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054 How To Get Lucky! (Hat Tip to Howard Marks) – Bonus episode
Publisher |
Kent Trabing
Media Type |
audio
Categories Via RSS
Publication Date |
Oct 20, 2016
Episode Duration |
00:17:47
Welcome IMMIGRANT ENTREPRENEUR listeners to this bonus episode.  Over the last year I have published podcasts every other Thursday. Because the number of listeners has increased, I’m considering to publish weekly. In the meantime, please enjoy these bonus episodes. I have interviewed one hundred successful business people – some for this podcast and some for magazines. Some run major corporations – last month I interviewed a female CEO of a company with 90,000 employees – while others work solo. I wanted to talk about what these successful people have in common. You might think in a podcast about immigrant entrepreneurs, that the common factor is hustling, innovating, persevering, which all are crucial to becoming successful. But it’s something different and at least equally important. As hustling and hardworking Gary Vaynerchuk is, and as much as he talks about those traits, he equally acknowledges this factor common to successful business people. What do they have in common? They got lucky. The question is - how did they get lucky? Did they win the lottery? Did they make their own luck? Now, not everyone believes in luck. In fact, maybe you don’t. You may think that you can plan out and execute every part of your life. To unpack this let’s turn to Howard Marks, a gentleman I interviewed this year, who in 2014, took the time to detail the many ways he encountered luck in his life. He included those details in a well-known essay he wrote, Getting Lucky. Now Howard Marks has the right to feel lucky, because the company he founded, Oaktree Capital, has $100 billion under management, as a global alternative investment management firm. But he also has the right to feel he made his own way in life, because he’s always worked hard and he is one of the world’s highly skilled investors. In fact, Warren Buffet wrote: “When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." His essay, Getting Lucky, is long, but I encourage you to read it. I’ll include a link to it in my show notes. One type of luck he talks about is ‘demographic luck” meaning for example where one is born, or perhaps how wealthy one’s family is. However, Mr. Marks is not lucky because he was born rich. He grew up in Queens, New York, and was the first generation in his family to attend college. His luck was that he was born in America, the son of immigrants. (I wish I would have known that when I interviewed him, I would have asked him about his story, and asked to use it for this podcast. I did ask him about his youth. He said: “I learned to work. I always had jobs.” That sounds like a young immigrant entrepreneur!) In his essay, Marks writes about his response to comments made by Twitter founder, Jack Dorsey, who said: "Success is never accidental. No accidents, just planning; no luck, only strategy, no randomness, just perfect logic". Mark’s response: "That's all it took to get my juices flowing. I believe a great many things contribute to success. Some are our own doing, while many others are beyond our control. There’s no doubt that hard work, planning, and persistence are essential for repeated success. These are among the contributors that Twitter’s Dorsey is talking about. But even the hardest workers and best decision makers among us will fail to succeed consistently without luck.” “What are the components of luck? They range from accidents of birth and genetics, to chance meetings and fortuitous choices, and even to perhaps-random but certainly unforeseeable events that cause decisions to turn out right.” One of my interviewees, in episode 30, looked back in his luck in life. When Parviz Parvizi and his family escaped a war, 35 years ago, in the middle of the night, on horseback, through the mountains of Iran, they didn't know if luck would be with them. And even, when his family finally made it to America, there was no ticker tape parade welcoming them,

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