Chapter 8 What’s Your Return on Luck? | Great by Choice by Jim Collins and Morten T. Hansen - Video

In this insightful Great by Choice quick summary video, we summarize Chapter 8 of the remarkable book by Jim Collins and Morten T. ansen. This chapter, titled “What’s Your Return on Luck?” delves into the fascinating concept that luck has nothing to do with the success of 10Xers, and instead, it’s all about how you seize opportunities and avoid pitfalls.

Key Takeaways

One of the central themes of Chapter 8 is dispelling the myth of luck. 10Xers, as described in the book, are those rare individuals and companies that achieve exceptional success. They do so not by relying on luck but by adopting a systematic, disciplined approach to decision-making and risk management.

Collins and Hansen introduce the concept of “Return on Luck,” emphasizing that it’s not the quantity of luck that matters but how you capitalize on it. The video dives deep into the idea that 10Xers don’t have better luck; they make better use of their good and bad luck.

Great by Choice Quick Summary

The chapter also discusses the importance of a “SMaC” (Specific, Methodical, and Consistent) recipe for success. 10Xers have a clear set of guiding principles that help them navigate uncertainties and make informed decisions. We explore how having an SMaC recipe can benefit individuals and organizations.

The “20-Mile March” is another crucial concept presented in this chapter. It highlights the importance of consistency and discipline in achieving long-term goals. We delve into the strategies employed by 10Xers to maintain consistent progress, regardless of external conditions.

The video discusses how 10Xers focus on being “bulletproof” by preparing for unexpected challenges and “catastrophe-proof” by ensuring survival in extreme situations. These strategies are essential for long-term success and are explored in detail.

Explore the full wisdom of “Great by Choice” by Jim Collins and Morten T. Hansen by watching the entire video series. And for those seeking to enhance their skills, visit Emeritus for top-notch strategy and innovation courses that can help you on your path to greatness.

Watch All the Chapters Now

• Chapter 1 Who Wants to be a 10Xer? 
• Chapter 2 The Three Behaviors of 10xers 
• Chapter 3 Prepare for a 20-Mile March 
• Chapter 4 Fire Bullets, Then Cannonballs 
• Chapter 5 Make Paranoia Work for You 
• Chapter 6 Don‘t Choose Speed at the Cost of Excellence 
• Chapter 7 Prepare a SMaC Recipe 
• Chapter 8 What’s Your Return on Luck?