How to be more “lucky” in business

Is success based more on hard work or luck?

For this piece, I’m quoting management thinker Jim Collins for his concept “The Luck Surface Area”. The term describes the relationship between hard work and luck. The larger the luck surface area, the more opportunity an individual or organization is exposed to. And the more likely they are to experience good luck. He argued that you’re able to create your own luck based on your actions and choices rather than simply relying on good fortune.

So how do you apply this concept of The Luck Surface Area?

Here are 4 ways that you can apply this thinking to your business:

Invest in skills and knowledge.

You can increase your surface area by investing in skills and knowledge that make you more valuable and attractive to potential opportunities. For example, someone who’s highly skilled in a particular area may be more likely to be offered an interesting job opportunity or be included in a promotion

Build strong relationships.

By developing a wide network of contacts and establishing strong connections with others, individuals and organizations can increase their exposure to new opportunities and resources.

Pursue new experiences and challenges.

When it comes to pursuing new experiences and challenges you can increase your surface area by seeking out new experiences and challenges that expose you to new opportunities and resources. For example, someone who’s willing to take on new responsibilities or try new things may be more likely to be offered interesting opportunities or find new resources.

Be persistent and resilient in the face of setbacks and challenges.

By being persistent and resilient in the face of setbacks and challenges, individuals and organizations can increase their exposure to new opportunities and resources over time.