Luck in Entrepreneurship
I believe luck plays a role in business but when you start talking about luck in entrepreneurship I don’t think you can ever attribute too much credit for success to fortune’s wheel. When a person becomes an entrepreneur by deciding to start a business they are acting on an opportunity that they believe will satisfy a need both for consumers (a product or service) and themselves (independence, wealth, fame). How much success they have can be attributed to being lucky – starting the right business at the right time – however the owner would not start a business if they didn’t believe an opportunity to create something profitable isn’t there. That’s not luck, it’s common sense smarts.Luck means that a variable is random and the outcome just happens to be positive purely by chance. Successful entrepreneurs aren’t successful because they rolled dice; they made a lot of careful and calculated decisions, and had enough motivation to take action at a point in time. They saw opportunity, the chance to be “luckyâ€? and decided to go for it given they had the skills to make it happen.
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