Business Ideas Are Like Lottery Tickets
Today I want to take a break from our regular side hustle programming to bring you something near and dear to my heart.
The concept of luck is a controversial one. There’s nothing I hate more than hearing someone tell me how lucky I am, or how lucky I got when I’ve achieved something.
Luck is around us all the time, yes, but you need to be prepared to take advantage of these lucky opportunities when they present themselves. Without preparation and positioning, luck is wasted.
Lucky Lottery Winners
What do entrepreneurs and lottery ticket buyers have in common? Tenacity! They keep on trying. Unfortunately for lottery ticket buyers, the odds are stacked heavily against you.
In a lottery where you get to pick 6 numbers from a pool of 49, your chances of hitting all six correct and winning the jackpot are 1 in 13,983,816!
Good luck with that.
According to the U.S. Bureau of Labor Statistics, “About half of all new establishments survive five years or more and about one-third survive 10 years or more.”
I know, you have probably heard about the 80-90% failure rate in small businesses, but I am also sure you have heard that the real successful people also had their fair share of failed businesses and projects before they succeeded.
Business ideas are like lottery tickets in that the only way you have a shot at winning is by trying. And, failing. A lot.
Lucky people don’t just get lucky one day out of thin air. They’re tried, failed, tried more, failed a lot more, and then finally were able to break through.
Some call it luck; I call it grit and tenacity.
Just consider the following examples:
- Thomas Edison tried almost 10,000 prototypes for the electric bulb before finally getting it right and ushering the world into the light age.
- Colonel Sanders was rejected more than 1000 times when he tried selling his KFC recipe. He was also living in his car!
- James Dyson created 5126 failed vacuum cleaners before hitting on that one that catapulted him to success and made Dyson a household brand.
- Tim Ferriss, the New York Times Bestselling author of the Four Hour Workweek fame was rejected 25 times by publishers before his book got national fame and landed on the New York Times list.
- Richard Branson has failed in over 300 ventures; yet he keeps on trying
- Even President Trump had a string of failed businesses; yet he never gave up and has gone to occupy one of the world’s most powerful position as leader of the free world!
Were these people lucky? Or were they tenacious?
Unlike lottery tickets, the odds in business are stacked in your favor, but you have to keep trying.
Keep trying out your business ideas, and treat them like lottery tickets. Keep playing!
Learning Through Failure: The Best Way!
An additional benefit with business ideas is that with each one you attempt, and fail, you come out with crucial lessons that improve your execution on your next business venture.
And the more you keep trying and failing or succeeding the more you learn about what makes businesses tick and what makes them duds.
A business opportunity can fail to take off due to a number of reasons.
It could be that you read the market wrong, a recession could happen just when you are about to take off.
Cashflow – the lifeblood of any business can be an issue, or it could be communication issues or any other number of reasons.
Or, it could just be a shity idea. Yeah, I’m looking at you XFL Football!
Bottom line is that for every problem, there are proven solutions and workarounds.
Learn from other successful businesses in your area. Learn from your past mistakes, but in no circumstance should ever give up on pursuing your ideas.
To quote Woody Allen, “80% of success is just showing up,” or to rephrase it, to succeed in business, you have to try many things before you get that breakthrough that catapults you to success.
Ask yourself, how many times have you tried and failed so far? What caused you to miss that business opportunity the last time? What lessons can you learn from your failure? Why do you do it? Answer those questions, then dust yourself off and try again till you succeed!
Business ideas are like lottery tickets, you get them, you fail a lot, and then you try again.
Although unlike lottery tickets, with business ideas, you actually have a legitimate chance of making some serious income.
Get out there and pursue some business ideas!