Luck or Skill: What’s your Dependency Ratio?

14151474821Are you the type person who could buy a plot of uninhabitable desert and without any research, strike oil? There are those who seem to have that touch, but most of us get where we are by deliberate practice. We learn from our own or others trials and errors. As Samuel Goldwyn said, “the harder I work, the luckier I get.”

Everyone who succeeds has to receive a little luck along the way. Reason being is that there are always things that we can’t foresee such as shifts in the markets and the ever-changing desires of humanity. While we all depend on luck at some point, too much dependency on luck can bring us to ruin.

The nature of luck is that it’s out of our control and therefore we can’t consistently duplicate it. Take a great basketball player like LeBron James, who’s hit several shots from beyond half court, but you’ll only see him do that at the buzzer. The reason he doesn’t make that attempt every time down the court is because it’s not a high percentage shot. Such a shot requires a high percent of luck. That’s why you’re more likely to see him drive the ball all the way into the paint for a dunk or easier shot. The closer he gets to the basket; he lowers his dependence on luck.

How does this apply to us? It’s really quite simple. The higher our dependence on luck, the more likely we are to fail at what we’re attempting to do. We have to find ways to lower that dependency so that we become more consistent in our efforts.

How do we lower dependency on luck? Spending time studying and mastering our crafts lessens our dependency on luck. As our skills and knowledge grows, so do our chances for success. For example: I spent 18 months straight learning how the brain works so that I could gain more control of my actions and emotions. The results were astonishing. I could shift my thoughts and habits in a short amount of time. I went from, “maybe someday I will be” to “today I will be.” Connecting with industry professionals for guidance can also lower dependency on luck. I’ve found that most are willing to share their knowledge.

As I stated before, we all depend on a little luck. My luck dependency is roughly 20% and I’m constantly looking for ways to make it less. I’ve yet to meet a person who’s 100% dependent upon skill and ability, but the closer we get to 100% the greater our chances are for success.

Eric L. Lipsey
Phoenix Business Development