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Interesting Data Comparing Income To Stickiness I recently looked at some data about JV partners of a particular type that I had over the years that I was involved in having an Internet business. This particular type of JV partner was exclusive. I could only have one. When they found better opportuntities or got bored or whatever... I found another to replace them. I was recently discussing this type of JV partner with a friend while deep sea ocean fishing. They asked me what income level I looked for when choosing this type of JV partner. At first, they assumed that I could only attract people who earned around $50K/year. I told this friend that I didn't exactly know the income levels of this type of JV partner, but I knew that at least three of my prior JV partners earned in excess of a million dollars per year. He was surprised. He started looking at it differently and later gave reasons that it would only work with millionaires. At that point, I thought about his claims and gave him three more examples of JV partners of this type that I was pretty sure earned less than $100K/year. This surprised him again. That discussion set me to do a study when I got back to the family the next day. I didn't know the exact income levels of the partners I had worked with in this particular type of JV, but I actually knew the people well enough and knew their lifestyle well enough that I could come up with a pretty good guess. I listed all of the people I could remember and looked up how long they had engaged in this JV with me before they moved on to something else. Then I guessed at their income level. In a couple of cases, I knew their income level within about a 10% leeway. In other cases, I was pretty sure my guess was +/- 50% or so with a high confidence. Then I graphed it out. There it was. The thing that had bothered me on the fishing boat. Those who earned over a million dollars a year had stuck with this JV for an average of 50.3 weeks. Those who earned less than $100K stuck with this JV for an average of 5.0 weeks. I have always said that success comes from three factors: Taking Action. Focusing on one goal. Following a proven path to that goal. The "taking action" part isn't just taking action one time though. It is consistently taking action until you reach the goal (and then setting another goal). Successful people stick with it longer than less successful people. Stickiness is a huge factor when it comes to taking action. Do you take action only in spurts? Can you stick with something for 50 weeks? Millionaires can. Or can you stick with something for only 5 weeks? That's what people who earn less than $100K/year do. Which are you? |
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