Is luck an integral part of business?

Is luck an integral part of business? Many entrepreneurs feel it is not, they believe that a healthy business arrangement and quality of goods and services were what propelled a business to success. Luck takes you so far and no further. But if you have a sound business plan, a good understanding of finances and good HR practices, you can achieve entrepreneurial success. Luck still plays a role but it has to be backed by effort and astuteness on the entrepreneur’s part.

Even hard work is not enough

Many people believe that even hard work is not enough. You need to have the vision to identify good prospects, you need to have good initiative and then have the capacity and patience to see it through. You need a good business plan, you need focus. You also need the ability to weed out non-starters so that you do not make unnecessary losses.

Research has shown that very few people believe that luck or hard work alone bring you success. They feel that being in the right place at the right time and getting in touch with the right people is what makes your business develop.

Creates favorable circumstances

Hard work was defined as the outcome of the measures taken earlier which creates favorable circumstances and hence better results going forward. Individuals feel their efforts contribute to overall success but most entrepreneurs and others feel that risk taking is a major condition for business success. If entrepreneurs to not have the ability to take risks, thy can say goodbye to business success.