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Good Luck: Why the Year's Best Business Book Says You'll Probably Need It
by Anne DeGheest
05 November 2012

David Shaywitz wrote an interesting article in Forbes about a book called “The Success Equation,” by Legg Mason Chief Investment Strategist Michael J. Mauboussin.
Mauboussin’s specific focus is understanding the relative contribution of luck vs skill in a range of endeavors, from sports to business.

  • In business, he writes, luck is far more important than most appreciate, although there seems to be emerging evidence that sustainable success in business exceeds what chance alone would have predicted.
  • Remarkably, he writes that “investing, especially over relatively short perioids of time, is more a matter of luck than of skill”
  • He also point out that experts are “notoriously poor at predicting the outcomes of political, social and economic systems.”
  • In the many situations where luck and skill both play major roles, Mauboussin advises focusing on the process of decision making, rather than the consequences, since you can’t assess (and improve) skill based on any individual outcome.
It is my opinion that, in the entrepreneurial world, luck has a huge role on ultimate outcome...but the key to success is the ability to recognize unexpected events and have the flexibility to react accordingly, correct courses and convince your investors and employees to follow you despite the setbacks or unproven new opportunities. Luck is part of life..the key is to recognize its impact on your plans and have the courage to respond quickly to those unexpected changes!

tagsTopics: Entrepreneur

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