Sometimes, in business, you may feel like you have lucked out and won big, but you can never give the fortune’s wheel too much credit for success especially when it comes to entrepreneurship.
How Much Luck is Involved in Starting a Business
When a person decides to start a business, they act on an opportunity they believe will meet a need for both consumers (a product or service) and themselves (the entrepreneur) – at least this should be one of the deciding factors.
Being fortunate enough to start the right business, at the right moment, is a critical factor in success. On the other hand, the proprietor would not create a company unless they believe there is a viable possibility to build something profitable.
The term “luck” refers to a random variable, and the outcome is only positive by chance. Successful entrepreneurs aren’t successful because they rolled the dice, they’re successful because they made multiple carefully considered decisions and were motivated enough to act at a certain point in time.
They recognized an opportunity and decided to take it because they have the necessary talents. Thus, one does not become wealthy because ‘Lady Luck’ smiles on you; instead, someone’s business thrives because they are opportunistic and know when to strike.
The majority of failing enterprises fail because the entrepreneur took advantage of an opportunity at the wrong time or in the wrong location. Conversely, entrepreneurs write their fate by making decisions that lead to success.
Most entrepreneurs succeed through a mix of hard effort, being in the right place, at the right time, having the courage to approach industry leaders, and taking advantage of existing prizes and grants.
The statement, “you’ll never know what you’re capable of unless you try”, should be printed in bold large font letters on the front of every businessman’s forearm as a constant reminder.
Let’s examine whether or not luck plays a key influence in launching a business.
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The Market’s Unpredictability
In the mind of an entrepreneur, luck revolves around the market and how well the market receives a product or service which can be somewhat erratic.
Though study and careful preparation are essential for ensuring that you have a product that will perform well, you can complete all your homework, confident that you have discovered a niche product enticing for consumers. Then the bottom falls out for one reason or another.
During these moments, the best course of action is assessing the damage, figuring out where you went wrong, and using that information to potentially prevent disaster in the future.
What Does Luck Look Like In Business?
It’s just bad luck when the government raises your property tax by 100%, and you have to close your business because you can’t afford to pay it. On the other hand, it’s good luck when an old college acquaintance who is now an angel investor calls you on the same day and offers you significant money to cover the new tax in exchange for a favor.
After a while, an entrepreneur learns that there are unavoidable twists of fate that can boost your company to the next level or bring it to its knees. This explains why some of the most seasoned business people claim that they would not be where they are today without some good fortune at critical times.
Can You Make Your Own Luck?
They say it’s better to manufacture your own luck than to gamble your future on the chance that fate would smile on you and drop an opportunity in your lap—but that wouldn’t be luck at all.
The intention behind this remark is supposedly good because what they are genuinely stating is that you should position yourself to increase your chances of success. Therefore, it’s critical to work hard every day to ensure your company’s long-term success.
Many businesses fail because their owners are unwilling to put in the time and effort necessary to develop a successful company.
What exactly does the job entail? Let’s take a closer look.
Using Networking to Position Yourself for Great Opportunities
Working relationships are some of your most valuable assets, according to seasoned entrepreneurs.
It’s easy to forget that business is all about people—sellers and buyers; inventors and investors; artists and managers—so it’s no surprise that the connections we make via networking are critical to the success of any small business.
Keeping Your Ear to the Ground
A company cannot expand unless it is willing to try new techniques and, in some instances, a total paradigm shift.
In addition, your market is continuously changing; the ability to pivot in response to such changes is critical, as a company’s continued success is impossible if it does not remain relevant.
As a business owner, you should be like a seismograph, firmly connected to the foundations of the larger market and hyper-sensitive to even the tiniest shifts in the industry.
Any business that can learn to understand what customers want on a minute-by-minute basis and respond to them effectively doesn’t need luck.
Although luck can play a significant role in the level of success a business will see, it all comes down to the foundation, idea, and hard work.
If you know how to keep your finger on the pulse, network to the point where your brand is known, and weed out the niche in the market, you’ll be all set for a successful business, with or without the help of Lady Luck.
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