I get Seth Godin’s daily emails, and today’s message resonated with me. He mentioned how some well-known figures lost major competitions yet gained something more valuable: luck, skill, and persistence.

Here’s how I translated it to make actionable so we can cultivate these qualities:

Luck = Preparation + Opportunity + Action

• Preparation: Develop your skills and knowledge.

• Opportunity: Stay alert to chances around you.

• Action: Take decisive steps when opportunities arise.

These elements add up, each contributing to creating your own luck.

Skill = Knowledge × Practice × Feedback

• Knowledge: Understand your field deeply.

• Practice: Consistently apply what you’ve learned.

• Feedback: Seek input to refine your abilities.

Multiplying these factors leads to exponential growth in your skills.

Persistence = (Determination × Resilience) ÷ Distractions

• Determination: Maintain focus on your goals.

• Resilience: Bounce back from setbacks.

• Distractions: Minimize interruptions to stay on course.

Reducing distractions amplifies your persistence.