How much is luck?

[Scotmove]

Ive been thinking about starting my own business, on a part time basis, (I know how the "Part Time" thing sounds but trust me i have it all worked out) but putting all profit back into the business as it is really just more of a hobby than anything else. But anyway, one day i may take the business to the next level and have it as my main income. However, this is mainly a question about the real business world.

How much of it is luck, how much is skill, and how much is plain hard work? Bit theoretical i appreciate, but just rough perceptions perhaps from people who have experience is what im after.

Cheers!

[srebbe64]

What sort of business is it? If you want to become a professional gambler then luck is what you need. If you want to sell photocopiers then hard work.

[Mattt]

From what little i've seen, there is an element of 'being in the right place at the right time', but that will only get you so far. The rest comes down to determination and hard work, as in any part of life.

[bga]

Mattt said:

From what little i've seen, there is an element of 'being in the right place at the right time', but that will only get you so far. The rest comes down to determination and hard work, as in any part of life.

I agree.

I know it is a cliché but the harder & smarter we work (I run a business with 2 of my mates) the luckier we get in a market that is geared towards large consultancies.

[JustinP1]

Scotmove said:

Ive been thinking about starting my own business, on a part time basis, (I know how the "Part Time" thing sounds but trust me i have it all worked out) but putting all profit back into the business as it is really just more of a hobby than anything else. But anyway, one day i may take the business to the next level and have it as my main income. However, this is mainly a question about the real business world.

How much of it is luck, how much is skill, and how much is plain hard work? Bit theoretical i appreciate, but just rough perceptions perhaps from people who have experience is what im after.

Cheers!

How do you define luck!?

Serious question. 'Luck' is just a product of intelligence and application.

Look at the simile with business and winning the lottery.

Are you lucky if you win the lottery? If you bought a single ticket, then yes... but statistically there is more chance of you being murdered next year than winning, so thats hardly application.

Are you always lucky if you win the lottery? Not if you invest in the machinery so when there is a big multirollover you buy up one of each of the 13 million combinations!

Business is the same. If you sit at home or don't apply yourself the big jobs and money 'may' just land in your lap. But its very unlikely. If you built your business in an intelligent way and you lead the market and apply yourself and you make the next new breakthrough which lands you a fortune, thats not 'luck', its application.

[Piglet]

Scotmove said:

Ive been thinking about starting my own business, on a part time basis, (I know how the "Part Time" thing sounds but trust me i have it all worked out)

I appreciate I'm picking at the semantics of what you've said but if you think you know everything you'll need all the luck you can get!

Make use of the people available to you and be prepared to learn from them.

[PhilLL]

I think it was Gary Player who said 'The more I practise, the luckier I get' but I reckon this is equally valid in business.

[TDIPLC]

The only place that Success comes before Work is in the dictionary

[japhilip]

Hard work, but applied diligently.

ALso be realistic, I found about 18 months into my business that the donkey I was flogging was, in fact, dead, and I had to give up with it and invest my energies in a different direction (which has been, so far, very successful albeit on a relatively small scale)

[daver777]

the harder you work, the luckier you get.
HTH