Hello friends, and welcome to this edition of The 20 Percent.
This week’s breakthrough idea comes from Naval’s Making Money Isn’t About Luck.
A lot of people think making money is about luck. It’s not. It’s about becoming the kind of person that makes money.
Naval is one of my favorite thinkers. Moreover, his breakthrough ideas on making your own luck and creating wealth are not merely theoretical exercises. They are the distillation of a lifetime in business.
What I find particularly interesting is the distinction between the four different kinds of luck:
Luck from hustling
Luck from preparation
Luck from your unique character
People from the outside may think that someone successful just got lucky. But this couldn’t be further from the truth. Luck in business is a skill that you can cultivate.
Once you know this, the next logical step is to ask “how can I best use my resources and marketing to create my own luck?”.
Creating Serendipity With Website Marketing
Blind luck is the only kind of luck you have no control over. You can call it fortune or fate. The best way to deal with blind luck in business is to ignore it. Instead, focus on the remaining three categories.
Luck From Hustling: Building Your Opportunity Space
Then there’s luck that comes through persistence, hard work, hustle, motion. Which is when you’re running around creating lots of opportunities, you’re generating a lot of energy, you’re doing a lot of things, lots of things will get stirred up in the dust.
It is one of the best definitions of hustling that I read to date. To hustle is to persist, work hard, and set things in motion.
In my experience, this usually means involving others. Create a network of people by involving them in your activities. It is one of the surest ways to build your opportunity space.
A few ideas:
Starting a podcast where you interview guests
Content co-creation for your blog (quoting/ interviewing leaders in your niche)
Responding to HARO (help a reporter out) requests
Moderating a Clubhouse room in your niche
Whatever you choose to do, always keep in mind that opportunities come from people.
On the flip side, hustling can mean fragmentation. Aligning your opportunity space with your brand can be tricky. By making your website the center of your opportunity space, you can mitigate fragmentation and create a unified vision for your brand.
On your website, create dedicated pages for every marketing activity. Then direct people to visit them whenever decision-making is involved.
Luck From Preparation: The Power of Niching Down
If you are very skilled in a field, you will notice when a lucky break happens in that field. When other people who aren’t attuned to it won’t notice. So you become sensitive to luck and that’s through skill and knowledge and work.
Becoming an expert in your field means being the first one to spot trends. In terms of website marketing, these trends frequently manifest in rising Google search demand for a topic. Spotting these trends early on will bring you to a unique position to capitalize on this traffic and establish your website as the go-to place for seeking out information in your niche.
Tapping to such trends with your website and content early on will make you the primary source of Expertise, Authoritativeness, and Trustworthiness. This is a powerful notion, and it connects with the last and final kind of luck.
Luck From Your Unique Character: Becoming the Voice of Your Niche
Then the last kind of luck is the weirdest, hardest kind. But that’s what we want to talk about. Which is where you build a unique character, a unique brand, a unique mindset, where then luck finds you.
Becoming the best at what you do – especially in a niche market, will lead others to seek you out. By becoming the trusted authority in your field, you also become the obvious choice.
The role of your website, in this case, is to showcase your expertise and build trust, all while filtering out the wrong people. Be it on a podcast or social media, chances are that your potential clients will first come across you in one of these channels. But in almost every case, they will visit your website before making up their mind to contact you. It is your website that sets the stage for the first meeting.
Looking back to my last years in business, taking control of my own luck was crucial in building momentum. It leads me to think that leaving things to blind luck is a dangerous kind of procrastination.
In Naval’s words: “In 1,000 parallel universes, you want to be wealthy in 999 of them, not just in the one where you got lucky”.