New Productivity Hack, Skill vs. Luck: understanding the Difference

1.Sunday Planning: Productivity Hack

Planning your week on a Sunday can feel daunting.  

Sometimes Monday looms with overwhelming weight.

This process I learnt from Brett Adcock. 

Brett has built 2x billion dollar companies in the space of 5 years. 

He’s the Elon Musk you’ve never heard of. 

It’s simple. Easy to execute. Keeps you on track. And reduces overwhelm.

Sit at your desk every Sunday night. 

From Brett: Write out: Main projects, Key tasks, Goals. Break them into daily bites. Then time-block them in your calendar. 

Main Projects are things like Sales, Marketing, Product, Finances, Team, Planning, Reporting, Operations etc. As a founder it’s generally your job to manage these key projects. 

Key Tasks are things you need to do for each project that will move your company/progress forward. What are the top 20% of the tasks that need to be done that will drive 80% of the results. 

Goals are the measurable outcomes you want to achieve from each task for each project. 

Example

Main Project 

• Sales

Key Tasks 

• Outbound Cold Email, 

• Discovery Calls, 

• Follow Up Sequences 

Goals

• 500 cold emails sent

• Book 5x Discovery/New Customer Calls

• Refine follow up sequence to include new CTA

Once you’ve outlined the items for each main project, you now need to add these to your calendar - not just add them to a to-do list. Schedule them in your calendar.

Use time blocking. Each time you do this process you become more efficient and it only takes 20-30mins.  

Each day on your calendar will look something like this: 

BEFORE you do this on Sunday perform a simple weekly review on yourself. 

Give yourself feedback. Identify and write down: 

• What you did well

• What you didn’t do well

• What the biggest task you got done was 

• What tasks got left by the wayside 

• What will be better next week 

If you constantly identify tasks that get in the way of your productivity, but aren’t moving the needle of progress: delete or delegate. 

When you’re deciding what to do, look at Key Tasks through the lens of the Pareto Principle or 80/20 rule. 80% of our results come from 20% of the things we do. Is this task going to drive meaningful results for the business? If not: delete or delegate. 

2. Skill vs. Luck

Have you ever wondered what separates a professional from an amateur, or a savvy investor from a gambling addict? 

The answer is in the complex interaction between skill and luck. 

In his book "The Success Equation," Michael Mauboussin sheds light on these concepts, helping us understand how they influence achievement.

Skill Defined: Knowledge in Action

The dictionary defines skill as "the ability to use one's knowledge effectively and readily in execution or performance." 

Imagine a violinist – years of practice translate knowledge of music theory and technique into effortless mastery of the instrument. 

The same goes for a marathon runner – countless kms increase physical conditioning, leading to peak performance on race day.

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The Spectrum of Skill and Luck

Not all activities are created equal. Some, like chess or running, offer minimal room for luck. 

With chess or running, success hinges on skill: the more you practise, the better you become. 

The cause-and-effect relationship is clear – deliberate practice leads to a good outcome.

However, in other activities, like poker or investing, luck becomes a significant player. 

Here, skill is best viewed as a "process of making decisions." A skilled poker player understands odds, reads tells, and makes strategic bets. 

But even the best hand can be trumped by a lucky draw.

The Paradox of Skill: When Luck Becomes the Wildcard

Mauboussin introduces a fascinating concept: "the paradox of skill." 

As an activity becomes more skill-based, the role of luck in determining the winner actually increases. 

Imagine two marathon runners – the difference in their times might be minutes. They might be neck and neck, and whoever has a little more luck on race day (feels good, avoids cramps) might win.

Now consider two chess grandmasters – their match could come down to a single, strategic misstep. In these high-skill scenarios, a single lucky break can tip the scales.

The Long Game: Process Over Outcome (When Luck Prevails)

When luck is a major factor, focusing solely on outcomes can be misleading. 

A skilled investor might make a sound decision, yet the market takes an unexpected turn. 

Here, Mauboussin emphasises the importance of process. 

By following a well-defined investment strategy, the skilled investor increases their chances of success over time, even if individual outcomes might be influenced by luck.

Understanding Skill and Luck

Mauboussin's insights help us navigate the world of achievement. By recognising the role of skill and luck in different activities, we can adjust our approach. 

In skill-dominated areas, focus on deliberate practice. 

In luck-loaded fields, prioritise a sound decision-making process, knowing that positive outcomes will accumulate over time. 

Skill is your foundation, but luck can be the wind in your sails. 

Understand and be prepared for both. 

Ryan