Success comes from a combination of shrewd judgment (strategy), hard work (execution), and good fortune – the last of which often plays a larger role than we would like to admit.

Every company, no matter how disciplined, is susceptible to seemingly coincidental events outside of its control.  We call it luck.  Sometimes it’s good.  Sometimes it’s bad.  It can never be predicted, and it is not obligated to “play fair.”

The critical question is (as Jim Collins writes in Great By Choice): do you get a high return on luck (both good and bad)?  Add that to your list of metrics!

“Luck is not a strategy, but getting a positive return on luck is.”  (Jim Collins)

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