"Luck" is what happens when the prepared are given opportunity.

Being "prepared" for a given opportunity is often trivial. Whether the opportunity you're prepared for ever arises is luck.

No, you underestimate that. Being prepared is increasing your chances. There's one thing to be lucky as "1 in a billion" chance, and there's another to be lucky as "1 in 100"; the odds are always stacked against you, but with preparation & many attempts, your odds start looking better, and "luck" starts happening. (or not; some people are indeed unlucky, despite doing everything right. But that's less common than the other extreme - people that get lucky despite not doing anything rights).

If you're good and persistent eventually you get lucky. Most people just give up because being persistent is emotionally draining.

Do you consider death to be giving up or getting lucky? Or had you just not considered that some people try very hard until the day they die without getting lucky?

If you're good and persistent and happen to be prepared enough for whichever type of opportunity happens to present itself for you

I mean, it's obviously both skill and luck. Like pretty much anything else that's "instantly" successful.

>The key to a success of this type is luck.

What an odd mentality.

No, the key to success is skill, with effort (grit?) thrown in there as well. Luck can sometimes play a significant factor, all else being equal. But the idea that everyone is equally "good" at things, or put in the same effort, and that it's mere chance that success happens to someone is...pessimistic to say the least.

Academic studies have repeatedly found that one of the single biggest determinants in success of just about any kind is luck. It is a very common misconception that hard work results in success, or that talent results in success, but that's looking at the successful from the wrong end.

It is rare to find someone very lazy or completely talentless among the most successful, so it must be hard work and talent, right? No, because it's easy to find very hard-working and talented people who are not successful. In fact, according to research[0], the most successful are usually not the most talented, but those of mediocre talent and a lot of luck.

[0] https://arxiv.org/abs/1802.07068

They're not keys, they are requirements. And soft requirements, on top of that.

But luck is a huge component in getting wealthy. Plenty of people with equal skills, equal expertise, and equal hard work never succeed because they don't get the magical conjunction of right time at the right place.

Look at Facebook. When it was released there were a hundred products like it, but the specific combination of things Facebook did made it super popular. I cannot believe that was due to skill.

You have to have a certain baseline of skill in order to not automatically fail, ie in order to be one of those hundred products in the first place.

It's also worth remembering that Facebook pivoted several times before it became what it is now, taking on ideas that worked for other platforms. For example feeds were added after Twitter became popular.

There is no need to assume that everyone is equally good at things, or puts in the same effort. Some people are much better than others at many things, and yet luck is the biggest determinant of success.

That being said, it doesn't mean that one shouldn't hone their skills and try to be successful. It's just that it's not likely that you will have such meteoric success no matter the skill or effort you put in.

Luck doesn't just play a significant factor, luck almost always plays the biggest factor. But being skillful and putting in effort is the only thing you can change and definitely does help too.

Kylie Jenner was proclaimed the "youngest self-made billionaire" by Forbes magazine. Remind me, what is her skill or talent again?

Making money is quite a valuable skill.

Sure, but the "self-made" claim is entirely laughable in this case.

Not odd – it's a common misconception.

But your point is entirely correct.