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May 12, 2005
Lucky or Smart
Lucky or Smart, by Bo Peabody, is a wonderful little book that addresses the key issue at the heart of the entrepreneurial life: managing your ego.
“No one actually believes that he should take credit for finding $20 on the sidewalk. But when people get lucky in business … they believe instead that their business venture succeeded thanks to their own blinding brilliance.”
Peabody started Tripod, the Internet homepages company, and ran it though the dot.com boom, selling it for $58 million before the crash. Peabody got very lucky, and he was smart enough to know it. His very short book (around 60 pages) is a great reminder for everyone in business to know the difference between lucky and smart and to keep our egos in check. It is also full of succinct advice on being smart enough to increase your chances of being lucky as an entrepreneur, and when and how you should put your ego to use.
If you have any interest in entrepreneurship at all, you should read this book. It’s quick, it’s fun, and you’ll love it. (Inc. Magazine published an article adapted from the book, but you should still read the whole book.)