Entrepreneurial success and luck seem to go hand in hand, at least in the eyes of the beholder. But is entrepreneurship is all about blind flukes, fate, and destiny? Not really!
My take on the role of luck in entrepreneurship is that you create your own luck by smartly crafting favorable situations that enable you to achieve success.
But how do you plan your lucky success? Let’s start with doing some homework, shall we?
1. Always do your homework:
No matter how great your concept, you have to do your homework. You have to determine the following facts before you start your journey
- Is your concept is solving a problem, connecting a missing link, or filling a gap in your target market?
- Have you tested your concept in the market?
- Have you studied about your competition?
- How well do you know about your target customers?
- Have you also focused on the weak links of your concept?
2. Expand your network:
Focus on building your professional network, build visibility, and subtly establish your expertise in your area of business. This approach is precious in getting you your initial business contacts.
3. Build your vision, mission, and business model:
A vision, mission, and business plan are critical in ensuring that you have a clear strategy on what you will achieve and what success will look like. Very often, this critical step will often determine how “lucky” you are
4. Convert opportunities into business:
Luck is all about identifying the right opportunity at the right time and building on it. Be aware of your target market and any change that can you can capitalize on. Move out of your comfort zone, and take calculated risks.
Most important, stay positive and learn from your failures. Facebook and Apple were not created in a day and certainly not from a plain fluke. It’s a lot of hard work, smart work, and focused work.