Can luck be increased?

The idea that luck can be increased or managed is explored from different angles in the My First Million podcast.

Puri: highlights that success in startups involves multiple factors, including luck. Sam Altman, as cited by Parr: from Stanford's class, described a formula for startup success that includes luck as a crucial element, suggesting it's a random factor that can significantly impact outcomes 1.

Spier: further elaborates on the role of luck in investing, drawing from Nassim Taleb's "Fooled by Randomness". He emphasizes that many successful people were simply in the right place at the right time, akin to lottery winners. Thus, instead of trying to mimic these 'lottery winners', he advises setting up a robust strategy that succeeds under various outcomes, acknowledging randomness without overly relying on it 2.

So, while you can't directly increase luck, recognizing its role and building flexible, resilient strategies can better position you to capitalize on fortunate circumstances when they arise.