Framework Friday: The Secret to Being Lucky
Curated from: My First Million
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Four Levels of Luck
- Blind Luck
- Fortune Favors the Bold
- Luck Favors the Prepared Mind
- Luck Finds You Because of Your Reputation
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Level-1: Blind Luck
- Luck that occurs without any effort or action on your part.
- This type of luck is unpredictable and not in your control.
- Example: being born healthy or winning a raffle.
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Level-2: Fortune Favors the Bold
- Increasing the odds of luck by taking action and being proactive.
- Engaging in various activities such as networking, conferences, etc. to create more opportunities for lucky encounters.
- Example: A person who volunteers at a community event might meet someone who later offers them a job or business opportunity.
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Level-3: Luck Favors the Prepared Mind
- Recognizing lucky opportunities due to years of preparation and experience.
- Having the ability to notice and seize lucky moments that others might overlook. In fields like investing or science and technology, years of preparation and gained experience that enhances the likelihood of identifying unique and beneficial opportunities.
- Example: Steve Jobs' extensive experience in technology and design allowed him to recognize the potential of integrating a phone, an iPod, and an internet communicator into one device.
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Level-4: Luck Finds You Because of Your Reputation
- Your established reputation attracts fortunate circumstances.
- Being well-known in a specific field can lead to opportunities coming to you.
- Example: A lawyer known for her expertise in corporate law and her successful track record, is approached by a major corporation to handle a high-profile merger, without her having to seek out the opportunity.
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Four Flavors of Risk
- Mediocrity Risk
- Safety Risk
- Eyes Wide Shut Risk
- Market and Technical Risks
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Flavor-1: Mediocrity Risk
- The danger of settling for average performance or outcomes, which can lead to stagnation and missed opportunities.
- Choosing paths that are "just okay" can waste valuable time and deprive individuals of achieving greatness.
- Example: Staying in the same mediocre job, even though you feel uninspired.
- Mitigation: Set goals that drive motivation, embrace challenges, and reevaluate progress periodically.
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Flavor-2: Safety Risk
- Risk of not taking enough risk - playing it too safe.
- Example: Investing in low-risk, low-return financial products due to fear of market volatility.
- Mitigation: Balance safety (being in your comfort zone) with calculated risks, for long-term personal and professional development.
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Flavor-3: Eyes Wide Shut Risk
- Ignoring or being unaware of significant threats or underlying risks, often due to complacency or lack of awareness.
- Example: Businesses that do not monitor market trends and consumer preferences may miss out on emerging opportunities.
- Mitigation: Periodically reassess your beliefs and assumptions, follow data-driven decision making, and encourage transparency in communication.
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Flavor-4: Market and Technical Risks
- Uncertainties in market conditions and technological advancements.
- Example: A luxury car manufacturer faces declining sales during a global economic recession as consumers cut back on high-end purchases.
- Mitigation: Spread risk through diversification, develop strategies that are flexible to adapt to market changes.
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IDEAS CURATED BY
CURATOR'S NOTE
Four Flavors of Luck and Risk.
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