The Role of Luck in Achieving Success Alongside Hard Work

What is luck? Luck could be defined as a chance event that occurs without any control or intention. Luck can have a significant impact on the outcomes of our lives, it can come in the form of unexpected opportunities, chance encounters, or random events that we have no control over (https://www.merriam-webster.com/dictionary/lucky).

Undoubtedly, hard work, skill, and experience are important factors in achieving success in life. However, I was surprised after watching the video on youtube "Sucess Paradox" from Veritasium channel (https://www.youtube.com/watch?v=3LopI4YeC4I), and then looking into several recent studies that have shown that luck also plays a significant role in getting a promotion and achieving success in our personal and professional lives.

Research conducted by economist Robert Frank (book) found that luck plays a much larger role in our success than we might initially think. In fact, Frank argues that success is often the result of a combination of talent, hard work, and a healthy dose of luck.

One study conducted by researchers at the University of Catania (Link) found that luck played a significant role in determining the success of a company. The study found that companies that were successful were often the result of a combination of hard work, talent, and good fortune. In contrast, companies that failed often lacked the necessary luck to succeed, despite having talented and hard-working individuals on their teams.

Another study conducted by the University of Chicago found that luck played a significant role in the success of entrepreneurs. The study found that entrepreneurs who experienced a lucky break early in their careers were much more likely to be successful in the long term.

While luck can undoubtedly play a significant role in achieving success, it is important to acknowledge that hard work and talent are also necessary to make the most of the opportunities that come our way. By working hard and staying focused on our goals, we can increase the likelihood of success.

Scientific data shows that luck does play a significant role in achieving success, in conclusion. While luck may seem random, it is important to recognize that it is often the result of hard work, talent, and perseverance. By striking a balance between hard work and luck, we can increase our chances of achieving success in both our personal and professional lives.

> One more paper that I found interesting: Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs