Fortitude Fridays #58

read time: 8 mins

A few ideas as you head into the weekend.

Today at a Glance:

• Quote: Opportunity and Reality.
• Question: Luck or Hard Work?
• Podcast: How I Built This With Guy Raz.
• Framework: The Four Types of Luck.

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Quote To Ponder:

Good luck is when opportunity meets preparation, while bad luck is when lack of preparation meets reality.

- Eliyahu Goldratt (Physicist)

​Preparation fuels success, shaping opportunities and resilience in the face of challenges.

A proactive mindset empowers us to create our own luck and take charge of our future.

Through both triumphs and setbacks, we learn and grow, readying ourselves for whatever comes next.

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Question To Ask Yourself:

How much do you think your success is because of luck and how much of it is hard work?

I like this question because it prompts us to reflect deeply on the factors contributing to our successes. It challenges the common narrative of success solely attributed to hard work by introducing the concept of luck, highlighting the unpredictable and uncontrollable elements in our journey.

By asking about the balance between luck and hard work, it encourages reflection the role of external circumstances, opportunities, and chance encounters alongside our personal effort and perseverance.

This self-reflection can allow us to develop a deeper appreciation for the intricate nature of success. It also helps us better understand how our personal actions interact with external influences.

My hope is that the question leaves you feeling inspired and proud of all you have accomplished, empowering you to carry that sense of achievement into your next venture.

​Credit for this question goes to Guy Raz from 'How I Built This.'

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Podcast to Check Out:

​How I Built This with Guy Raz​

In this podcast, Guy Raz dives into the blueprints behind legendary brands with renowned entrepreneurs worldwide. In each episode, founders candidly share their vulnerable moments of uncertainty, offering invaluable perspectives on their ultimate triumphs. "How I Built This" serves as a master class to innovation, originality, effective leadership, and overcoming obstacles of all kinds.

From Airbnb's groundbreaking hospitality model to Sara Blakely's revolutionary creation of Spanx, each episode explores the triumphs and challenges of entrepreneurship. You can learn about the environmental ethos of the brand Patagonia, witness the evolution of Instagram, and discover the socially conscious values of Ben & Jerry's, all while unraveling the dynamics of online communities with Reddit's founders.

Through behind-the-scenes tales of unpredictable and tumultuous paths, "How I Built This" delivers inspiration, education, and motivation, showcasing the resilience, creativity, and determination required to establish and sustain a successful business from scratch. The stories span a diverse range of industries and personalities, revealing the driving forces of success.

My Thoughts: I really enjoy this podcast, Guy Raz is a masterful storyteller, and he does an excellent job showcasing his guests' stories. Whether your interests lie in tech startups, fashion, or socially conscious enterprises, "How I Built This" offers something for everyone, highlighting the entrepreneurial spirit that fuels achievement.

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Framework: The Four Types of Luck

Luck – it's a concept that has fascinated humanity for centuries. From ancient myths to modern psychology, the idea of luck permeates our lives, influencing our decisions, experiences, and outcomes. But what exactly is luck, and can we actively increase our share of it?

Luck takes various forms, from chance events to serendipitous opportunities. According to experts like Dr. Richard Wiseman and Naval Ravikant, luck isn't entirely random; our mindset and actions influence it. Max Gunther introduces the "luck surface area," suggesting we can boost our luck by exposing ourselves to more opportunities. While some cultures embrace luck through symbols and rituals, skeptics prioritize skill and effort, questioning the role of luck altogether.

Dr. James H. Austin, a neurologist and Zen practitioner, presents four types of luck in his book "Chase, Chance, and Creativity: The Lucky Art of Novelty." The types of luck are:

Type I: Blind Luck

Occurrences beyond our control; purely accidental.

• Finding a winning lottery ticket lying on the ground during their morning walk.
• Being born into a wealthy family.
• A family purchases a small ceramic bowl for $3 at a garage sale, only to discover it was a rare thousand-year-old Chinese artifact from the Northern Song Dynasty, later sold at auction for $2.2 million by Sotheby's in 2013.

Type II: Luck from Motion

Opportunities for luck increase through activity, exploration, and taking action.

• An entrepreneur launches a successful business venture after thorough market research and networking.
• A traveler discovers hidden gems by exploring off-the-beaten-path locations and engaging with locals.
• Author J.K. Rowling faced rejection but persisted, submitting her manuscript to multiple publishers until Bloomsbury Publishing took a chance on her debut novel, resulting in the globally beloved Harry Potter series.

Type III: Luck from Awareness

Preparedness and expertise enable you to recognize or "spot" lucky opportunities.

• A seasoned investor identifies a lucrative investment opportunity in a niche market due to their deep understanding of industry trends and market dynamics.
• A talented musician seizes an unexpected chance to collaborate with a renowned artist, recognizing the potential for creative synergy and career advancement.
• Warren Buffett, the legendary investor, drew upon his decades of experience and acute understanding of market trends. Amidst the 2008 financial crisis, Buffett promptly identified the value in investing $5 billion in Goldman Sachs. His astute awareness of market dynamics and unwavering confidence in his investment philosophy enabled him to seize the opportunity, ultimately reaping substantial returns as the economy rebounded.

Type IV: Luck from Uniqueness

Fortunate outcomes attracted by unique qualities, perspectives, or approaches.

• An artist gains recognition for their unique style and creative vision.
• A consultant secures contracts for their innovative problem-solving approach.
• Media mogul Oprah Winfrey's unparalleled ability to connect with audiences and champion social causes, coupled with her authentic storytelling, propelled her from a troubled upbringing to becoming one of the most influential figures in the world.

Can you expand your luck surface area?

First off, the first type of luck, known as "blind luck," is different from the others. Blind luck is when things happen purely by chance, like winning the lottery, being born into a wealthy family, or finding a garage sale gem. You have no influence whatsoever on this kind of luck.

It's good to be thankful for good luck when it happens, but relying on chance alone can trap you. Heed the cautionary tale that waiting around for luck to happen can make you dependent on things you can't control.

But what about the luck you can influence? Fortunately there are a few strategies to help you:

Increasing Luck from Motion:

• Engage in Regular Exploration: Make a habit of exploring new places, ideas, or activities outside your comfort zone. This could involve visiting unfamiliar neighborhoods, attending events outside your usual interests, or trying out new hobbies.
• Take Consistent Action: Identify one small step you can take towards your goals each day and commit to following through. Whether it's reaching out to a potential mentor, attending a networking event, or starting a new project, consistent action increases your chances of encountering opportunities.

Increasing Luck from Awareness:

• Seek Feedback: Actively seek feedback from mentors, peers, or trusted advisors to gain valuable insights into your blind spots and areas for improvement. Embracing constructive criticism can help broaden your perspective and enhance your ability to recognize opportunities.
• Stay Curious: Cultivate a curious mindset and ask questions to uncover hidden insights and connections. Engage in conversations with diverse individuals, explore different viewpoints, and remain open to new ideas and possibilities. Curiosity fuels your awareness and encourages exploration, leading to the discovery of unexpected opportunities.

Increasing Luck from Uniqueness:

• Embrace Your Authenticity: Celebrate what makes you unique and embrace your individuality. Rather than conforming to societal norms or expectations, honor your true self and express your unique qualities, perspectives, and approaches authentically.
• Cultivate Creativity: Dedicate time to nurturing your creative abilities and exploring new ways of thinking. Engage in creative activities such as writing, painting, or brainstorming ideas to cultivate innovation and unlock new opportunities aligned with your unique talents.

Bringing It Home:

In the journey of life, luck often smiles upon those who courageously seize opportunities and take bold actions. Remember, fortune stands beside those who dare to pursue their dreams with unwavering determination. Just as the Latin proverb 'Fortis Fortuna Adiuvat' reminds us, fortune favors the bold. By embracing challenges and trusting in your ability to shape your own destiny, you can defy the odds and create your own luck on the path to success.

References:

• Naval Ravikant: Naval's How to Get Rich (without getting lucky)
• Max Gunther: "The Luck Factor"
• Dr. James H. Austin: "Chase, Chance, and Creativity: The Lucky Art of Novelty"
• Dr. Richard Wiseman: "The Luck Factor: The Scientific Study of the Lucky Mind"
• Belief in Luck and Precognition Around the World by Emily A. Harris

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Thanks for reading! I hope you have a great weekend. Until next week...

You got this,