By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Starr FmStarr FmStarr Fm
  • Home
  • Election Hub
  • General
    GeneralShow More
    Our reputation is at stake – CDM calls for bipartisan probe into cocaine saga
    September 23, 2026
    Drug trafficking poses serious security concerns for Ghana – Isaac Addae
    September 23, 2026
    Agbogbloshie market redevelopment: Nzema, Kokomba traders won’t lose businesses – Mahama Ayariga
    September 23, 2026
    Drug trafficking crisis: CDM demands accountability from security chiefs
    September 23, 2026
    Drug trafficking probe must expose all involved, no matter their status – Most Rev. Gyamfi
    September 23, 2026
  • Business
    BusinessShow More
    MIHAS 2026 puts AI at the Heart of Global Halal Trade Matching
    September 23, 2026
    Inflation down, but prices remain high and pockets remain tight – NPP’s Issah Mohammed
    September 23, 2026
    MIHAS 2026: World’s biggest Halal Trade Show opens in Kuala Lumpur, targets GH₵14bn in sales
    September 22, 2026
    Hollard Ghana announces passing of Group CEO Patience Akyianu, celebrates her legacy
    September 22, 2026
    Nkrumah’s economic independence vision must move from extraction to ownership – Heath GoldFields MD
    September 20, 2026
  • Politics
    PoliticsShow More
    Our reputation is at stake – CDM calls for bipartisan probe into cocaine saga
    September 23, 2026
    Drug trafficking probe must expose all involved, no matter their status – Most Rev. Gyamfi
    September 23, 2026
    Minority accuses EOCO of weaponising state power against Manhyia South MP
    September 23, 2026
    John Darko condemns attempt by EOCO to arrest Manhyia South MP
    September 23, 2026
    Minority must offer solutions, not just criticise govt to score political points – Ibrahim Ali
    September 23, 2026
  • Entertainment
    EntertainmentShow More
    Musicians must take responsibility for Hiplife’s decline – Okyeame Kwame
    September 20, 2026
    Dr Likee becomes new Brand Ambassador for KIVO
    September 18, 2026
    Lali X Lola named 2026 Forty Under 40 Ghana honourees for Social Media Impact
    September 16, 2026
    The Darkest Chapter: Latif Abubakar’s 21st Production brings President Mahama’s UN reckoning to the National Theatre stage
    September 14, 2026
    Ghanaian Gospel Music legend, Bernice Offei dies
    September 12, 2026
  • Sports
    SportsShow More
    Minority: Sports Minister’s driver, Chief Director’s secretary not back after World Cup
    September 18, 2026
    GFA launches 2026/27 Colts Football Season, targets stronger grassroots development
    September 16, 2026
    Zverev, Rybakina crowned US Open champions
    September 14, 2026
    Hearts and Samartex maintain 100% record in GPL as Kotoko beat Lions
    September 14, 2026
    Ghana unveils female mini football national team, targets rise to Africa’s summit
    September 3, 2026
  • Technology
    TechnologyShow More
    Create Ghana-specific TikTok guidelines to curb harmful content – Michael Donyina Mensah
    September 18, 2026
    Govt should prevent harmful content from going viral rather than rely on arrests – CenPOA Director
    September 18, 2026
    Samsung Galaxy S26 FE Delivering Latest Flagship AI, Camera Experiences
    August 27, 2026
    YEA CEO urges youth to avoid recording private sexual activities amid rise in leaked videos
    August 20, 2026
    Here’s Why Samsung Galaxy Z Fold8 Is Perfect Device for Your Favourite Content – Pre-Order Today!
    August 18, 2026
  • International
    InternationalShow More
    MIHAS 2026: World’s biggest Halal Trade Show opens in Kuala Lumpur, targets GH₵14bn in sales
    September 22, 2026
    UNGA81: Africa must strengthen capacity to create opportunities for its youth – Mahama
    September 21, 2026
    UNGA81: Mahama engages OSF founder Alex Soros, discusses support for ECOWAS integration
    September 21, 2026
    Foreign Minister Ablakwa takes Ghana’s diplomatic agenda to UNGA 81
    September 19, 2026
    €225m Cocaine case: Four detained for two weeks after pleading not guilty to Narcotic drugs exportation
    September 16, 2026
  • Factometer
Search
© 2024 EIB Network Ltd. All Rights Reserved.
Reading: Don’t copy Bill Gates to get rich
Share
Notification Show More
Font ResizerAa
Starr FmStarr Fm
Font ResizerAa
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Search
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Have an existing account? Sign In
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
Editors PickFeatures

Don’t copy Bill Gates to get rich

Starrfm.com.gh By Starrfm.com.gh Published September 22, 2017
Share
Bill Gates
Bill Gates
SHARE

Bill Gates is a lot luckier than you might realise. He may be a very talented man who worked his way up from college dropout to the top spot on the list of the world’s richest people. But his extreme success perhaps tells us more about the importance of circumstances beyond his control than it does about how skill and perseverance are rewarded.

We often fall for the idea that the exceptional performers are the most skilled or talented

We often fall for the idea that the exceptional performers are the most skilled or talented. But this is flawed. Exceptional performances tend to occur in exceptional circumstances. Top performers are often the luckiest people, who have benefited from being at the right place and right time. They are what we call outliers, whose performances may be examples set apart from the system that everyone else works within.

Many treat Gates, and other highly successful people like him, as deserving of huge attention and reward, as people from whom we could learn a lot about how to succeed. But assuming life’s “winners” got there from performance alone is likely to lead to disappointment. Even if you could imitate everything Gates did, you would not be able to replicate his initial good fortune.

Practicing 10,000 hours wouldn’t likely create a national champion (Credit: Getty Images)

Simply practicing 10,000 hours without adequate feedback wouldn’t likely lead a randomly picked child to become a national table tennis champion (Credit: Getty Images)

For example, Gates’s upper-class background and private education enabled him to gain extra programming experience when less than 0.01% of his generation then had access to computers. His mother’s social connection with IBM’s chairman enabled him to gain a contract from the then-leading PC company that was crucial for establishing his software empire.

Top performers are often the luckiest people, who have benefited from being at the right place and right time

This is important because most customers who used IBM computers were forced to learn how to use Microsoft’s software that came along with it. This created an inertia in Microsoft’s favour. The next software these customers chose was more likely to be Microsoft’s, not because their software was necessarily the best, but because most people were too busy to learn how to use anything else.

Microsoft’s success and market share may differ from the rest by several orders of magnitude but the difference was really enabled by Gate’s early fortune, reinforced by a strong success-breeds-success dynamic. Of course, Gates’s talent and effort played important roles in the extreme success of Microsoft. But that’s not enough for creating such an outlier. Talent and effort are likely to be less important than circumstances in the sense that he could not have been so successful without the latter.

A magic number?

One might argue that many exceptional performers still gained their exceptional skill through hard work, exceptional motivation or “grit”, so they do not deserve to receive lower reward and praise. Some have even suggested that there is a magic number for greatness, a ten-year or 10,000-hour rule. Many professionals and experts did acquire their exceptional skill through persistent, deliberate practices. In fact, Gates’ 10,000 hours learning computer programming as a teenager has been highlighted as one of the reasons for his success.

But detailed analyses of the case studies of experts often suggest that certain situational factors beyond the control of these exceptional performers also play an important role. For example, three national champions in table tennis came from the same street in a small suburb of one town in England.

This wasn’t a coincidence or because there was nothing else to do but practise ping pong. It turns out that a famous table tennis coach, Peter Charters, happened to retire in this particular suburb. Many kids who lived on the same street as the retired coach were attracted to this sport because of him and three of them, after following the “10,000-hour rule”, performed exceptionally well, including winning the national championship.

(Credit: Alamy)

Simply spending 10,000 hours on a single task – whether it’s programming or table tennis – isn’t enough to ensure success (Credit: Alamy)

Their talent and efforts were, of course, essential for realising their exceptional performances. But without their early luck (having a reliable, high-quality coach and supportive families), simply practicing 10,000 hours without adequate feedback wouldn’t likely lead a randomly picked child to become a national champion.

We could also imagine a child with superior talent in table tennis suffering from early bad luck, such as not having a capable coach or being in a country where being an athlete was not considered to be a promising career. Then they might never have a chance to realise their potential. The implication is that the more exceptional a performance is, the fewer meaningful, applicable lessons we can actually learn from the “winner”.

Being in the right place at the right time can be so important that it overwhelms merits

When it comes to moderate performance, it seems much more likely that our intuition about success is correct. Conventional wisdom, such as “the harder I work the luckier I get” or “chance favours the prepared mind”, makes perfect sense when talking about someone moving from poor to good performance. Going from good to great, however, is a different story.

Being in the right place (succeeding in a context where early outcome has an enduring impact) at the right time (having early luck) can be so important that it overwhelms merits. With this in mind there’s a good case that we shouldn’t just reward or imitate life’s winners and expect to have similar success. But there is a case that the winners should consider imitating the likes of Gates (who became a philanthropist) or Warren Buffet (who argues that richer Americans should pay higher taxes) who have chosen to use their wealth and success to do good things. The winners who appreciate their luck and do not take it all deserve more of our respect.

Chengwei Liu is an associate professor of strategy and behavioural science at the Warwick Business School, University of Warwick. This article was originally published at The Conversation and has been republished under Creative Commons.

You Might Also Like

Climate-vulnerable countries spend nearly 25 times more on debt than climate action – ActionAid Report

Four years on, Appiatse explosion victims left with broken promises, poor housing and unsafe water 

The Language That Locks Doors: Why 55,000 Ghanaian Children Failing English Should Frighten Us All

Beyond Akwasidae: Otumfuo’s Historic U.S. Visit

Gold at What Cost? The Hidden Price of Ghana’s Illegal Mining Crisis

TAGGED:bill gates
Share This Article
Facebook Twitter Email Print
Share
Previous Article President Akufo-Addo speaking at the UN General Assembly Full Speech: Akufo-Addo speaks at UN General Assembly
Next Article N/R: Police arrests three over gunshots

Starr 103.5FM

Starr FmStarr Fm
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
newsletter icon
Join Us!

Subscribe to our newsletter and never miss our latest in news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?