Which is more important as a startup: hard work or luck?
I know hard work is important, but I have seen a lot of entrepreneurs work really hard, have great ideas, but who just cannot seem to succeed. I have seen other entrepreneurs succeed quickly with way less work. Does luck play a big role in startup success?
Zack- Thank you for the post. Good question. Hard work would be my answer however, I have more nuggets for you. If you really want success in your business, read Gino Wickman's "Traction". There you will know about how the entrepreneurial operating system works (EOS). Go to http://www.eosworldwide.com/#axzz3rCiiyyBr.
Success starts with your Vision.
If you questions regarding business coaching, contact me at @thepotterdesign or my partner Vaughn Thompson @askvaughn.
I would like to comprehend how different component is at play and the thought that comes to when being consistent in quality factors. Trust of the matter stem from as to Luck don't support real wings like hard work.
Luck can play a role, as well as location and meeting the right people at the right time.
Success in any endeavor is all about hard work and your sheer readiness and willingness to taking up opportunities whenever they arrive.
I thought I was being clever relating the Edison quote of "1% inspiration and 99% perspiration" to startups but Forbes beat me by two years :-)
What does it matter? If you are not working hard but waiting for luck you are loosing time. Luck "happens" (by chance??) while you are working.
Similar, yet a bit different, perspective... I don't believe in luck.
It is hard to suggest that one does not have to work really hard when they first start up. However, it is imperative that the work be effective. I suggest focusing on 2 things:1. A punchy internal plan and 2. highly effective marketing.
A good plan makes sure you do not work on the wrong things, and waste your time. This can be easily done by putting together just a brief and simple plan (brief and simple, as long as you are not also seeking investors).
This plan is for internal purposes only. Determine where you need and want to be in 3 years, then determine where you therefore need to be in 12 months, and then bring it back to 90 days. This keeps everything aligned and also keeps the future in mind. The 90 day plan must include measurable goals plus not more than 5 key strategies to accomplish those goals. It helps to have that work facilitated, and also to have an accountability coach to ensure you do not unintentionally stray from your defined path.
One could talk all day about marketing, but the critical thing is to take the time to work through the fundamentals before spending the time and money on it. I have several free information pieces on this. I have yet to find a business that does not generate leads through networking. You might find this free e-book of interest, entitled "Networking -- for Those Who Hate It". You can get it by going to: http://bit.ly/NetworkingEbook.
You might also enjoy the video I did on "The Three Biggest Lead Generation Mistakes Small Businesses Make... And How to Overcome Each One of Them". You can find this video by going to: http://bit.ly/1diY1RP
I hope this is useful.
I agree with Gene Doyle's comment and I will add a quote from professional golfer Gary Player 'The harder I worked the luckier I became."
The Roman statesman Seneca is credited with saying, "Luck is what happens when preparation meets opportunity." In other words, when you've done the work and the stars align, it all comes together in a most magnificent way for you.
That said, you can also do a lot to nudge the magic in your direction. Between social media and crowdfunding sites, videos and blogs, you have more ways to create "luck" than ever before. Richard's advice about using every possible networking opportunity is spot on.
All the very best to you!
I think, as others have said, Hard work brings the luck. However, I also believe a strong piece of that hard work should be networking and that the hard work should also be with thoughtfulness and an intelligent plan. Using Heart Intelligence is the greatest way to get to the intelligent plan.
As an old Army buddy of mine used to say when we were playing poker: "I'd rather be lucky than good, be cause some good has his off days."
That said, my answer is neither. It's intelligence - working intelligently. Hard work without an intelligent plan will just get you tired before your fail.
Hi Zack ,
The most important things to entrepreneurial success are :
1)The common sense required to excite , retain and build customers.
2)The ability to make and sustain a difference in the prevalent market.
For hard work and luck, I would say that you cannot expect others in the market not to have it.
Best of Luck,
Hi Zack, in addition to the many wonderful suggestions, I will like to add this: luck comes to the prepared soul. In other words, luck smiles on or gravitates towards the hard working soul. However, I will like to point out that "SMART WORK", not "HARD WORK" works. Work Smart, not hard Zack and you will be one of the lucky souls.
Luck. Period. And by luck I mean timing. But hard work is not the answer you are looking for.
In my startup experience, the harder I worked, the luckier I got.
Zack you are in a really tough business, local bands have limited resources as do most indie film people. I've been doing consulting for west west side music in New Windsor NY for Years and they have built their business on providing the best mastering services in the industry. Alan Douches is ranked number 2 mastering engineer by album credits.com and he is very well known as an expert in his niche. We have small "feeder" websites set up in many countries where we know our target market is and those cheap sites generate a substantial amount of business. The fact is you need to use every possible, inexpensive way to get business.
Go to http://www.localsocialhub.com and use their free social media tool it works and will save you a lot of time. Then Network with people in the industry, indie film studios, indie record labels, recording studios, etc. anyone who doesn't offer videos but could send business your way, try even offering a referral commission.... You need to find anyone who could possibly use or refer your services and start building relationships. You may also want to start speaking at industry events and festivals to get out there, you will make connections at these events. We were in Stamford Connecticut this weekend and Alan was a guest speaker, we came away with three solid leads that want proposals from us. Most successful business people will tell you that you make your own luck by doing everything you possibly can to make yourself known within your niche.
As everybody already said, it's a bit of both. However I truly believe being resilient and consistent will make anybody successful. We all define success in a different way. If you have money, success might not be making more money but to build a strong company that will be able to compete on the market, have a high performing team and is not afraid of trying new things.
However if you don't have money, or have just started a business and lacking the finance to make it huge, your success is most likely defined in making it self-sustainable first, then making loads of money and lastly build a team.
All our priorities are different. The big question is how do we define success for ourselves and how will we get there?
In my experience I've had ups and downs in my business since I started it, and every now and then I wondered if it wouldn't be better to close down shop and re-evaluate the situation. But then I'll get over my 3 seconds of being depressed and make it work, sign up new clients and go at it over and over again. I fall more than I did when I was employed, I have less money now than I had when I was employed but the freedom I have to drive my business forward, the time I can spend with my family and seeing my kids grow up, helping my clients succeed in driving more sales to their business and being able to say "No" to a client if I can't take them on board or feel that they wouldn't be able to handle and manage the workload makes it all worth my while in the end.
I can choose who I want to work with instead of biting down my nails and hope for the next client to come in (if that makes any sense).
I want to grow my business but for that to happen I need to grow slowly.
As long as I can spend time with my family while still making a decent living I'm happy and I consider this the greatest success for me.
That in my opinion is success on all levels, be it personal or professional.
But that is just my opinion on the topic. As I said, everybody has a different view on success. Money is definitely important, but as long as you can do what you love, be with the people you love and help the people you admire the most, that in my book makes it all worth my while.
Hope this is helpful.
All the best
I think I prefer to think of it as timing rather than luck, but there's some truth to that.
The challenge is that you have to be ready when the time strikes, but you never know when that will be. If you're not in the game when the moment comes you'll have missed it and likely never even know.
To get (and stay) on the field requires work. Could you step up to the plate and hit a home run on your first swing? Sure. But if your attitude is, "I missed so I must suck at baseball. Maybe I'll try football. Oh, I didn't throw a touchdown on my first pass? Maybe I'll try bowling. Missed 300 on my first set? Maybe darts. Didn't hit a bulls-eye on my first throw? I guess I'll just sit on the couch watching TV until I come up with a better idea."
So enough with the sports analogies ;) The point is that you have to be in a position to take advantage of the right moment when it comes. Whether it's tomorrow or 10 years from now you won't know until it gets here.