Effort is crucial for success, but effort on its own is useless.
For example, if you were growing strawberries, investing effort might yield some results. But it will never on its own yield greatest greatness.
This is because there might be a better way to grow strawberries, and doing your own way even with greatest effort will never be as good.
This is why exploration is necessary.
Person should dedicate about 34% of his time to exploration, because exploring new things yields new options which could be much better.
It takes effort and exploration to produce greatness, not just effort.
Putting all effort in old things is bad when new things might be way better.
Hence the principle, 66% of time is used as effort to advance old things, 34% of time is used to explore new things.