Is luck really a factor in business success?

Right place right time, or hard work and determination? (Why not both?)

Hey, it’s been a minute. How are ya?

I really didn’t want to post this - which is the surest sign that I ought to post it.

I'd like to discuss the role of luck in business success.

Lately, I've noticed that I'm quick to attribute my achievements in business, to luck. However, after reflecting with my coach (I have a coach now!) I believe this mindset can be harmful as it doesn't promote positive behaviour among those around me - or even in myself.

For instance, if I tell my children that all the luxuries we enjoy are due to being lucky rather than hard work or skilful decision-making, they won't learn any valuable lessons about achieving success for themselves.

Similarly, by telling my staff and colleagues that our accomplishments are purely a result of luck is a disservice to the intentional efforts we have made along the way (and does that fill you with confidence, that the person paying you says you are only getting paid out of luck?)

That being said, I don't claim that sheer force of will and hard work alone brought me here either.

This post is me coming to terms with the fact it’s OK to accept that I am good at what I do - and that I am deserving of the success I am enjoying. As cringe as that might be to read - I really struggle with it. And pointing to “luck” as the reason kinda nullifies the embarrassment I feel of how well things have gone.

A combination of circumstances and compounding luck has certainly played a part in presenting opportunities, and having the fortune (i.e financial security) to pounce on them when they arise has been just as vital.

I also believe I have learned to have a bias towards action, rather than inaction.

“Feel the fear and do it anyway” I think is the essence of where “you make your own luck” comes into play.

As Seneca states: "Luck is when preparation meets opportunity." So while seizing an opportunity may feel lucky at times, overlooking the preparation leading up to it diminishes its importance too.

Albeit I didn’t know I was preparing for anything as I can’t think beyond tomorrow - but looking back in hindsight - where I’m at right now is a very logical consequence of everything that preceded it. I really did work hard to be where I am - but it doesn’t stop it from feeling like I’m only “accidentally” here lol.

I have to confess to myself that I did have agency in my life to make the decisions that allowed this path to be possible.

But I really battle with the perception of others when I think and talk about this - so writing this publicly is a step in addressing that.

Growing up in the UK, people hesitate to acknowledge their own hard work for fear of appearing full of themselves. There is a strong “crabs in the bucket” mentality here. I felt this when I quit full-time work to pursue business. And the sure sign it is ingrained culture is that it was 90% all in my head (aside from the fact a lot of past mentors and bosses ceased contact with me).

Attributing everything to luck became a defence mechanism. But no more.

Moving forward requires acknowledging both intentionality and good fortune behind successes.

In future posts I will dive in more on success factors such as intentional decision making, asymmetric bets and trusting one's gut instincts. I believe these are essential elements worth exploring further.

Additionally crucial is defining personal measures for success instead of following someone else's path or materialistic markers like having numerous employees or raising X million in a seed round—a topic deserving another post altogether.

So if you’re like me - and you’re doing well for yourself (but this embarrasses you) - just own it. You’re here where you are now because you’re awesome - and it’s OK to admit that to yourself.

Anyway, that’s all for now. Maybe that was useful. Maybe not. Let me know.

Cheers, Charles.