A recent New York Times article explored the role of luck in becoming a successful entrepreneur. Based on their analysis, very successful start-ups weren’t any luckier than other less successful businesses.
Over the long haul, all companies encounter some good luck and some bad luck. What separates the winners from the losers is how they capitalize on each. The ROL (Return on Luck) is a measure of how successfully the entrepreneur plays the cards he or she is dealt. For example, less successful or marginal companies that had good luck often frittered away their opportunity to capitalize on it. They failed for lack of superb execution.
Even more telling is how the entrepreneur deals with bad luck. Not dealing appropriately with bad luck can be devastating. If you can make it thru the tough times, eventually you will come upon some good luck. Think of the old saying…..”What doesn’t kill you makes you stronger”.
The NYT article summarized it this way……”Entrepreneurs need to be skilled, strong, prepared, and resilient to endure bad luck long enough to eventually get good luck. A single stroke of good luck cannot by itself “make” a good or great company. But a single stroke of extremely bad luck can terminate the quest”.
The entrepreneur needs to learn “how to live to fight another day”. This is the critical determinant in whether you will become a successful entrepreneur. Making it thru today’s tough economic times is testing almost all entrepreneurs. Hang in there a little while longer and good luck will come your way.