The Role of Luck in Business
Contributed by Jo Gardner
March 28,2021
Recently, many celebrated the luck of the Irish across America, regardless of their genealogical background. Foregoing green beer in favor of hot coffee, a friend and I discussed the role of luck in business. When you run a successful business, you know the many hours required. You know the hard work involved. You know the choices you consistently must make in order to make your business the success it has become. But even with the hard work, luck may play a role in your business’ success. Don’t get me wrong. Hard work and the right advisors play a huge roll in the success of your business. Still, great entrepreneurs know how to seize lucky opportunities to improve its impact of luck in business.
The “Luckiest” Business Owners Maximize Every Opportunity.
Great business owners don’t wait for success. They search for it, either on foot, or more likely today, virtually. Remember Albert Einstein’s famous quote: “The definition of insanity is doing the same thing over and over again, but expecting different results.” So look for the relationships and talent that brings opportunities. Don’t be reluctant to expose yourself to new situations that help you and your business grow. Americore Business Advisory services make it their business to make sure more opportunities come your way. Contact us to find out how to maximize your luck in business.
Expect Luck.
Oddly, it seems people who think they’re lucky and successful are more likely to experience that luck and success. Possibly, because of a strong focus on a successful outcome, those who expect to win, are more likely to do so. When you are focused, you are better able to see the direction to make the object of your focus occur.
Listen to Your Inner Voice.
Lucky people often act on their intuition, or instinct. This is about confidence. People who don’t trust themselves tend to get hamstrung. They actually sabotage their own success, and miss patterns that only the “incredibly lucky”, most successful entrepreneurs learn to recognize. The first step to advancing, is believing you can advance. When you fail, and you will at some point, learn from the failure and hone your unique skills.
Mitigate the Risk.
Perhaps the most important factor of luck is common sense. Remember the old adage don’t put all your eggs in one basket? Don’t set up the success of your business to rely on a single decision. Don’t invest your company’s future on one product. For that matter, don’t bet the house on one employee or customer. Spread the risk onto several different avenues of revenue. Then learn from the outcome. Make new decisions from there. This broad focus helps minimize the harm from any bad decision. It can give you the room to learn from the experience and improve your decisions and approach for future transactions.
Optimize Misfortune.
Some people see obstacles, others see the finish line. Perspective may not be everything, but it is most of everything. By viewing a failure or problem as a learning experience, or as an opportunity to approach success from a new direction, people who think they are lucky, actually make their own luck happen.
Keep the Faith.
When you panic, your customers sense it. When you are desperate and worried, your customers feel that too. Because “lucky” entrepreneurs who expect things to work their way, often see failures and challenges as opportunities. This viewpoint can transmit the message of excellence to consumers, encouraging patronage. Whether it’s luck, faith in your skillset, or pure confidence, your state of mind impacts your customers’ purchases. So smile until you mean it, realize every situation has solutions and enjoy each client, each moment. Lucrative business is built on hard work, talent, the right business services, and making the most of every opportunity, or luck that comes your way.