The quote “the harder I work, the luckier I get” is attributed to a couple of people. Samuel Goldwyn, the movie mogul, is reported to have said something like that, and Gary Player, the legendary South African golfer, responded to someone telling him he played a lucky shot with “The more I practice, the luckier I get.”

But how do we factor luck into the world of business?

Lucius Annaeus Seneca the Younger, usually known as Seneca, was a statesman, dramatist, and philosopher in Ancient Rome and described luck as “Luck is what happens when preparation meets opportunity.”

Unpredictable or unforeseen events can significantly influence outcomes, either positively or negatively. It may be as a result of being in the right place at the right time (or wrong place at the wrong time), meeting the right person at the right time (or not meeting that person), or as a result of a host of other unexpected incidents.

French Emperor Napoleon was asked, ‘Would you prefer courageous or brilliant generals?’ He is believed to have replied, ‘Lucky ones.’

Successful people in business or investment are inclined to think of themselves as more skilled and harder working than the average person. This is often true, but the more successful they are, the more likely luck was a big factor.

In a study, scientists at the University of Catania in Sicily, Italy, created a computer model of 1,000 virtual people.

It showed that while successful people tended to have some level of either talent, wealth, or intelligence, those who rose to the top were almost always the luckiest.

"It is evident that the most successful individuals are also the luckiest ones, and the less successful individuals are also the unluckiest ones."

It is thought that when growing a business, there are three main elements that really matter. Strategy, Logic, and Luck. Successful businesses demonstrate all three.

Each part is important but brings its own benefits and challenges. You need to understand how to take advantage of each one to deliver the secret of success.

If you wish to grow your business, having a well-thought-out strategy is essential.

Logic plays a vital role in business growth. Logic requires the application of rational thought and reason to analyse a situation. Logic should be used to explore existing data, develop ideas, and make decisions about the best course of action.

However, luck does play a significant part in delivering business growth.

It is often underestimated or ignored. It is impossible to predict or control luck, but it is a fundamental component in the success of any business. An example might be the entrepreneur who is lucky enough to discover an original idea that no one else has thought of, which allows them to lead the market in their sector. They could have been lucky enough to find the right investor at the right time to finance their enterprise.

On the other hand, luck can counteract against a business. An entrepreneur may be unfortunate enough to experience unexpected events, such as a pandemic, that put their business on hold and require them to pivot to survive. In some cases, luck can even be the deciding factor between success and failure.

Ultimately, no one can guarantee success.

Businesses need strategic planning, logical thinking, and, in many cases, a bit of good luck if they are to thrive and grow.

Ian Garner is a retired Fellow of the Chartered Management Institute (FCMI) and the Institute of Directors (FIoD).

Ian is a board member of Maggie’s Yorkshire. Maggie’s provides emotional and practical cancer support and information in centres across the UK and online, with their centre in Leeds based at St James’s Hospital.

He is the founder and director of Practical Solutions Management, a strategic consulting practice, and is skilled in developing strategy and providing strategic direction, specialising in business growth and leadership.