Case studies of business and management success tend to focus on factors such as leadership, innovation, competition and geography, but what about good fortune? This book highlights luck as a key idea in the business and management field.
The author provides insights from economics, sociology, political science, philosophy and psychology to create a brief intellectual history of luck. In positioning luck as a key idea in management, the book analyses various facets of fortune such as randomness, serendipity and opportunity. Often overlooked given psychological bias toward meritocratic explanations, this book quantifies luck to establish the idea in a more central role in understanding variations in business performance.
In bringing the concept of luck in from the periphery, this concise book is a readable overview of management which will help students, scholars and reflective practitioners see the subject in a new light.
'This book makes for a stimulating read…The author helps us understand the significance of luck in everyday life and, in doing so, encourages to take ourselves less seriously.' -- Mark de Rond, Professor, Cambridge University, UK and author of "There is An I in Team", "The Last Amateurs", and "Doctors at War"
'…Liu has written a sophisticated treatise on luck that offers something for everyone, including useful tips and scholarly insights too numerous to count.' -- Don A. Moore, Professor, University of California, Berkeley, USA and author of "Perfectly Confident"
'…With Chengwei Liu's Luck as a guide, you can become a master of luck. You will learn to identify and quantify luck, and, most important, you will learn some counterintuitive strategies and no longer have choose whether you'd prefer to be lucky or good. You can be both!' -- Scott E Page, Professor, University of Michigan, USA and author of "The Diversity Bonus" and "The Model Thinker"
'Luck has laid bare our ignorance and educates us on the concept of luck…If we judge research contributions like we judge Olympic dives, Luck receives top marks for degree of difficulty and execution.' -- Ray Reagans, Alfred P. Sloan Professor of Management at the MIT, USA
'This book provides a magisterial survey of the concept of luck…Academics will find much to provoke thought, and managers will find insights that can help them rethink their strategies and craft new ones.' -- Phanish Puranam, Roland Berger Chaired Professor of Strategy and Organisation Design at INSEAD, France. Author of "The Microstructure of Organizations" and "Corporate Strategy"
'This highly interesting book takes an often misunderstood concept, luck, and explains how it needs to be interpreted and more importantly, how it can be used effectively in business strategy.' -- Pinar Ozcan, Professor of Entrepreneurship and Innovation at the University of Oxford, UK
'What I loved most about Liu’s exposé is that he takes the notion of luck and explains how it can be managed systematically to your advantage.' -- Freek Vermeulen, Professor, London Business School, UK. Author of "Business Exposed" and "Breaking Bad Habits".
'Combining a diverse set of arguments from behavioral economics, psychology, sociology and statistics, the author argues that luck is more than just a residual, something that we can't explain, but something that we can measure and exploit for strategic purposes.' - Balázs Kovács, Professor of Management, Yale University, USA.
'This world is full of successful senior executives who are smart, but realize they got lucky. And it is full of others who got lucky, but think they were smart. Read this book and decide which you are.' -- Richard D’Aveni, Bakala Professor of Strategy at Dartmouth College, USA. Bestselling author of "Hypercompetition" and "The Pan-industrial Revolution"
'Every manager interested in discerning whether decision outcomes are the product of luck or skill should read it. As should every scholar or manager needing a structured treatment of luck and how it might be used strategically.' -- Timothy Folta, University of Connecticut, USA and Chair of the Strategic Management Division of the Academy of Management
'An insightful and highly entertaining tour of the counter-intuitive world of luck, skill, praise and blame, by one of its leading researchers.' -- Nick Chater, Professor of Behavioural Science at the University of Warwick, UK. Author of "The Mind is Flat"
'This book challenges the conventional wisdom of luck and shows that luck not only has five different images, but also can be measured for its impacts or used for plotting strategic moves.' -- Ruey-Lin Hsiao, Professor, National Cheng-Chi University; Adjunct Professor, National Singapore University. Author of "Research without Numbers"
'Luck is a great but largely unacknowledged force in the world of business. Chengwei Liu is a skilled and hugely informed navigator through luck’s intriguing labyrinths.' -- Stuart Crainer and Des Dearlove, founders of Thinkers50
'Luck is everywhere. Sometimes, that’s hard to admit, especially for managers who must make high-stakes decisions. This book will help you understand luck better, make you more comfortable with it, and maybe even help you take advantage of it.' - Peter Stone, Associate Professor of Political Science, Trinity College Dublin, Ireland
1. Luck: An Alternative Story of Successes
2. What is Luck?
3. A Brief Intellectual History of Luck
4. Luck as Attributions
5. Luck as Randomness
6. Luck as Counterfactuals
7. Luck as Undeserved
8. Luck as Serendipity
9. Luck as Demarchy
10. Luck as Opportunities
11. Teaching Luck in Management
Understanding how business affects and is affected by the wider world is a challenge made more difficult by the disaggregation between various disciplines, from operations research to corporate governance. This series features concise books that break out from disciplinary silos to facilitate understanding by analysing key ideas that shape and influence business, organizations and management.
Each book focuses on a key idea, locating it in relation to other fields, facilitating deeper understanding of its applications and meanings, and providing critical discussion of the contribution of relevant authors and thinkers. The books provide students and scholars with thought-provoking insights that aid the study and research of business and management.