Final answer:
Chance events and good fortune often contribute to establishing early participants in an industry by providing unexpected opportunities that can lead to securing resources or market positions before competitors. These elements of luck can be essential for gaining an initial foothold, which is critical for success in a competitive market.
Step-by-step explanation:
Chance events and good fortune play a significant role in establishing early participants in an industry. During the time of industrial development in late nineteenth and early twentieth centuries, many companies were founded on the basis of not just strategic planning and careful investment, but also on serendipitous opportunities. Just like entering new markets with profits as a red cape that incites businesses, chance events often paved the way for emergent companies to secure a niche before competitors could react. This initial foothold could be crucial as it might lead to securing resources, obtaining patents, or simply being the first to market a service or product.
Not unlike athletes from impoverished backgrounds viewing professional sports as a pathway to economic stability, new businesses can prop up from areas or situations primed by necessity or scarcity. Similarly, the conventional wisdom of being "due to win" in activities like lottery play indicates a public belief in luck influencing outcomes. Such notions of fortune's role in success also permeate popular culture, including movies and shows, which can amplify unrealistic expectations about success in various endeavors.
Ultimately, early players in an industry often benefit from both a strategic approach to business and an element of luck—the right place, the right time, or an unforeseen event—that allows them to outpace competition initially.