Tuesday, November 1, 2011

An Interesting Essay on "Luck"

What’s Luck Got to Do With It?
A very good read in the NYT on the role of luck (written by Jim Collins, the well known writer of From Good To Great, and Morten Hanson). They studied so-called 10Xers, entrepreneurs whose companies outperformed their competition by a factor of 10, and conclude that luck doesn’t cause 10X success since 10Xers and non-10Xers have roughly the same incidence of “luck events.” Rather the key metric is ROL or the Return on Luck – the ability to recognize luck, seize it, and to sustain a fanatically high level of effort over time.

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