CEO COLUMN

Published Mar-2024, [No.298]
Subject Luck or Skills?

  One evening, while having dinner, my wife said, "Throughout my 70 years of life, it seems like I haven't achieved anything without working hard for it." As I listened to my wife's words, I reflected with a tinge of melancholy. I imagined her diligently practicing tennis, bowling, and golf for physical health, as well as going for walks, hiking, and frequenting the gym. Her dedication to maintaining mental health through reading and pursuing a Master's degree after turning 60 overlapped with her efforts for economic stability through diligent saving and dedication to her children's upbringing and education, as well as worrying about her husband's health, job, and the challenges of running a small business. Now, standing on the final stage of life, she speaks with a sense of reassurance, knowing that she has lived a life without regrets, able to enjoy a stable retirement without worrying about her children or husband, despite the hardships.




 As we navigate through life, we often find ourselves pondering whether our success is due to luck or the result of hard work and skill. Some individuals seem to effortlessly find a wonderful partner, build a happy family with children who grow up smoothly, advance steadily in their careers to executive positions, and even start successful businesses after retirement, overcoming various trials to establish thriving small enterprises. In such cases, we often use the __expression__ "They are truly fortunate" to describe them.

 Is it really true? There are areas in life that are beyond our control, dominated by ¡®luck¡¯, while there are also areas where effort and skill take precedence and are within our control. In the former category, examples include winning the lottery, poker, fishing and investing in stocks and real estate. However, in fields like chess, Go, artistic endeavors such as violin performance, or various sports like running, skill inevitably determines the outcome. Therefore, it is essential to clearly determine whether the domain one is engaged in is governed by luck or skill.




 Lottery tickets are commonly referred to as "a week of happiness." The odds of winning are incredibly low, but the anticipation of the slim chance brings a week filled with inflated hopes, signifying happiness. Perhaps experiencing such happiness with a small amount of money isn't necessarily a bad thing. However, if one were to win a substantial sum, their situation would change drastically, instantly making them significantly wealthy. Yet, faced with unexpected fortune, most people deviate from normal behavior and a smooth life trajectory.

 Unexpected windfalls can be difficult to handle, and shortly after winning, many people succumb to vices like drugs or gambling, have their assets seized, declare bankruptcy, become homeless, or even commit suicide. Statistics show that over 90% of jackpot lottery winners in the United States have faced unfortunate outcomes, confirming this trend.

 As these sudden windfalls of misfortune become exposed to countless individuals such as family, friends, colleagues, and neighbors, the winners suddenly become 'targets', leading to shattered human relationships due to demands for money from relatives, pressure to invest in businesses, and ultimately resulting in 'ruined relationships'. Finally, if the winner fails to accommodate everyone's requests and demands, they descend into being seen as 'the worst kind of person in the world, blinded by money and forsaking human decency', becoming 'public enemies'. This leads the winners down a path of unhappiness, filled with feelings of betrayal and humiliation from those around them, often leading to extreme choices.




 In our surroundings, we often come across individuals who seem to have exceptionally good luck, despite nothing particularly outstanding about them. Whether it's in education, marriage, career, or investments in stocks and real estate, everything seems to fall into place for these fortunate individuals. Could it be that they have effortlessly attracted the realm of 'luck' into their lives without any effort? Renowned psychology professor 'Gay Hendricks', having counseled numerous individuals over 45 years, identified several characteristics common among 'lucky' people.

 They believe in themselves as inherently lucky individuals, astonishingly anticipating when luck is about to strike and preparing in advance. Even during difficult times, they don't succumb to negative thinking and instead seek out people who inject positive energy into their lives, recognizing and cultivating the 'skill of living' that attracts luck. Conversely, the traits of 'unlucky individuals' are characterized by prevailing negative thoughts, filled with greed and delusions, leading a lazy lifestyle where time simply passes by. They tend to blame others for their shortcomings, possess a rough temperament, and approach everything with a competitive spirit aimed solely at winning, ultimately driving 'luck' away.




 Sometimes, when conversing with small business owners, debates arise between "Success in business is luck" and "No, it's skill." Either perspective could be valid, or perhaps both could be true. However, when observing others' successful businesses, it seems more appropriate to attribute it to skill rather than luck. Conversely, if my own business is thriving, it might be more accurate to attribute it to luck rather than skill.

 Viewing others' business success solely as luck could hinder opportunities for learning and growth. Similarly, overestimating one's own abilities as the sole reason for success may lead to reckless investments and eventual failure. The common thread among successful business people lies in their belief that trying various ventures increases the chances of success, persevering without giving up, and maintaining a humble attitude, acknowledging that luck played a part in their success.



 People who believe they have succeeded due to 'luck' seem to exhibit several characteristics. Firstly, they have a clear understanding of what they want to achieve and pursue it without hesitation. They are also able to adapt flexibly to changes when necessary. Lucky individuals have clear goals and strive towards them with determination, yet they acknowledge that not everything can be perfect when those goals are not achieved. They wake up early, work diligently, and maintain a positive mindset, attracting bright and optimistic individuals to their surroundings. Believing they can succeed in whatever they do, they consider themselves lucky and derive great joy from learning and growth, always believing there is more to learn.

 Furthermore, they maintain a clean and organized environment, striving to do their best in their work. Shohei Ohtani, a superstar athlete in Major League Baseball with a once-in-a-century talent who is signed with 700million dollars, famously picks up trash around him after games, considering discarded trash as someone else's 'luck' and clearing it away.


 

 Whether in business, pursuing a career in sports, or in the workplace, success in any field is influenced by three factors: support from others, innate luck, and the time invested. While support and luck can lead to success without much effort on one's part, they also have the weakness of being uncontrollable unless one is born with them.

 In contrast, time may not seem as appealing, but to achieve success through its utilization, it requires arduous effort and practice. One must work harder, study more, and put in more effort. While less glamorous compared to support and luck, time is within one's control and can be shaped and acquired through diligence. If the world were solely determined by support and luck, people would inevitably feel disheartened. However, since everyone is given the asset of time fairly and equally, efforts and time invested yield definite rewards and results.




 Observing successful individuals, they typically share the commonality of investing over 10,000 hours of effort and practice into one endeavor, either achieving success or laying the groundwork for it. Despite lacking support and depending on luck, they understood and utilized the "10,000-hour rule," dedicating three hours daily for ten years to attain success. Even when pouring the same 10,000 hours into a single field or job, there are cases where some individuals succeed while others fail to produce results. What accounts for these vastly different outcomes? Successful individuals set clear goals in the field where they excel the most and persistently pursue them with unwavering dedication.

 Once one milestone is achieved, they seek out the next challenge like peeling an onion, never faltering in the face of failure at intermediate stages and never succumbing to difficulties. The '10,000-hour rule' encompasses two axes: the 'virtuous cycle' and the 'vicious cycle'. By finding something they love (Phase 1), consistently practicing (Phase 2), and gaining achievement and confidence (Phase 3), they ascend to the realm of mastery, experiencing a virtuous cycle. It's akin to building a snowman where initially, it's challenging, but once it reaches a certain size, it effortlessly grows like a snowball. Similarly, when starting to run, after 30 minutes, instead of pain, a sense of happiness rushes in, akin to a marathon runner's confession. The story from a teacher who spent decades in education, "A smart child can't beat a diligent child, and a diligent child can't surpass a child who enjoys," offers us much to contemplate.










CEO BAIK, SUNGCHUN

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