Business Planning Process Getting Started How to start a business Management Planning & Strategy Ready To Launch Start Up

Do You Need Luck in a Successful Startup?

Share this:

startup  Everyone has a friend that is always lucky; whether it’s their constant winning of lottery tickets or they never get tickets when they get pulled over, sometimes it’s frustrating.

While you’ve always been taught that hard work will eventually pay off, it certainly doesn’t always feel that way.

After months of hard work, your business has yet to take off. A fellow entrepreneur friend of yours also started their business around the same time, but their sales are booming. Strangely enough, it’s the same friend who always gets lucky.

Is luck a requirement in a successful startup?

Timing

If your business didn’t take off like you had hoped, the issue may not be with how hard you have or haven’t been working. Timing is extremely important when it comes to the success of your startup. Sometimes it’s hard to figure the best time that the market or consumers are ready for a new product or service.

Pay attention to your competitors and what is going on in the market that your business is involved in. Obviously some business owners will get lucky, based on being at the right place at the right time, but most of that statement directly correlates with timing.

A successful startup is based around all of the actions and decisions you choose to make.

  • Be sure to spread the word about your business at all times and using all outlets available. Don’t rely on other people to spread the word.
  • Always be prepared to make a sale – if you’re going out for coffee, take your product with you. You never know who you’ll meet in the line of the java store.
  • Be everywhere you can; marketing is a never-ending task. Building up a client following and rapport with others is vital to a successful startup.

Taking Risks

Playing it safe is clearly the less stressful route when it comes to making business decisions, but taking risks can give you a chance to put yourself out there. Using the resources and tools you gain during your startup, smart risks can actually benefit your business more than you can imagine.

Following the advice that other successful business owners give you is a great way to get on the right track for your startup.

Take smart gambles – the things that seem like they may be scary can be what your business needs to thrive. If you have an investment that you’re undecided on making, research it a little and then do it. Your gut feeling can be a great motivator and it’s usually correct.

Always Keep Working

If your startup didn’t take off like you’d hoped or even sky-rocketed quicker than you had ever dreamed, the end result should be the same. Regardless of which category your startup falls in, you should always work hard to keep your company thriving.

Getting content with how your business is moving can cause more harm than good. The market and economy are constantly changing, so your business and products should be changing with it. There is always room for improvement; people never want a product to plateau or stay the same. If your startup failed the first time, make some changes and try again. Allowing your business to change and grow can provide different routes for your brand to take leaving more room for success.

Don’t forget to sign up for a FREE SUBSCRIPTION to Successful Startup 101, written for entrepreneurs and startup founders exclusively!

No Comments

    Leave a Reply

    Message Us