12 Steps to Making Your Own Luck

August 3, 2013 by  
Filed under Business

Make Your Own LuckDo you wish to take smarter risks in your business and learn to make your own luck? If your answer is yes, check out the book Make Your Own Luck: 12 Practical Steps to Taking Smarter Risks in Business by Eileen C. Shapiro and Howard H. Stevenson, which shows you how to build your Predictive Intelligence and up the odds when taking action with incomplete information.

The authors define Predictive Intelligence as the ability to act in the face of uncertainty to bring about desired results. Everyone can improve their Predictive Intelligence by using 12 steps which they call the Gambler’s Dozen:

1. The Big Goals: What future am I trying to create?

Imagine the future you want to create and envision what your life or company will have to look like to achieve these goals.

2. Upside/Downside: Will this game be worth playing, for me?

Assess whether the game you will have to play – in terms of its upsides, downsides, rules, and rulemasters – will be worthwhile for you according to your standards and values.

3. Jump Bets: Do I need to make a radical shift now?

Be open to unexpected turning points from your planned path – and capitalise on them fast when they look better than staying the course.

4. Campaign Plans: Who will I need and how will I get them?

Understand the “people” part of the game you’re about to play, and what you’ll have to do to get them to participate in the ways and at the times that will be helpful to you – and to them.

5. Implicit Strategy: How much magic will my current bets require?

See and assess your real bets (rather than what you tell yourself or others) to determine how much your future success will depend on skill and discipline versus magic and dumb luck.

6. Plan B: What’s the best I could do if my current plan gets blocked?

Think through a Plan B that’s solid enough that you could use if you had to – before you find yourself in circumstances that force you to reinvent your bets on the fly.

7. Prediction Maps: What’s the future space I’m betting into?

Forecast the emerging patterns that will have the most significant consequences on your future outcomes in a quick and disciplined way.

8. Wallpaper Jujitsu: What are my best “left side” bets?

Figure out how to leverage the factors on the left (low-uncertainty) side of the Prediction Map – the Wallpaper and Ant Colony factors.

9. Risk Splits: How much risk can I shed or shift?

To the extent you have to bet on the right (high-uncertainty) side of the Map – Wild Cards and Strategic Rat Hole factors – find ways to reduce or redistribute the risk.

10. Point of Action: What’s the “it” I’m betting on?

Articulate the “it” of your betting plan – the core content of the actions you are going to take, with the intent of creating what outcomes, based on what predictions.

11. Domino Effects: Will I be locked into a tight set of follow-on bets?

Understand the degrees of freedom you will have on the follow-on bets you will be signing up for before you topple the first domino.

12. Game Over: How will I know when to call it quits?

Figure out how you will know when to call it quits on this game, and either reenter another game with similar rewards or go to a different game that produces a different type of results.

Source credit: Eileen C. Shapiro and Howard H. Stevenson, Make Your Own Luck, 2005

Images credit: Amazon

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