The Formula for Luck – How to Use The Power of Luck to Maximize Your Potential
The lucky finds come when you set out to find them
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Throughout my life, I've considered myself an incredibly lucky person. I am one of the lucky 5% of the world's population born in America. My parents are still married. (Happy 40th anniversary, guys!) They are college-educated, and I'm one of the lucky few who didn't have to pay for my own college education. I'm increasingly grateful for these things that I had zero control over. On paper, I had a good head start. The odds were certainly in my favor.
Now before you write me off as a blessed golden child born with a silver spoon in my mouth, let me share the other half of the coin. I was born hard-of-hearing, and I've had vision challenges my entire life. I quit driving when I was 26, and I was declared legally blind at 32 (hence this website's name). I once even had a doctor tell me, "Well, son. I'm sorry to say you got hit by the unlucky stick. There is nothing we can do for you." Geez! Way to be optimistic, Doc!
Yet despite my challenges, I graduated college, traveled the world, and retired at the ripe young age of 32. (Here's how I did it.) Despite some odds stacked against me, the ball consistently seems to bounce my way. And I'm not the only one. Think of the many more extreme rags to riches stories, such as Arnold Schwarzenegger: an immigrant from war-torn Austria who became an international star. Or one of my personal favorites, Rose Blumkin: a Russian immigrant who came to America broke and couldn't speak English. She started a furniture store (Nebraska Furniture Mart) that she eventually sold to Warren Buffet for $60 million.
How did these people get so lucky? How were they able to rise above everybody else trying hard to be successful too?
"Luck is when preparation meets opportunity." ~ Seneca (around 4BC - 65AD)
I agree with this statement, but I think it's incomplete, there is a key componet that accelerates the process. Let's first explore why this statement is true.
If you are not prepared, you will not be able to capitalize on the opportunities we all experience in life. In fact, this is most people in the world. Have you done everything you can to be prepared for that next great opportunity when it comes along?
What if you had a once in a lifetime opportunity to meet someone famous?
Or an opportunity for an exciting trip on short notice?
If a great job prospect comes up, are you able to move across the country to take it?
Are you qualified for a job that pays better than your current one?
If you’re single, are you the person you should be for when Mr/Mrs “Right” comes along?
Often, your inability to have a lucky break is your inability to execute on the opportunities you have right in front of you. Don’t go thru life looking thru the rear view mirror. Look forward and make sure you are doing the things today you need to to make the most of that next opportunity that comes your way.
"The guy who's willing to hustle the most is gonna be the guy that just gets that loose ball." ~Will Smith
I say Seneca's quote is incomplete because it lacks action. You probably have all the tools you need to improve your life, and the opportunities are out there. But if you don't act, the two ingredients won't find each other to create those lucky moments we all want in life.
For example, I got my dream job after applying to 54 jobs, interviewing with ten firms and turning down three job offers that weren't the right fit for me. I got lucky and landed the job I wanted because I was prepared and qualified.
But, I also actively put myself out there to create opportunities and increase the odds I’d find my lucky break. After over 6 months of searching I got “Luck”
Being persistent toward a consistent goal leads to opportunity. Here is a good article with nine inspirational stories of people who did just this.
"NASA blew a few rockets up before they got to the moon." ~Me
Never underestimate the power of the iterative process. Everything, from modern cars to smartphones and space travel, resulted from an iterative improvement process. Often, people are scared of the "F" word – FAILURE, so they never start. Which significantly reduces your chances of having a “Lucky” Moment.
They say things like:
"I could never do that."
"I'm not smart enough."
"It's too late to start"
Do you know what a lucky person would say?
"I'm not sure how to do this, but I'm going to try anyway."
They may not get it right the first time, but their willingness to learn along the way and work on each step that get them closer to their goal will eventually lead them to success at the things other people think are impossible.
"People who say it cannot be done should not interrupt those who are doing it" ~ Bernard Shaw
Thomas Edison tried 1,000+ lightbulb designs before he found one that worked. Lucky him, right? Nope! He systematically worked into the solution by trying new things and making improvements whenever he learned what wasn't working, or “failures” that showed some signs of opportunity to explore. . Furthermore, he didn't stop there. He kept improving on the design once it was working. Today, we have lights that are many times brighter, more durable, and energy-efficient thanks to iterative improvements made by people who followed his lead.
Not everything is in your control, you have to make the best of the hand you’re dealt
I recently read an excellent book called The Psychology of Money. The author highlights just how absurd the odds were that Bill Gates was where he was when he was. He was born in America (5%) in Washington (2% of that) and went to one of the only high schools in the world with a computer (<0.1% of that) (which was paid for by the mom's club BTW). So roughly, Bill Gates had a 0.0001% chance of even being in a high school with a computer as a child yet alone becoming the founder of Microsoft. This doesn't even take into account that he happened to be born when he was, so add a few more zeroes in there. Bill, Paul Allen, and Kent Evans (Bill's best friend) were truly in the right place at the right time. They were excitedly coding and planning how to start a business. Three intelligent, ambitious kids who saw the sky as the limit because they saw how unique and powerful the opportunity they had was! Now, this isn't to take away from what Bill and Paul accomplished. They seized the opportunity in front of them and worked hard to make the most of that opertunity and change the world. Why haven't you heard of Kent? Well, he died in a rock-climbing accident his senior year of high school: another reminder of the role chance plays in life. (Now that is a real head bender. If he were still alive, would there be a Microsoft?)
We can't change our circumstances overnight, and different people are certainly in a more opportunity-rich environment with more resources and support. Making your own luck is more about maximizing the opportunities you have available to you by adopting an action-focused mindset and working to better your situation. It’s about being prepared to pounce on the opportunities as they present themselves rather than letting them pas you by.
The more you put yourself out there, the more opportunities will bounce your way. When they do, grab them by the horns and don't let go!
Luck = Preparation + Opportunity x Action
Don't go through life looking in the rearview mirror wishing something had been different in the past. Look forward to where you want to be, improve your situation incrementally, and take action to expose yourself to as many potential opportunities as you can. Apply this consistently you WILL see results!
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