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Do you want to get lucky?

Luck happens to all of us and it happens to all of us in both good and bad ways.

Luck is happening all of the time and mostly in equal shares.

No one can see or predict the future, but we can all prepare for the possiblilities of luck happening...

The best CEO’s manage both good and bad luck by preparation and testing.

Consider what happened to Bo Peabody when he decided to raise $75,000 in capital and build a website called Tripod.

Peabody saw a need and built his business plan around a website designed to help fellow college students to study better.

He hired a group of college web-design geeks and checked back later only to find that these geeks had built a website that helped others build websites.

The result was completely different from the stated design goal and too late to change, Peabody decided to keep the site instead of scrapping it and starting over.

This seemed to be a stroke of bad luck, yet he ran with it and Tripod became popular in spite of the perceived bad luck.

Tripod later sold to Lycos for tens of millions of dollars and Peabody and his investors became millionaires.

Bo Peabody looked at the larger picture and realized that what looked to be bad luck was actually good luck handled properly.

Understanding that he was being lucky and realizing the smartness of realizing that this, was a time of good luck for his business so Peabody decided to ride this wave of good luck.

Jim Collins in his book “Great by Choice” researched the idea of luck in business and found that all businesses have luck.

The best CEO’s made profits in good and bad-luck times.

These CEO’s provided an environment that preserves the business in bad times and prosperes greatly in good times.

Betting your business on one big move sets the business up for failure.

Steve Jobs wanted to build Apple Stores and built "test" stores in a large warehouse long before opening the first store.

Only after testing his concepts extensively did he open his first store.

Growing or expanding your business too fast before you test sets a business up for failure.

Test your ideas by partnering or with and using non-competing existing businesses as small test stores before firing a cannon ball.

The best CEO’s understand that there is a line (like the water line on a ship) and any shots taken below the water-line will cause the boat to leak and take on dangerous water.

Never set your business up to take shots that are below the water line.

Jim Collins likens it to taking shots with bullets instead of canon balls.

Bullets are far cheaper to fire as you calibrate your next shots.

Only when you have calibrated your bullets to the correct line that matches your goals do you take a shot with a canon ball.