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In any other domain, no one feels the need for conspiracy theories to explain outliers. At anything else except making money, you can do extremely well by being talented, hard-working, and lucky. But anyone who does extremely well at making money must have cheated.
I suspect this is because business is the only (?) domain where it’s even possible to be wildly successful due to luck, which makes it feel unfair.
It is not possible to be wildly successful in business from luck alone or even majority luck.
That depends how you define “wildly” and “business”
(to be clear, it’s possible but extremely improbable)
What aspect of business is "luck"? It's lucky to be born beautiful, athletic, have an amazing voice etc. But even those "lucky" aspects require application. Business requires knowledge, drive, calculated risk, & logical thought at every turn. Literally the antithesis of luck.
I’m talking possibilities, not probabilities. I generally agree that business is about skill, but it is *possible* to be lucky (and not work hard or make consistently great decisions) and still get rich. Problem is that because it’s possible, onlookers assume that much is luck.
May also be due to transparency? People don’t mind that LeBron gets paid a lot because we watch him perform everyday, but not as much transparency in business. Maybe if companies live-streamed their daily meetings that would help?
Finance especially feels like a dark art to most people with very little transparency. How can WeWork lose billions of dollars in valuation over a couple of months? These types of high-profile cases erode public trust in business/finance.
The Kardashians would be evidence that media is another lucky domain no?
Businessmen that attribute their success to luck are just being modest.
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