@YJT's answer is good, but it seems like it could use a little more explanation. In your proposed formula:
$$\frac18* \frac17*\frac16* \frac15* \frac14* \frac13*\frac12=\frac1{40320}$$
What do the terms stand for and why are you multiplying them? The first one is correct, you have a $\frac18$ chance of pulling your chosen ball first. But if you think about it, if you all 8 balls out then you have a $\frac11$ chance of getting your ball at some point, right? Think of it as if the balls are in a random order. The chance that the chosen ball will be in any of the 8 positions should be equal, so the odds should be $\frac18$ for each position. There is no reason it should be more favored to be in any position than another.
Going back to your formula... After the first ball is pulled, there is a 1/8 chance you got the chosen ball, and a 7/8 chance you didn't, so the odds of getting it on your second attempt is $\frac78*\frac17$. The sevens cancel so you have a $\frac18$ chance of getting it second. Therefore there is a $\frac68$ chance you haven't gotten it in the first two pulls. Since you have 6 balls left, there is a $\frac16$ chance you pull the right one, but that is only in the $\frac68$ remaining probability, so $\frac68 * \frac16$ is again $\frac18$
If you keep going to the end, there is a 1/8 chance you haven't pulled it in the first 7 attempts, and you have a 1/1 chance of pulling it with only the one ball remaining, so that's the final 1/8.