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What role does luck play in career success?

In the latest issue of The Economist, this interesting article, How big is the role of luck in career success explores this question.

In short, it says:

While talent and hard work are crucial, luck also plays a significant part in determining outcomes. By increasing the "surface area of luck" and adopting portfolio thinking, one can enhance the likelihood of favorable outcomes. By assessing success based on process and consistency, rather than isolated achievements, it can help differentiate between skill and luck.

This article reminds me of an intriguing podcast I recently came across, which explores the role of luck too.

Episode #380 of the My First Million podcast features Shaan Puri, who discusses various types of luck, strategies for attracting luck, and risk mitigation.

The podcast emphasizes the importance of focusing on the process rather than relying solely on luck. By evaluating our actions and decision-making, we can avoid attributing success or failure solely to luck.

With that, my mind brought me to what was written in Maria Konnikova's book, The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win, which highlights the significance of mindset and personal agency in navigating life's challenges.

One paragraph from a chapter particularly struck me:

"Focus on the process, not the luck. Did I play correctly? Everything else is just BS in our heads, " Erik tells me. "Thinking that way won't get you anywhere. You know about the randomness of it, but it doesn't help to think about it. You want to make sure you're not the person in the poker room saying, 'Can you believe what happened? ' That's the other people. "

Last but not least, “Luck” has a different definition for every one of us. At one end of the spectrum, without luck, there is no success. On the other end, success doesn’t need luck, only actions. Whichever position you are on the spectrum, just go out there and increase your "surface area of luck"!

Good Luck :)

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