When studying the concept of luck the scholarly discussion is fulfilled with tensions on the role of luck in firms’ and entrepreneurs’ success, and these tensions seem to narrow the understanding of luck. In this study, drawing on extant studies on luck, we use sequential qualitative analytical strategies to examine inductively and theorize the luck construct. Based on data from 87 narrative life-story interviews of entrepreneurial firms, our results reveal four conditions under which entrepreneurs perceive luck and introduce temporality into the luck construct. We bring to light the importance of perceived luck in addition to luck as focusing on external uncontrollable randomness. Moreover, we offer revelatory insights into what luck is and its relationship with performance.