From: myfirstmillionpod
In the entrepreneurial journey, particularly when aiming to build a successful startup or business, a key strategy to “win even when you lose” is to continuously develop your personal skill stack [00:20:18]. Even if specific startups fail, the skills you acquire will certainly succeed and contribute to long-term success [00:20:58]. There are three master skills crucial for this path: learning to build, learning to sell, and learning to get lucky [00:21:03].
Learning to Build
The first master skill is learning to make things [00:21:16]. This doesn’t necessarily mean physical construction but can encompass various forms of creation [00:21:18].
Types of Building:
- Physical Construction: Engineering, robotics, or building things with your hands, such as rockets or cars (Elon Musk type endeavors) [00:21:22].
- Code: Learning to program and build digital products [00:21:44].
- Design: Becoming proficient as a designer [00:21:48].
- Content Creation: Learning to create podcasts, YouTube channels, or other forms of media [00:21:50].
To develop this skill, you should pick something you are most drawn to and believe you would have the energy to do even when tired [00:22:04]. Consistent practice, hundreds of times, is essential to become proficient [00:22:17].
Learning to Sell
The second master skill is learning to sell [00:22:21]. This skill involves getting the products or services you’ve made into the hands of customers [00:22:23].
Methods for Selling:
- Digital Marketing: Learning Facebook ads, Google ads, TikTok ads, or other digital advertising platforms [00:22:26].
- Content Marketing: Writing blog posts that educate and subtly lead to product sales [00:22:29].
- Direct Sales: In-person selling, phone selling, or cold emailing [00:22:47].
- Copywriting: Developing the ability to use words that persuade people to take action [00:22:40].
- Newsletter Writing: Crafting engaging newsletters that can also serve as a sales channel [00:22:35].
Even if initial startups fail, constantly practicing these sales skills will lead to incremental improvement, enabling you to execute effectively when a good idea emerges [00:23:03].
Learning to Get Lucky
The third skill is learning to get lucky [00:23:14]. Luck is not just random chance; it is a skill that can be developed through intentional actions [00:23:18].
There are four types of luck:
1. Blind Luck
This is pure chance, like getting struck by lightning [00:23:22]. It happens, but it cannot be influenced or relied upon [00:23:27].
2. Motion Luck
Often summarized as “fortune favors the bold,” this type of luck comes from doing a significant amount of activity [00:23:31]. By engaging in more actions, even if not perfectly efficient, you increase your surface area for opportunities and thus your chances of getting lucky [00:23:41].
3. Spotting Luck
This refers to having a “prepared mind” [00:23:55]. An example is a stock analyst who recognizes a valuable report others ignore because they know what they’re looking for [00:24:00]. You develop spotting luck by doing so many things that you can recognize an outlier or a remarkable opportunity when it appears [00:24:12]. For instance, after 100 bad dates, you’re prepared to recognize and seize the chance with a remarkable person [00:24:24].
4. Reputational Luck
Luck acts like a magnet in this scenario [00:24:42]. If you have a strong reputation, for example, as the world’s best deep-sea diver, you will be the first person called when a sunken treasure is discovered, regardless of its location [00:24:47]. Creating content online is valuable for building this type of luck because it establishes your reputation, leading others to think of you and creating opportunities [00:25:01].
By developing these three core skills—learning to build, sell, and get lucky—individuals can significantly increase their odds of entrepreneurial success [00:25:13].