1. Luck is not purely a matter of chance, but rather requires preparation, self-suggestion, and persevering through failures and setbacks. 2. Preparation is necessary for luck - without being prepared, opportunities will pass by. Self-suggestion, or positive thinking, also influences luck by improving confidence and guiding conscious and subconscious behavior. 3. Many perceived instances of luck are actually the results of many past trials and failures culminating in a tipping point of change, as with Motorola's Razor phone achieving unexpected success after years of work.