4 Kinds of Luck

Sometimes the entrepreneurial roller coaster can feel this way. Patiently wait at the corner for the Opportunity Bus.

But, like an Eskimo that has 50 different words for snow, business builders need to expand their lexicon and delineation of luck in order to more readily utilize it.

We’re aware of Dumb Luck, the gifts of fate bestowed to us on birth. Natural abilties, race, and family wealth (or lack thereof) all inform our starting point, but not where we end up.

Fortune favors the Bold in that those with the courage to try, to persist, have a much greater chance of a favorable outcome. They take the risk that most others won’t.

Separately, it’s important to remember that Chance Favors the Prepared Mind. You study your craft, the stories of other great entrepreneurs, and hone your focus so that you can see opportunities that others overlook.

But what if luck comes in another more powerful and consistently reproducible form? A luck that finds you, instead of waiting to be uncovered.

What if Luck became Indistinguishable from Destiny?

Another way to think about this type of luck is that you build your character, and then your character becomes your destiny.

Your character becomes your reputation. Your reputation precipitates the customers you land, the employees you retain, and the partners that seek you out.

Warren Buffet gets offered different deals to buy companies because of his reputation.

Great character can be a moat that separates you from your competition. Yet, you rarely see it highlighted in Harvard Business Review. Most people don’t believe they can make themselves more lucky.

But they’re wrong. You can be Lucky and Good.

The Daily Entrepreneur newsletter delivers brief meditations on the principles & practices of the world's greatest business builders. This newsletter will always remain free and dedicated to helping you get a little better each day.