<ol><li class="ql-align-justify">Blind Luck</li><li class="ql-align-justify">Fortune Favors the Bold</li><li class="ql-align-justify">Luck Favors the Prepared Mind</li><li class="ql-align-justify">Luck Finds You Because of Your Reputation</li></ol>

Four Levels of Luck

<ul><li class="ql-align-justify">Recognizing lucky opportunities due to years of preparation and experience.</li><li class="ql-align-justify">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.</li><li class="ql-align-justify">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.</li></ul>

Level-3: Luck Favors the Prepared Mind

<ul><li class="ql-align-justify">Your established reputation attracts fortunate circumstances.</li><li class="ql-align-justify">Being well-known in a specific field can lead to opportunities coming to you.</li><li class="ql-align-justify">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.</li></ul>

Level-4: Luck Finds You Because of Your Reputation

<ul><li class="ql-align-justify">Increasing the odds of luck by taking action and being proactive.</li><li class="ql-align-justify">Engaging in various activities such as networking, conferences, etc. to create more opportunities for lucky encounters.</li><li class="ql-align-justify">Example: A person who volunteers at a community event might meet someone who later offers them a job or business opportunity.</li></ul>

Level-2: Fortune Favors the Bold

<ul><li class="ql-align-justify">Luck that occurs without any effort or action on your part.</li><li class="ql-align-justify">This type of luck is unpredictable and not in your control.</li><li class="ql-align-justify">Example: being born healthy or winning a raffle.</li></ul>

Level-1: Blind Luck

<ol><li class="ql-align-justify">Mediocrity Risk</li><li class="ql-align-justify">Safety Risk</li><li class="ql-align-justify">Eyes Wide Shut Risk </li><li class="ql-align-justify">Market and Technical Risks</li></ol>

Four Flavors of Risk

<ul><li class="ql-align-justify">Uncertainties in market conditions and technological advancements.</li><li class="ql-align-justify">Example: A luxury car manufacturer faces declining sales during a global economic recession as consumers cut back on high-end purchases.</li><li class="ql-align-justify">Mitigation:  Spread risk through diversification, develop strategies that are flexible to adapt to market changes.</li></ul>

Flavor-4: Market and Technical Risks

<ul><li class="ql-align-justify">Ignoring or being unaware of significant threats or underlying risks, often due to complacency or lack of awareness.</li><li class="ql-align-justify">Example: Businesses that do not monitor market trends and consumer preferences may miss out on emerging opportunities.</li><li class="ql-align-justify">Mitigation: Periodically reassess your beliefs and assumptions, follow data-driven decision making, and encourage transparency in communication.</li></ul>

Flavor-3: Eyes Wide Shut Risk

<ul><li class="ql-align-justify">Risk of not taking enough risk - playing it too safe.</li><li class="ql-align-justify">Example: Investing in low-risk, low-return financial products due to fear of market volatility.</li><li class="ql-align-justify">Mitigation: Balance safety (being in your comfort zone) with calculated risks, for long-term personal and professional development.</li></ul>

Flavor-2: Safety Risk

<ul><li class="ql-align-justify">The danger of settling for average performance or outcomes, which can lead to stagnation and missed opportunities.</li><li class="ql-align-justify">Choosing paths that are "just okay" can waste valuable time and deprive individuals of achieving greatness.</li><li class="ql-align-justify">Example: Staying in the same mediocre job, even though you feel uninspired.</li><li class="ql-align-justify">Mitigation: Set goals that drive motivation, embrace challenges, and reevaluate progress periodically.</li></ul>

Flavor-1: Mediocrity Risk

Episode #380: Shaan Puri (@shaanvp) talks about the different kinds of luck, how to put yourself in a position to be lucky, and how to mitigate different kinds of risk.To submit your question and hear yourself on My First Million, go to MFMPod.com and click on the circle with the microphone in the lower right hand corner.-----Links:* Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.* Want more insights like MFM? Check out Shaan's newsletter.-----Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.-----Additional episodes you might enjoy:• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits• #209 Gary Vaynerchuk - Why NFTS Are the Future• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto* #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett• ​​​​#218 - Why You Should Take a Think Week Like Bill Gates• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

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Sam Parr and Shaan Puri brainstorm new business ideas based on trends & opportunities they see in the market. Sometimes they bring on famous guests to brainstorm with them.