Thought I’d share a few nuggets of wisdom from one of my all time favorite books: "The Success Equation by Michael Mauboussin" @mjmauboussin.
In the book, he explores how the COMBINATION OF
LUCK & SKILL brings about success in business.
1.
Importance of luck increases with competition
Competition drives people to get better, leading to increased & more consistent performance. When everyone improves performance, there is very little difference between top performers.
Luck can play a pivotal role at this point.
2. The past is not an accurate description of the future
The human minds tend to always draw lessons from the past connecting dots based on cause and effect.
We forget to include the role luck played in that outcome.
As a result, our lessons learnt are not exactly accurate.
Dave Kline @dklineii (ex COO of Bridgewater Associates) made a couple of fantastic book recommendations during his appearance on the Founder Story podcast.
1. The Making of a Manager - Julie Zhuo @joulee 2. Resilience - Eric Greitens @EricGreitens