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.
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:
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!
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!
Glenn Carter is a sharing economy expert and is sharing his passion for side income through new digital platforms with his readers.