Other Factors can include but are not limited to: having the right contacts, being in the right place at the right time, having a unique insight into the market, etc. Looking at a list like that might be dispiriting because the items all appear to be frustratingly correlated with random chance. And that's partly true. But what is also true, is that doing certain kinds of work often has the interesting side-effect of raising your chances for bumping into one of those other factors. Which is what you were saying above.
For example, working hard in, and paying attention to business in a given industry for a while might a) Give you insight into how something might be done better, and b) introduce you to people working in that industry who could help you out by b1) teaching you more about it, b2) directing you to others who can, b3) becoming a collaborator with you, or b4) pointing you to capital resources interested in solving relevant problems.
I mean, yeah in the end, in business you're likely to fail. Most businesses fail. Most people who have the right attitude and do the requisite work fail. But you can't get to the top of the mountain without hiking.