The MILES framework helps you identify how you can help position yourself to position yourself to take advantage of luck.
Money
Money is the capital you have, or that you can easily raise. In terms of building a start-up company, money is a factor in two key elements:
- Runway time - time you have until you run out of money and are forced to shut down
- Burn Rate - how much money you are losing every month
Intelligence & Insights
Intelligence and Insight includes different types of intelligence - ‘book smarts’, social and emotional intelligence, as well as creativity. There are many facets to this pillar. Intelligence could be just being a 'book smart' or could be someone that has specific skills in a particular area like computer science.
Insight is where someone has knowledge & experience of something like an existing market or product, etc. They're not necessarily a nerd. Having insight means finding a gap in the market. An inefficiency of an existing product, or a problem people face in their everyday lives.
The key here is to always find a problem first, before developing a solution. Instead of coming up with a solution, then force-fitting your solution into the problems you have brainstormed. This helps to ensure there is a good product-market fit.
Location & Luck
This can give you access to luck.
People often say that luck is about “being at the right place, at the right time.” That said, luck is not random. You can create your own luck by:
- Maximising your chance opportunities
- Trust your intuition and gut feeling, especially when you have had prior experience
- Expect to be lucky, it is self-fulfilling prophecy at work
- Turn even the bad luck into good luck
Luck is basically a formula:
LUCK = PREPARATION + OPPORTUNITY
Luck is quite predictable. If you want more luck, take more chances. Be more active. Show up more often.
- The Unfair Advantage
Education & Expertise
- Knowledge: Going to university and specialising in a course, gives you a more in-depth understanding of a particular field
- Network: Gain access to people and places
- Signalling: Increase credibility and helps in personal branding
Expertise is when you have a good understanding of something specific. Normally, this is a self-taught process learned by researching online, reading subject matter books, or working with trainers already expert in the field in question. Education can be a strong foundation in school as it is a multi-disciplined education but failing at school isn't the end of it all. Building expertise in a more concentrated field often carries more importance.
Status
Having status could also be your unfair advantage. We normally refer to social status, including your network and connections, family background and privileges. However, don't forget that there is al there is also an inner status you need to develop, your self-confidence and self-esteem. Develop your own inner status first, as it is a powerful way to boost your outer status. Your confidence and self-esteem will shine through. This links to the idea in Chapter 1 of Jordan Peterson's 12 Rules for Life
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