March is the month of luck, rainbows, and pots of gold, but sometimes running a business feels more like a money pit. We all realize that being an entrepreneur and achieving business success is not guaranteed. Statistics have shown that a significant number of companies close within the first year of operation.
That being said, the question then becomes, what is it that defines a successful business from those who fail? Is it luck, hard work or something else? We will try to shed some light on this conundrum and look at some of the available research on luck and business success.
Ready to find out if luck drives business success?
Read on as we investigate the role of luck in business success, as well as how to set yourself up for lucky days, and even lucky years, in your own business.
Is Luck a Factor in the Success of Business?
Some of the most successful entrepreneurs will say that luck certainly is a factor in their business. However, how big a part it plays depends on who, what and how you ask. Realistically, luck can play a part in your business success. However, how big a part? And how can we increase the odds of luck having positive results on our overall sales?
A study published in 2018 looked at luck vs. talent in business. The study found that luck plays a significant part. The research found that skill and talent also played a big part. Another earlier study also suggested that luck is a common denominator in successful businesses. According to this study, luck accounts for up to 30% of business success.*
Types of Luck
Now that we have surmised that luck does play a role in business success, how can we improve our chances of being lucky? Well, let’s start by learning about the different kinds of luck.
By Chance Luck
The simplest kind of luck is “by chance luck”, you know, “dumb” luck. It is an accidental meeting that happens with no effort, and it is never planned… like meeting a friend of a friend and finding out she needs exactly what you’re selling. That kind of luck!
Hard Work Luck
This type of luck comes along because of an action. Because you are putting in the effort, and you eventually end up in a lucky situation. This kind of luck would not have happened if you were sitting at your desk in the office. If you are active in your market and doing things like networking, you will likely encounter more opportunities. For example: Say you were selling insurance and having no luck at all. At the end of a very long day, you decide to stop at Starbucks for a “pick me up”. With your paperwork in tow, you proceeded to set up your computer and dive into the next day’s appointments. Someone sitting next to you asked what you were selling. After your skilled explanation, the man bought a policy. If you hadn’t put in the work, you wouldn’t have needed coffee and would have never made the sale! That is hard work luck.
If you can’t see a lucky break, you won’t be able to take advantage of it, this is how luck by discernment manifests. You need to recognize good fortune and take advantage of it. For instance, you might be able to spot a need in your market that competitors have not foreseen or even paid any attention to. By filling that need, you would be able to gain a significant advantage in your industry. Your discernment has opened the door and let luck in!
The last type of luck we would like to tell you about is creative luck. Creative luck comes when you use creative ways to get your business out there. Marketing, POP sales, social media are all forms of creative luck. Johnson printing is here to help you in this area with our skilled staff who can work with you on a marketing plan tailored for your specific business needs.
Making Lucky Changes
It Is All in The Attitude
Various studies have shown that attitude and mindset can influence luck in business. A recent study found that individuals can “create” professional luck by…
Recognizing areas of opportunity
Following their Gut
Having Positive expectations
And being Resilient
It’s important to get moving so you can find opportunities. Put in the hard work, focus on networking, build a reputation and before you know it lady luck will be knocking at your door.
Learn, Learn, Learn
Knowledge is power. Learning strengthens critical thinking skills. This will help you with luck through discernment and more likely give you the ability to see opportunities in your field.
Another way to welcome luck in business is to make sure you are always evolving to meet market changes and needs. This is the key in building a strong business.
What We Now Know
We have learned that there are certain ways we can invite luck into our businesses. By having the right attitude, doing the work, always learning about our industry, and keeping up with the times and trends, we can dramatically increase our luck in business. Research on luck in business suggests that a positive attitude, “out of the box” thinking, experience, passion, education, and a high work ethic can all help to get the luck you need in your business.
So, get out there, promote what you do, and may luck be with you!
Source: https://uxdesign.cc/exploring-the-impact-of-luck-in-product-management-16d38b0dee86, http://richard