 10, 2009

Do you want to know the formula for success?

It doesn’t matter if you’re looking for success in business, in your professional career or life in general;

There’s really only one formula, and that is to…

Never give up and keep trying.

I know you’ve probably heard of that advice before – but this time, I’d like to prove it to you.

I’d like to prove to you that mathematically, success comes easier when you keep trying.

success-formula-1

Have you heard of Binomial Probability Formula?

It’s a mathematical equation that computes for the probability of several successive decisions, each of which has a number of possible outcomes.

Here’s the formula:

binomial-probability-formula

If you know your statistics, then you probably understand the formula above. If not, then no worries. I’ll just explain it to you as simple as I can.

Here goes…

For example, in starting a business, it’s safe to assume that either one of two things will happen – it will succeed or it will fail.

And that means you have a 50% chance for success in starting a business.

But what if you start two businesses? What are the chances that at least one will succeed?

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Well, with that plan, four things can happen:

business-success-probability

Just by looking at the table, you’ll see that you have 3 out of 4 chances or 75% of succeeding in at least one business!

Now for three businesses, did you know that the chances of having at least one business succeed is 87.5%

Awesome right?!

success-formula-2

From experience and observation, I realized that it usually just takes one successful business to set yourself towards a stable financial life.

And if you’re committed, determined and persistent enough, then chances are high that you’ll eventually find that winning business idea that will fly.

And no matter what the odds are, even if there’s just a 10% chance of success for an endeavor, you’ll see that mathematically – you’re chances of succeeding at least once will always increase with each try.

chance-for-success

Moreover, remember that with each failure, there are lessons you can take on your next try – which further increases your probability of succeeding.

So again, the formula for success is this – never give up and keep trying.

Did you like this post? Then you’ll probably like the next one too. Get it by subscribing to Ready To Be Rich.

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Handy Tool: Online Binomial Probability Calculator 😀

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Photo credit: mattbuck4950 and John-Morgan


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10 Responses to “The Real Formula For Success In Business and In Life”


  1. I definitely agree with your admonition to keep trying. However, sometimes the best course of action is to quit BUT only for the right reasons. “The Dip” by Seth Godin is a great book that talks about what the right reasons are for quitting something (i.e. getting discouraged, feeling lazy, etc. are NEVER good reasons to quit something but given that one only has a limited amount of time/money and therefore has to choose what to do/not do then it is often a great choice to quit something after careful analysis and if quitting for the right reasons).

  2. Nice post! People who are only working 9 hours a day have to STOP complaining and just work more b/c there are 24 hrs in a day!

    I also believe Education is key.

  3. […] « The Real Formula For Success In Business and In Life […]

  4. mr. sweet snowcones says:

    hi…nice posting

    i also agree to your point on never giving up and also with your propose calculation regarding making mistakes in business or in personal discussion means to increase the number of exposure.

    having been in business always has been a great and humbling experience,though i would’nt claim my self to be successful yet, being persistent has always been a key to me.

    competition, market slow down, financial support and quality of the product to name a few are the problems in making, starting and even sustaining a business. if giving up easily is one of your character then i guess you are not incline in a business setting.

    with the number of struggles that you have tackle, this also increases the chances of success either o business or on personal. since education in life and business are only learned in real situations.

    keep on posting…thanks

    anthon

  5. Tony says:

    Greetings

    Interesting, but the short formula as presented would be OK for rolling dice or flipping a coin. In matters of success in life or business. Formula for SUCCESS is far more complex and would have to account for series of variables at play.

    To illustrate my point lightly, the computer game “SPIDER” a simply card set at medium level heart and spade to win should be fairly easy, however the numerous variables reduces the chance of winning.

    The same elements occurs in real life, therefore the formula result throughout would be little more than 0.5% of success. Unless the variables are realigned “stack in ones favor”.

    Have a pleasant day
    Tony

  6. Fitz says:

    Hi Tony, thanks for pointing that out. What you said is true. There are indeed numerous variables in play when it comes to life and business, making the formula above too simplistic.

    However, despite the gap, I believe what’s important is that the probability for success still comes up higher with more tries.

    And in the end, what really matters is that you don’t get discouraged and keep on trying until you succeed.

    Cheers! 😀

  7. […] And so again, we see another fine example that shows the real formula for success. […]

  8. Tom says:

    Oh Fitz

    This was truly awesome!

    Amazing! I am staying up at night here – just to read your thoughts, because honestly, there is no way i could have interpreted those numbers and that equation!

    Napaka matalino ka (I hope my tagalog is right, i have just started learning)!

    Anyway,

    thanks for sharing your wisdom

    Tom.

  9. […] more than meeting them, I was also able to learn their success stories and pick up a few business lessons from the experiences they’ve shared to the audience that […]

  10. I think having two possible outcome in business doesn’t mean you have 50-50 chance of success.

    I do believe that when you continuosly try over and over again you gain the necessary experience and knowledge which increases your chance of success.

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