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Increasing Your Return on Luck
The document explores the concept of luck in business and leadership, questioning whether it is purely random or can be influenced. It highlights the importance of deliberate practice over natural talent in achieving high-level performance and discusses various principles for developing effective leaders. Ultimately, it suggests that leadership development is a process that involves creating opportunities and cultivating the right mindset to recognize and leverage luck.
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Increasing Your Return on Luck
- 1. Increase Your Luck Enhancingyour Return of Luck (ROL) Roshan Thiran roshan.thiran@leaderonomics.com
- 2. Is LUCK importantin business? Question
- 3. If luck wasan entirely random event, surely, it would even out and at some point, luck would run out on someone. Why do some people always have all the luck whilst others are plagued with bad fortune? Yet it seems doesn’t seem to even out. Could luck be more than a random occurrence but something that can be influenced?
- 4. Idris Jala –6 keys to leadership success: Luck = “Divine Intervention” - You could control about 40% of things you were working on. - Remaining 60% are things beyond your control but if you were a good human being you could ‘influence’ the divine to be on your side and bring yourself good ‘luck’.
- 5. Are the “world’sbest” leaders born lucky or developed? Is leadership genetic (born lucky) or learned? Question
- 6. Luck that youcannot affect Luck that you can influence There are 2 types of LUCK:
- 7. Growth Time My “lucky” Experience 10.Johnson & Johnson Industry : Healthcare Function: HR Global Role 9. GE Asia Pacific Industry : Multi Function: HR Asia Role 7. GE Aircraft Industry : Aviation Function: Finance CFO & ED 8. GE Crotonville Industry : Multi Function: HR Learning Role 6. GE CIG Industry : Multi Function: IT Project Mgmt Global 5. GE Capital Industry : Financial Service Function: Finance/Sourcing Europe Leader 4. NBC Universal Industry : Media Function: Finance Product Leader 1. GE Investments Industry : Investment Banking Function: Business Dev Individual Contributor 3. GE GCS Industry : Oil & Gas Function: Finance Inventory Mgmt 2. GE International Industry : Multi Function: Finance Analyst Global 12. Leaderonomics Industry : Multi Function: CEO Business leader 11. Star Media Group Industry : Media Function: CEO Business leader
- 8. Key question: Howdid they become best?
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- 10. But is adifferent leadership required for the 21st century? Clearly, because of high performance leadership
- 11. So how didthey become leaders? Were they lucky? Question
- 12. Leadership is .. . Attentiveness Assertiveness Responsibility Diligence Dependability Obedience Loyalty Thoroughness Truthfulness Initiative Hospitality Humility Forgiveness Tolerance Compassion Sincerity CReativity Having followers Persuasiveness Virtue Vision Deference Discretion BOLDNESS Determination Gratefulness Self-Control Sensitivity Thriftiness Generosity Punctuality Proactiviness Purpose Enthusiasm Availability Orderliness Resourcefulness Flexibility Wisdomped Innovation Execution
- 13. If we investedin people and taught every single skill listed on the previous slide, would we be able to “create” leaders? Question
- 14. 14 How do greatleaders just know when and what decisions to make? Was It Luck?
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- 16. The Research In past30 years scientists have looked into top-level performance in a wide variety of fields. Findings: - Natural talent doesn’t explain top-level performance – if talent even exists. - In fields such as chess, music, business, and medicine, high IQ doesn’t necessarily correlate with top-level performance. Some chess masters have below average IQ, for example. Deliberate practice is the key. - In England researchers studied music students. The only difference in the top performing group and other students was not talent, but the amount of practice. - Talent is an innate ability to do something better than others. If it does exist, it is irrelevant to superior performance. Practice is what counts – deliberate practice.
- 17. Time Current Reality –Self Awareness Ability/Achievement Decision-making GAP Purpose/Vision The Essence of Leadership is . . . Learning/ Execution/ Action GAP Fuels our energy Ensures reality
- 18. Study on luckby researchers • Outcome: Luck is as much about attitude as it is about probability.
- 19. The key differencebetween lucky people and the ‘unlucky’ ones is the ability to recognise these opportunities and leverage them
- 20. Lucky People have. . . High ROL
- 21. Bette Nesmith Graham • Secretary •Single mom • Always making mistakes • Created liquid Paper • Was she Lucky? • Or made her own luck?
- 23. story… Was it luck? waynerooney the
- 24. Principle Talent needs tobe MANAGED & DEVELOPED. This includes enabling talents to maximize potential and grow Process and Tools Succession Planning Performance Mgmt Career Paths Talent Pools Leadership Development Programmes Learning Curriculum Talent Acceleration Programmes Feedback & Reflection Principle Identify & select leaders that have the passion, desire and ability to make a difference in your organisation Process and Tools Entry Level Leadership Program Competency Model/Values Enterprise Assessment System Interviews & Assessments On-boarding Cultural Assimilation Principle To retain talent, 2 key factors: 1. Internal motivations (comp/ben, engagement 2. External factors (company brand & mktg perception) Process and Tools External Branding initiatives Mentoring Programmes Engagement Programmes Total Rewards Structure (Comp & Ben) External Perception of the Organisation & Leadership Culture of Organisation Organisational Responsibility – are we building your “luck” factors? Talent Acquisition Talent Development Talent Retention An Infrastructure to Enable Leadership Development
- 25. Talent development isA PROCESS Leadership is A PROCESS (not Luck!)
- 26. Leaders and companiesin the 1980s Jack Welch (GE) – internal Andrew Grove (Intel) – internal Roger Enrico (Pepsi) – internal P&G, Hindustan Unilever The Success Stories in 80’s IBM – external CEO in 80s Apple – new external CEO replaced Steve Jobs Motorola – no succession planning Atari, and numerous other tech companies The Failures Stories in the 80’s
- 31. I'm a greatbeliever in luck, and I find the harder I work, the more I have of it.“ – Thomas Jefferson
- 37. Pygmalion Effect statesthat you get what you expect. Most ‘lucky’ people expect the best, confident that their future is going to be great. Somehow, these expectations become self- fulfilling prophecies. Ask around and you’ll find that “lucky” and “unlucky” people have astoundingly different expectations.
- 41.