The Role of Luck in Business – Does luck work?

Maybe you are asking yourself ¨Is huge success in business largely based on luck?¨ or “Does luck work on business?” Well, many researchers show, that luck plays a significant role in determining one’s success in business. 

But this is different from what the majority of people think. I will share in this article the theory of luck and how to create luck on our solopreneur journey.

What is the definition of luck in business?

There are different types of luck. In business, luck consists on achieve our goals by being at the correct moment and place. But, How do we do it? How do we know when is the correct time and the correct place?

Almost all entrepreneurs will tell you that luck is a significant factor. However, depending on who you ask, the degree to which luck influences is very variable.

Some businessmen have created different theories about luck and how to have it on your side.

What is the theory of luck?

The theory of luck, according to the ideas developed by Marc Andreessen, propose that exists different types of luck:

Blind luck

They are the situations that are given to us and have no link to our actions. Winning the lottery, being born healthy, or being part of a family with resources. All of this is something that does not depend on us.

Motion luck

If we activate we have more chances of being lucky. There is a quote that says something like: “90% of success consists of showing up ”. This type of luck is based on effort and grid. Keep you working, be in places where the opportunities may be and some say the luck will come.

Discover luck

To identify good fortune it is necessary to be prepared to see it. It takes focus, intention, and knowledge of the subject that we are passionate about. A unique perspective that allows us to meet chance head-on, and recognize it.

The luck that comes to us

It is when good fortune comes to us because of who we are and how we behave. It is not necessary to look for luck, because it attracts. Being in tune with our essence and what we want predisposes us to encounter chance more frequently. An example of this could be Elon Musk, someone whose business opportunities come to him because of who he is.

Luck is a skill

If you are still asking “Is luck a good skill?” Yes, Luck is a skill for entrepreneurs. This skill can be improved by the entrepreneur. 

Blind luck is out of our control, but the other types of luck can be managed and trained to increase the opportunities to grow the business.

Developing the role of luck for a one-person business

While we may not have control over blind luck, there are other forms of luck that can be effectively managed and trained to grow our business opportunities.

Developing the skill of luck holds numerous benefits for businessmen, opening doors that would otherwise remain closed. Here are some compelling advantages of cultivating this unique skill:

  • Seizing Opportunities: Luck, as a skill, enables entrepreneurs to recognize and seize opportunities that arise unexpectedly. By cultivating a keen sense of awareness and being open to new possibilities, solopreneurs can leverage fortuitous moments to propel their businesses forward.
  • Serendipitous Connections: With an adept skill of luck, solopreneurs can foster valuable connections and networks. Being in the right place at the right time, meeting the right people, and forming serendipitous relationships can lead to collaborative ventures, partnerships, and mentorships that nurture business growth.
  • Innovating Ahead: By staying attuned to emerging opportunities and acting swiftly, they position themselves ahead of the curve, gaining a competitive edge in their respective industries.
  • Resilience and Adaptability: Those who try to gain luck can adapt to changing circumstances. This adaptability helps solopreneurs navigate challenges, turn failures into learning experiences, and find alternative paths to success.
  • Building Brand Reputation: A fortuitous stroke of luck can lead to significant exposure and visibility for a solopreneur’s brand. Leveraging these moments, entrepreneurs can amplify their message, enhance their reputation, and attract a larger audience, ultimately translating into increased business opportunities.
  • Creating a Positive Mindset: By viewing luck as a skill, entrepreneurs cultivate a positive mindset that embraces possibilities and fosters a resilient attitude. This mindset enables solopreneurs to approach challenges with optimism and perseverance, enhancing their overall mental well-being and boosting their chances of success.

Let’s see the things you can do as an entrepreneur to develop luck as a skill

How can I get good luck in my business?

There are different ways to develop your luck as a skill.

Always focusing on the long term and working to grow your business, here are some elements that will help you to embrace luck: Mindset, taking action, resilience, and learning. 

Mindset

This is one of the most important factors when you are starting a business.

Different studies show that the majority of successful entrepreneurs have a positive mindset, they trust in the future and work hoping everything will be okay.  

Practicing positive reinforcement by recognizing our current fortunes, could be a nice way to start to develop our mindset as lucky entrepreneurs.

Taking action

Luck always favors the brave. You must take action. To achieve the motion of luck you have to be in places that allow you to find different opportunities.

Constant learning

By learning you develop your critical thinking, which allows you to see opportunities where others see nothing. 

The more you know, the more the probability to find business opportunities.

Resilience

The ability to adapt to external changes and have a flexible vision of reality will allow you to continue evolving and be open to new opportunities and technologies to innovate in your industry.

Some FAQs about luck in business:

Is luck a type of skill?

Yes, luck is a skill and it can be developed by anyone, in this article, I shared some tips.

Does luck play a role for solopreneurs?

Yes, luck is important for all entrepreneurs. Hard work is essential, but luck plays a big role.


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