The Role of Luck in Success
The concept of luck has been a chief source of controversy. People often attribute entrepreneurial success to skills and knowledge. Luck's role in this success is often discounted. This is despite the fact that successful entrepreneurs are people who are averse to risks, and are willing to take advantage of opportunities in the face of uncertainties. The assumption that luck does not influence success is misleading. Luck does indeed play a critical role in either individual or business success.
Luck and the Influence on Success
While talent and hard work are chief determinants of success, they are ineffective on their own. People also need luck in order to succeed in both their businesses and other personal ventures (Singal 2016). People hold a biased view towards success. They often assume that if they work hard and acquire the right skills, they will succeed. However, the labor market is filled with a large number of degree-holders working odd and menial jobs. This is not because they are unskilled and lazy individuals. It is because they were not amongst the lucky few who were able to get the small-number of high-paying jobs available in the labor market. This is also evident in businesses, in which entrepreneurial ventures fail despite having the most innovative and skilled workforce and using business strategies proven to be successful. For instance, Kodak was at the height of its success when it was cut short by the introduction of digital cameras by a competing company. This is despite the fact that Kodak was the first to invent this digital technology. It is clear that unsuccessful businesses fail due to bad luck.
The Role of Luck in Success
Luck is the main determinant of success or the lack thereof. As aforementioned, skills, education, and hard work are insufficient on their own. In order for the individual to succeed, a series of particular events must take place beforehand (Singal 2016). In this manner, success is not a predetermined factor. It is based purely on chance as the individual lacks control over future events. Luck is the "chance" of something positive happening (Thien 83). In this regard, failure will always follow a lack of luck. Similarly, success will often result from luck.
Taking Advantage of Opportunities
Taking advantage of opportunities will always increase an individual's luck. Critics often claim that successful businesses are the way they are because they adopted good strategies. They fail to acknowledge the fact that implementing these opportunities was an act of taking risks and taking advantage of available opportunities. An individual who fails to take advantage of opportunities is less likely to succeed even if he possesses much-sought-after skills and experience (Thien 85). In essence, taking advantage of opportunities increases an individual's chance of finding luck (Adams 199). This can be achieved through several practices. For instance, learning multiple languages, applying multiple strategies, persisting, and acquiring multiple skills are all ways through which an individual can act on opportunities that have been availed to him.
Conclusion
Luck does indeed play a critical role in either individual or business success. The presence of talent and hard work is not a sufficient guarantor of success. A certain sequence of events has to take place in order for an individual to succeed. This is where luck comes into play. Furthermore, opportunity increases people's chances of finding luck.
Works Cited
Adams, Scott. How to Fail at Almost Everything and Still Win Big: Kind of the Story of my Life. London, Penguin Books Ltd, 2013.
Singal, Jesse. Why Americans ignore the role of luck in everything. The Cut, May.2016, https://www.thecut.com/2016/05/why-americans-ignore-the-role-of-luck-in-everything.html. Accessed 15 Feb.2018.
Thien, George, T.K. The Luck Factor in entrepreneurship Success. Journal of Scientific Research and Development, 3, no.3, 2016, pp.82-89.
