Why Some People Have All the Luck - Anthony Tjan - Harvard Business Review

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ANTHONY TJAN

Anthony Tjan is CEO, Managing Partner and Founder of the venture capital firm Cue Ball.

An entrepreneur, investor, and senior advisor, Tjan has become a recognized business

builder.

Anthony Tjan

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Why Some People Have All the Luck11:42 AM Wednesday July 6, 2011 | Comments (36)

Some business builders just seem to have more luck than others.

In fact, many of the entrepreneurs and business builders I know

say luck is a driving factor in their success.

But luck in business isn't entirely, well, luck. There's a popular

saying that "you make your own luck." This "make your own luck"

principle has become a central chapter of a book I am co-

authoring for Harvard Business Review Press. Luck, alongside

Heart, Smarts, and Guts — turns out to be a critical factor in

entrepreneurial DNA and successful business-building.

Over the course of now hundreds of interviews, collaborations

and interactions with entrepreneurs, my co-authors Richard

Harrington and Tsun-yan Hsieh and I found that, while there are

certain types of luck which you cannot affect (deterministic or

probabilistic or elements such as where you were born, or which card you draw from a deck of 52), there

is absolutely a lot of luck that you can meaningfully influence. Arguably, most of "business luck" can be

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influenced — i.e. you can increase your propensity to be lucky in business if you understand how.

How? Being "luckier" in business is fundamentally about having the right LUCKY ATTITUDE. As it turns

out, luck is as much about attitude as it is about probability.

We have found in our research that people who self-describe themselves as lucky in their entrepreneurial

profile with us tend to be luckier because they have the right attitude. Their secret towards a lucky attitude

— whether consciously or unconsciously- stems from three traits:

1. At the foundation of a lucky attitude is humility. Jim Collins, author of Good to Great , helped identify

humility as one of the key traits of the high performing leader. Having a lucky attitude begins with humility

and open vulnerability towards your own limitations. You need enough self-confidence to command the

respect of others, but that needs to be counter-balanced with knowing that there is much you simply don't

know. Humility is the path towards earning respect while self-confidence is the path towards commanding

it. But it is humility that humanizes leaders and allows them to be luckier. It is at the root of self-awareness, and creates the openness for one to take on our next lucky attitude trait — intellectual

curiosity.

2. Intellectual curiosity is an active response to humility. Humility gives people the capacity to be

intellectually curious. Conversely, people who are fully confident or arrogant are less likely to question

their personal assumptions and outlook of the world. Business builders who are intellectually curious hold

a voracious appetite to learn more about just about anything. They devour reading, listen to suggestions,

and explore new ideas at a much higher rate than others. They are more frequently asking questions thantrying to answer them. Ultimately they become luckier because they are more willing to meet new people,

ask new questions, and go to new places.

3. Optimism is the energy source to allow for positive change. If humility is the foundation for

intellectual curiosity, then an optimistic disposition gives one the belief and energy that more, better,

faster is always possible. It is a self-fulfilling prophecy: more luck tends to come to those who believe in

possibility — to those who see the good in something before they see the bad. Optimists are givers of

energy rather than takers of it. By having a positive disposition, such individuals are more likely to have a

greater number of seemingly "surprise" encounters with good fortune. They are also more likely to act on

what they find through their intellectually curious pursuits because they believe — always believe — in the

potential for better.

The basic equation of developing the right lucky attitude therefore is quite simple. It starts with having the

humility to be self- aware, followed by the intellectual curiosity to ask the right questions, and concluding

with the belief and courage that something better is always possible (optimism). The luckiest people in the

business world are those who hold all three elements of this lucky attitude equation of humility, intellectual

curiosity, and optimism. They are the people who say to themselves: I am humble enough to say I don't

know how to make better/perfect happen on my own; I am curious and courageous enough to ask

questions that might help make something closer to perfect; and finally I embrace the "glass half-full"



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optimism that the end result can always be improved, so let me act towards that objective. That is the

mindset of the lucky business builder. It is one that most people can have if they are just willing to believe.

More on: Entrepreneurship, Leadership, Managing yourself

COMMENTS

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Pilots have a saying, "You start out with a full bag of luck and an empty bag of experience, the aim is to fill

the experience bag before the luck bag is empty. And you don't know how big the luck bag is"

I think business, in particular entrepreneurship, is very similar with money and credibility mixed in with bothluck and experience. For every successful entrepreneur there are a lot who failed on their first few

attempts and used up all their money and credibility (and therefore ability to raise more money) so didn't get

another attempt. I've read a number of biographies of successful entrepreneurs and they tend to fall into

two groups, either an early attempt paid off massively (luck) or they had early failures but enough money

(usually from family) to be able to weather these early fai lures and apply the experience from the failures to

eventually succeed. Once they've got a few successes under their belt it's easier to weather future failures

as they are seen as blips, "Hey it's a risky business, you don't always win", so people will still take your

calls and give you money.

Possibly another way to look at is: "Experience is how you avoid failure, failure is what gives you

experience. The aim is to gain enough experience you need to succeed before the failures kill you off."

Stephen

Thomas H Hallin and 29 more liked this

My grandfather, a mathematician, used to frequently cite an old proverb "Luck is probability taken

personally." I was in love with this line, with it's simplicity and cold truth.

Yet, for my life, people have always told me I was lucky. And it was only recently that I've realized it's less

that fortuitous events have happened to me and more that I've been able to place myself in situations where

I encourage them to occur.

and 53 others liked this.

stephenbooth 5 days ago

Josh Kamowitz 5 days ago



I completely agree with your points Anthony. I have attempted to coach people on 'how to be luckier', but

I've never been so eloquent as you are here.

I will say it's not always easy to be lucky. Sometimes, life will deal cards that will appear to be unlucky turn

of events (you lose your job, you're dumped, you forget your phone at home, whathaveyou) but the key that

I've always stressed, and you do as well here, is to be able to look at unfortunate happenings and find the

way to deal with them in a manner that actually puts you in a better position than had they never happened

at all.

9 people liked this.

like to point out the old proverb; "Luck is when preparation meets opportunity"...

so be prepared, the use the opportunity that comes to you...


Thank you - was it luck that we came across and stopped to read this article?

I have always considered myself fortunate to be at the right place; at the right time; and meeting the right

people, many of whom have become close friends.

I wholeheartedly agree that humility, intellectual curiosity and optimism are key ingredients in being

successful, however as you pointed out, it is not enough - one also has to make sure to take action.

Thank you again, Thomas


Insightful and helpful findings here. Most of us have believed all our lives that being "lucky" is not something

we can affect, but as you point out, we can indeed shape the "luck" we experience - through a committed

practice of humility, intellectual curiosity and optimism. I've found in my own life and in those of my clients,that when we go against these three behavioral traits - when there's arrogance or lack of openness in our

thinking or when we feel utterly pessimistic about our ability to bring about what we need and want, our

experience of "luck" is constricted. Thanks for sharing.


Very inspiring! I'm a genetic pessimist but try to be optimistic and positive through meditation and other mind tricks. It's tough going when my 60 years of observation (experience) is that human being in general

screw up - take a look around. One ...-up after another from Iraq, Libya to DSK. That said, i am convinced

by this article and the scholarly research that a positive mind-set is right. As my 17 year old said, "believe

you can overcome all the obstacles". Out of the mouths of babes...

Arun Kumar Dharuman 5 days ago

Thomas H Hallin 5 days ago

Kathy Caprino 6 days ago

Geoff Quartermaine Bastin 4 days ago




Sounds like a brainy version of The Secret.


Ohh, trust that no one is lucky all the time - none that I've known in person, press or fiction! Some make

better of the opportunities that life presents to them than others. Those famous lines in Karate Kid say it all -

"when life knocks you down, you can choose whether to get back up or not". My import on why humility is a

necessary trait is that a humble person is not over-awed by what he / she is trying to accomplish. He/she

looks back on the past, not to feel content in the awesomeness of achievement or to resent failure, but to

draw learning from the experience. Humility is not equivalent to self-deprecation - and it's optimism that

differentiates the two ... a humble person can easily become self-deprecating without optimism andconfidence. Thirdly, curiosity leads the way to frontiers that are unexplored. I love the triad that authors talk

of in this article to explain luck. I would add a fourth element - Integrity. A person with integrity always has a

sharper identity and shines out of the crowd.

rurbane liked this

Hear, hear! A hearty, unconditional agreement with Preethi ...

Integrity is the synergetic/catalytic discipline, IMHO:

INTEGRITY = desire/need + influence/power + relevance/meaning + focus/purpose > 1;

i.e. the whole ends up being greater than the sum of properly aligned parts.

Anthony,

Great post. Thank you!

I agree with the ‘humility - intellectual curiosity - optimism’ equation. And I have found it particularly useful in

one area of leadership: the decision-making process.

As one brainstorms for available options, I have found that a positive attitude fueled by humility and

curiosity enables people around me and myself to come up a greater number of more creative ideas.

Instead of trying to avert weaknesses and threats, humility and optimism allow decision makers to look at

strengths and opportunities and make significantly better decisions.

JDiva54 5 days ago

Preethi V Subramanian 4 days ago

rurbane 1 day ago

Etienne Douaze 5 days ago



Best regards, Etienne.

1 person liked this.

Dear Anthony,

Thank you for a very insightful article. Most certainly,

having humility, a curious attitude and resounding optimism are

essential to contributing successfully! I very much appreciate how you

laid it out so thoughtfully and with clear structure.

Here's a question on the basis and foundation around a 'lucky

attitude.' Is it really luck? I think humanly we know there are other

forces, other than ourselves, that help conspire events to occur. Is itluck or based on a more substantial principle?

Perhaps we have successfully demonstrated the qualities of humility,

curiousity and optimism; we are ready to receive the next step of

progress; and our designed action/intent is right for us and will

positively benefit others. In such a scenario, it's as if a principle

in life, similar to what operates in nature, would then also ensure that

the positive event occurs.

If sun, positive soil and nurturing can bring forth a brilliant

flower, we see a radiant bloom. Why cannot our lives operate similarly?

Perhaps

then it is not luck, but living by right principles which benefit all

of us, which bring about such positivity on a much, much grander scale

then we ever intended.

Thank you again for your thoughtful explanation.

Warm Regards,

Pamela

Pamela Hawley

Founder and CEO

Pamela Hawley 2 hours ago



UniversalGiving™

[email protected]

http://www.universalgiving.org

Living and Giving blog

http://www.pamelahawley.wordpr...

When I expect to be lucky am lucky. When I expect to be unlucky am unlucky. Or is it my way of seeing

things ?

Good article ! I feel optimism is very important to be successful. Success may

require repeated attempts and repeated attempts require optimism.

We are very sure that there is a certain day or a bad lucky year we frequently miss very short perts ingolf games, no matter how we practice hard or with optimistic attitude. We may call this as destiny or a

deterministic trend over a certian period or more in our lives. I belive luck is not something we can affect.

But there is no better way than suggested in this book not to make good luck but to enjoy your life at that

moment.

Samkariuki 6 hours ago

Unnikrishnan Venugopalan 10 hours ago

Jang, D.S. 11 hours ago



Jang, D.S

[email protected]

Chinese's proverb better to business with person that's lucky than person with brains.

I had lots of luck wish i had just as equal brains. Something about luck when preparation and opportunity

come together.

The right attitude and winners. Respectfully I agree they are deeply related. Please continue expoundingthis in your book. It would be an honor acquiring a copy of it. Do allow me to share my thoughts about the

topic also. “Those who have overcome the most trying challenges are able to help others. We have to keep

fighting with tireless perseverance. As long as we have courageous faith, there is absolutely no trial or

tribulation that we cannot positively transform, changing poison into medicine.”-a guidance of Sensei Jose

Toda, as shared by his disciple, Sensei Daisaku Ikeda. Life is hard. An undeniable truth, especially if one is

born poor or in tough circumstances. “We will overcome this, somehow we’ll get through this”- these are

but one of those words a hope-filled father utters, waking up in the middle of those countless nights;

wracking his brain- “where will I find the money today to buy breakfast for my family?” It is so easy to

decide to give up on one’s life, or become an insanely bitter man wailing and wailing against the heavens

under those circumstances. And yet the Lotus flower blooms its finest when in the muddiest of ponds. We

are all human flowers greater than the Lotus. There are those among us who have overcome what fate had

seemingly given them and won! Studying these successful people through books about their attitudes, or

being personally guided by them, these I wish to share: They accept with humility life’s hardships. Yet they

are not bitter. They seek mentors. They have heart. Hardship hardens their resolve to win! “One should

regard meeting obstacles as true peace and comfort”-Nichiren Daishonin. Still.. overcoming obstacles is just

the first step. They feel a deep obligation to help others. They embarked on an engaging journey to share

what they’ve learned, especially to the less fortunate. It is engaging because it was never about

themselves. It was a journey for others. This is the life led by the founders of the great religions. If life is a

brand, they lived that brand. It can be said that the lessons that made them winners, were not owned by

them. They’re just stewards of it. It was loaned to them by future generations. Thus the life they lived with

those they share it with, are the pathways of stewards changing batons, of mentors and disciples. It is a

never ending story of learning and sharing. A truly lucky life for both. A truly inclusive one. It is as life should

be. When the prairie blooms, it is not just one flower blooming. All flowers bloom together. None above

others. All equal and noble. Please your thoughts?

In my experience few entrepreneurs are lucky first time out.Which tells me that there is more to luck than things magically falling into place. Luck is something you

make; with some experience you can make more luck than others.

Taking time to research and learn your business is what makes businesses "Lucky"

I work with businesses and franchises for sale, and you can tell who will be lucky and who won't by their

michael 21 hours ago

Emmanuel Matuco 1 day ago

Business seller 2 days ago



knowledge and determination to succeed.

Can't agree more! Optimism gives you the courage to venture where your intellectual curiosity takes you

and picking yourself up if you stumble and fall. Being humble helps you understand it might take you in the

wrong direction and accept you have a made a mistake..

Wow - thank you everyone for all the comments. I really appreciate them. Stephen, I love the bag full of

luck analogy for pilots.

One can easily relate to this article... Great Reading

an enlightening teaching ... thank you Anthony

I am always humilated by my freinds on what I dont know about? and I cant avoid them either, I am not good

in all fields , where my freinds work, but I learn a lot of humility. So yeah I do agree with the mantra.

While

there are some great insights and tips in this article, my perspective of whatthe author is describing is planning, resource and personnel management, leadership,

developing a course(s) of action (COA), implementing and assessing the

effectiveness of the COA, and refining your COA based on the results.

Lakshminarayanan 3 days ago

Tony Tjan 3 days ago

Pushp Raina 4 days ago

swamy 4 days ago

calliber 5 days ago

Zeromils 5 days ago



This sounds a lot like 'The Secret'! lol. Great piece - besides working hard and making our own luck (which

isn't luck) there are random factors which change the course of events. For example George Washingtonhad numerous lucky breaks when it came to the weather and British tactics in the American war of

Independence. If things had been different Washington would have lost the war and then would we think of

him as a loser? who knows

Anthony, just terrific. I love the humility which often seems to be missing with companies. And believing -absolutely.

Post posted twice. Sorry.

Good article. Look forward to the book. The whole concept of luck and chance can and should be

challenged at its core. "Shallow men believe in luck or in circumstance. Strong men believe in cause and

effect." — Ralph Waldo Emerson The qualities you cite, humility (love of others first), curiosity (or love of

learning), and optimism (love of good) are drivers that dispell the underlying assumption of luck: that the

universe is a series of random interactions. Those looking for luck, whether in business or at the lottery or

in Vegas, are really undermining their own ability to make good things happen through a stronger reliance on

their own inspired efforts. And isn't the fundamental point of your book?

You have eloquently articulated the leadership and business approach that is my personal mantra and what

I try to convey to those I work with, coach and mentor. I've used the term openess where you use humility,

but it serves the same purpose you describe. This "luck" extends far beyond the business world and the

combination of optimism, curiosity and being open certainly can predict one's "luck". Are you open to a 1 on

1 conversation or a webinar on the topic?

Sal Pellettieri 5 days ago

Liz Cosline 5 days ago

Etienne Douaze 5 days ago

Jeff Clements 5 days ago

Janet Walkow 5 days ago



Thanks, Anthony, great post. I'm guessing you're familiar with Richard Wiseman's decades of research on

what makes lucky people, who has found many of the same things and that I wrote about in "Little Bets."

You make your own luck, largely through having the right mindset, and especially by being open to chance

encounters and what he calls a "network of luck." For more, see: http://www.telegraph.co.uk/tec...

excelente

sounds like the same principles as the famous book 'think and grow rich' - all valuable info - thank you for

posting

Hi

My other told that I started walking early but then something went wrong and I could not walk for two months

. Later I was cured. When I was a little girl my father lost his job and we lived in poverty. I could not get

anything my friends had. Later in college I got placed before any of my friend and lost job even after putting

200 % effort and now I am not paid even half of the salary I used to get.. so there is no luck involved in any

of these??

I have a teacher who is 87 year old. He was born in a rich family, then during the communism

revolution in china, all the money and land and privilage was taken away, families were killed. He then

was treated as a political prisoner, and was not allowed any oportunities, although he speaks 7

languages and was much better educated than the majority of the population in china. But he worked

hard, created opportunities for himself. He used 25 years to do the influencial research he is doing

now and have made his own repupation and built his own follower group.

It is hard to judge based on the limited info you gave. But it is true that there are setbacks but with the

right attitude you can turn them into opportunities.


Peter Sims 5 days ago

Jhon L Gomez Iguaran 5 days ago

Marjorie 5 days ago

Sneha Mehta A 5 days ago

Fantasticwhales 5 days ago

Zaufyshan Haseeb Hasan 5 days ago



Thoroughly enjoyed reading this article Anthony! Such simplistic values with a profound meaning. Puts life

into perspective.

Anthony,Your central theme is easy to agree with. But I *really* dig the 3 traits into which you've broken it down! It

doesn't make it easy. But it does make it easy to understand and therefore something on which we can act.

Thanks!

Jay

http://jayolsonimprov.com

What a wonderful article, Anthony! Humility is one of the 8 traits of character I identify in Lead By

Greatness common to many great leaders who have grown their companies phenomenally or have

achieved other measures of exceptional success. You have enlightened me with another reason for the

correlation between humility and success. Thank you!

David Lapin

C-Suite Advisor and Author: Lead By Greatness

http://LeadByGreatness.com

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Why Some People Have All the Luck - Anthony Tjan - Harvard Business Review