Created on: February 11, 2013 Last Updated: February 12, 2013
As with many areas in life being in the right place at the right time can determine how successful you are as a human being. Being born in a rich family, being intelligent or possessing good health could categorise a person into the “lucky” group. Businesses too are run by such individuals who use their lucky attributes like wealth, health, education and intelligence to lay the foundations of successful businesses. But sometimes are these sufficient?
For many having a lot of money does not automatically mean that they have the makings of becoming great business people. This is because they might not have the business acumen that others who are not as financially endowed as them have. Lord Alan Sugar, one of Britain’s most famous business personalities started life in the East End in a council home but used his entrepreneurial skills to become a millionaire when he founded AMSTRAD, the British computer company. It could also be argued that he was lucky because out of the other people that he grew up with it was his shrewdness that allowed him to see the potential in the business opportunities around him.
There are many other factors that come together to create the stories of successful businesses. These are the employees that work for them, the product or service being sold and the environment in which the business is being run. The latter could include the competitive edge that other businesses have in providing a better product or the political climate of a country that has an adverse effect on the profitability of the business for example in countries like Libya and Egypt. The recession has seen many large retailers in the UK and other parts of the world face closure despite being in business for years. Maybe their management did not have adequate policies in place to survive a recession but their luck seemed to have finally run out. For many others despite a depressed economy and budgetary cutbacks their businesses continue to thrive as they seem to have struck the right balance in bringing together the factors that work towards their success.
Most businesses step into the market with adequate preparation as they have within their reach all the information they require to do so. Luck comes into play when they start their businesses, they either succeed or they fail. For food outlets the relaxation of their hygiene policy could ruin their reputation and for others the attitude of the business owner could put customers off. Whatever the case no amount of preparation can help a business when mistakes have been made as there will be no demand for their products and without that important element the business will soon face closure.
Businesses have a range of factors that contribute to their success. Adequate capital, sufficient research of the market in which their products will be introduced, the competition they will face and how well they will be brought to the consumers’ attention. Moreover, persistence and prudence though changing times are good survival techniques to cultivate as many businesses have discovered. Above all praying that the elusive thing we call luck will find its way to their doors and step right in.
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What role does luck play in business success?
by Shaheen Darr
As with many areas in life being in the right place at the right time can determine how successful you are as a human being.
Success in business often appears random. It seems that with the same amount of effort, resource and work that some thrive
Luck, according to Webster’s, is “favoring chance, or circumstances that operate for or against an individual,”
When preparation and opportunity meet it is luck. The key to being “lucky” in business is to always be prepared.
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