Eric J. McNulty

Also known as the “outcome effect,” outcome bias is a cognitive process that causes individuals to evaluate a decision based on the final result, whether that outcome was achieved by chance or through a sound process. When a good outcome results, the entire effort is judged positively. Conversely, a sound decision process may be condemned if the end product is negative for reasons unrelated to … [ Read more ]

Mark Cuban

It doesn’t matter how many times you fail. It doesn’t matter how many times you almost get it right. No one is going to know or care about your failures, and neither should you. All you have to do is learn from them and those around you because […] all that matters in business is that you get it right once. Then everyone can tell … [ Read more ]

Ron Whitman

There are 2 types of folks who make it: the lucky ones, and the persistent ones.

Michael J. Mauboussin

If you want to become world-class as a violinist or a chess player, areas where little luck is involved, you need roughly 10,000 hours of deliberate practice. What’s crucial is that your results, as you improve, will be a reliable indicator of your skill. as a result, feedback in these domains can be clear and unequivocal. If you compete in a field where luck plays … [ Read more ]

Michael J. Mauboussin, David K. Hurst

Michael J. Mauboussin offers this rough-and-ready test for discerning the difference between skill and luck in any given event: Ask yourself if you can lose on purpose. If you can, skill is involved; if you can’t, it’s pure luck. For a more mathematical assessment, figure out the correlation between a supposed cause and its effect. If the correlation is high, the cause is likely related … [ Read more ]

Michael Raynor, Mumtaz Ahmed and Jeff Schulz

Although we need not “correct” for luck when allocating economic reward it is worth considering the role of luck when allocating other valuable commodities, such as our moral approbation and our efforts to learn from the experiences of others. Those who win lotteries justifiably get to keep the money, but few of us admire lottery winners just because they won the lottery. (Don’t confuse envy … [ Read more ]

Michael E. Raynor

What is it that makes luck so dominant in the determination of outcomes? Almost every system of even moderate complexity is subject to random variation. Because of this, in any system with a large number of players engaged in repeated attempts to win, some will pile up seemingly remarkable streaks simply as a consequence of that randomness. And the greater the randomness, the longer and … [ Read more ]

George S. Clason

Luck waits to come to that man who accepts opportunity.

George Bernard Shaw

People are always blaming their circumstances for what they are. I don’t believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and if they can’t find them, make them.

Isaac Asimov

Luck only favors those minds ready for it.

Japanese Proverb

There’s a door through which good luck enters, but you have the key.

Stehpen Leacock

I strongly believe in luck and find out that the more I work, the luckier I am.

Brian Tracy

I’ve found that luck is quite predictable. If you want more luck, take more chances. Be more active. Show up more often.

Jay W Lorsch and Thomas J Tierney

Every life is shaped to some extent by circumstances: a lucky break or a fortunate decision…Things happen to us that drive our destinies in unforeseen ways. More fundamentally, we are all dealt a hand of cards– ranging from our genes to the family and neighborhood we grew up in-which shapes how we adapt to these circumstances.

Personal alignment is how well we play that hand … [ Read more ]

Seneca

Luck is what happens when preparation meets opportunity.