Luck vs Skill in Success
45sThis clip challenges common beliefs about success by arguing that wild success is luck-based, while mild success is skill-based, sparking debate and curiosity.
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I've been reading a book called Fooled by Randomness by Nasim Taleb which is very good. He's like this trader guy who like analyzes out of like random events and luck and things like that. And one of his hot takes which I really agree with is that wild outlier success quite a lot of that can be attributed to luck. But like mild success can broadly be attributed to skills. Mild success versus wild success. Jeff Bezos probably wouldn't
be able to create another Amazon cuz Amazon is a wild success. It's like trill trillion dollar company. Right place at the right time. Marketing conditions were perfect etc. etc. If any of us had the idea to create the next Instagram, it would be hard because they had right place, right time. There was quite a lot of luck to get an outcome like Instagram. But a sixf figure lifestyle business that makes like I don't know 100k 300k
year in profit that lets you I don't know work 30 hours a week on your own terms. That's actually not wildly successful by entrepreneurial standards. That's kind of mid as the Gen Z say. It's like not even that good. It's like people in Silicon Valley would look down upon you if you quote only had a lifestyle business making six figures a year in profit. But I suspect for most of us, if we had a lifestyle business
that was making over £100,000 a year in profit, that let you have fun, freedom, and flexibility, that would be the dream. That would be [ __ ] sick. So, actually, for most of us, we're not actually going after wild success. We're going after mild success in the domain of entrepreneurship, which means it's not actually about luck. It really is just about skill. Jeff Bezos had a lot of luck. Every single person in this room does not need to
rely on on luck in order to become financially free. If you define financially free as six figure lifestyle business or even seven, once you're getting into the $10 million, $100 million a year territory, that's when it starts to be more like outlier success, more like wild success. There's a big component of luck there, but for most of us, it's not actually about luck. It's