Luck plays a role in the success of some firms.

Question

Quizplus · Accepted Answer

While factors such as hard work, innovation, and strategic decision-making are important determinants of success, luck or chance events can also have a significant impact on the outcome of a business. Unexpected industry trends, unexpected changes in consumer behavior or economic conditions can create opportunities or challenges that are out of the control of the business owners, and luck can play a role in determining which firms succeed and which ones fail.

Luck Plays a Role in the Success of Some Firms