I've managed great teams in companies that have failed because they built a product for a market that turned out to mature at about 1% of the level it had been predicted to grow to.

It was a great product, delivered on time. It fulfilled a genuine need and it did it better than anything the competition had to offer. But the market wasn't there to sustain the company, and there was no reasonable way to know that far enough in advance to do anything difference.

This is the essence of luck. People hate that, but it's the truth.