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In this 2019 GDC panel Christopher Langmuir, Theresa Duringer and Tanya X. Short give realistic examples of how to run a small game studio without a surprise runaway hit.
It was well worth watching because each shed light on the practical realities of what it takes to make it as a small team (in this case, each 4-10 people in business for ~5 or so years) in the game industry, something so many studios do without ever having the benefit of a surprise hit.
And even if one of your games does happen to make a big splash, chances are that kind of "overnight success" is the result of years of hard work, planning, and investment. Duringer, Short, and Langmuir each offered useful perspective on how to put in that work effectively, and how to keep your studio afloat throughout.
In addition to this presentation, the GDC Vault and its accompanying YouTube channel offers numerous other free videos, audio recordings, and slides from many of the recent Game Developers Conference events, and the service offers even more members-only content for GDC Vault subscribers.
Those who purchased All Access passes to recent events like GDC or VRDC already have full access to GDC Vault, and interested parties can apply for the individual subscription via a GDC Vault subscription page. Group subscriptions are also available: game-related schools and development studios who sign up for GDC Vault Studio Subscriptions can receive access for their entire office or company by contacting staff via the GDC Vault group subscription page.