Luck is an important factor considered one's success, Dr James Austin, a neurologist explained four different kinds of luck in his book - Chase, Chance, and Creativity.
1. Random luck (fate)
Something happened out of one's control or fate. This kind of luck requires no skills involved. It can be more seen in games like roulette, blackjack or even winning a lottery would be another example. The luck that happens with zero effort is called random or blind luck.
2. Luck from Hustle (action)
This kind of luck happens to someone running around and doing a lot of action.
Startup would be a great example, especially at their initial stage. The team often gets out of the building to understand customers, create minimum feature prototypes, get feedback, iterate the product, take initiatives, network with people, bring cash flow into the company and prepare themselves investment-worthy.
In this case, they created their luck by Hustle, motion and energy.
3. Spotting your luck (preparation)
Michael Burry is one of the first people to discover the American housing market/real estate bubble back in 2008. Burry was operating his hedge fund and used his liquidity to short (trading strategy) the housing market.
He made $750 million alone for the bets he made while the world financial market plunged into ruin. Being good in his field, he prepared himself to spot his luck with skill, knowledge and hard work.
4. Unique action (luck finds you)
The fourth kind of luck comes by probing action which has a distinctive personal flavour where luck finds you.
Elon Musk would be the best example. He built a brand and reputation by being authentic. SpaceX is the only private space company working with NASA in developing its first commercial human lander that carries astronauts to the land on the moon as part of Artemis mission 2025.
Being a person with high integrity, capable of long term deals made him unique where luck finds him.
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