Is the key to a successful business Luck?
The process and concept of a successful business has always fascinated me. In fact, I graduated from a business college and often wondered why the people teaching me didn’t have successful businesses. I mean they seem to have all the steps laid out, all the analytics, all the matrices, every ingredient it takes to develop a successful business.
Why don’t they have successful businesses?
I believe there is a determining element that is not so much measured quantitatively but animates the life blood of a business and accounts for its success.
Aside from a product who has an insatiable, un-replaceable demand what allows a business to thrive? Aside from the expertise, creativity, savvy, and necessary talent or product what gives a business the sustainable momentum to reach success?
I’d argue that the most important factor of business is luck.
I know, this may seem an unconventional approach to the topic but it rings true. No one wants to hear that they can’t control the destiny of their actions. You want to believe that some how your business savvy and “unique” approach will set you apart from all the competitors. Fate has no hand in making me, I make me! But how true is that? Inspiration without a series of fortunate events strung together is dead works.
How would I define luck?
I would not consider it a spontaneous act that just happens serendipitously and bam you have a successful business. I’d argue that it is a series of serendipitous acts that are strung together by the savvy, determination, and wherewithal of a driving force: a passionate master mind. You have to have the sustainability and passion to bring “luck” your way. You as a business entrepreneur have to create an exposure so that “luck” has the opportunity to find you over and over again. So that your business can eclipse plateau after plateau and continue to grow until it reaches the graces of success.
It’s easy to look towards hindsight as to why a business was successful. Provide a commentary as to what worked and what didn’t work, I mean you already have all of the facts and how they played out. But could you predict the success of a startup business? And could you use your acumen to make it a success?
Truth is, there is no formula. There is no specific standard to follow that will bring you success, but there are means to bring about “luck.”
Luck has a very distinct taste and is attracted to a specific character of an individual or corporate identity.
MARKETING is the greatest tool to attract this “luck”, people need to see and relate to your vision. If your vision can not be transplanted in their mind there is no means for a customer/investor to gravitate towards the product. This requires accessibility to your product as well as some type of intrinsic connection to your product. Your product has to spark something that its competitors do not.
THOROUGH PLANNING: this allows for the momentum of the business to flow freely. It allows for a clear cut vision to be fastened in the mind of those driving the business. And despite the pitfalls that may arise you will have a foundation to stand firm on and revamp if necessary– a rock of salvation if you will. Planning allows for sustainability through the chaos and hopeless lulls.
PASSION: I believe this is the strongest tool that one can use to attract “luck”. It takes great passion and courage to start a business. There are so many variables that one can never be truly sure of themselves. There are so many inevitable setbacks that can discourage and break the weak willed. Passion helps others relate to your vision. Passion helps you to stay loyal to your vision. Passion drives others to support your vision and gives them reason to hear your story. People love a product that the producer is passionate over. Through the process of climbing towards success, passion will be the counter force to gravity, elevating your will and spirits every step of the way, allowing others to believe in you.
And lastly you actually have to have a good product. You can’t put the cart before the horse. Without having a product or service worth while or useful no one will even give you the time of day. You have to have a demographic to which you are targeting. If you have nobody in mind then nobody will have you or your service in mind.
Of course there are many other factors that help bring a business to success and keep it there. Each business is unique whether it be service driven or product driven, but I believe the above principles hold true on any scale of business. They are the foundational pieces that will bring forth all the luck you need to get your business going.
And if you feel passionate about starting a business of any kind, I will advise you go do it! You will learn many lessons along the way, you will build many relationships along the way, you can be a galvanizing force to the community of people you serve. When done correctly a business brings positivity to all it effects. And of course the converse holds true as well, which is cause of many if the worlds ills. That’s another subject for another blog for another day, but be encouraged and may luck be with you.