How can seemingly unrelated chance occurrences lead to business success?
This is a question I have been asking myself for nearly three decades. You see, starting in the late 1980’s, I became a student of business. First by getting a formal education, then I invested years in an autodidact education that consisted in reading hundreds of books on all topics related to business. Then, later, I started my own businesses and more importantly, I consulted with nearly 500 family-run businesses on five continents worldwide.
At the beginning, when someone starts a business, the goal is clear: Success. Most business owners I have met start out with a clear goal of becoming successful. Sometimes it works, but most of the time it doesn’t. Statistically, a man is more likely to double his money when asking the dealer to give him another card on a jack and a ten at the black jack table (7%), than a new business owner making it big with his business (4%). Most people wouldn’t bet $10 with such odds at the black jack table, yet every day gutsy business owners don’t hesitate to put their entire financial future on the line to win at the game of business.
This has long intrigued me. What do successful business owners do, that the others don’t? What differentiates successful businesses from massive number of failing ones?
Over years of research I was able to identify a sequence of seven steps that must occur in the right order for a business to become successful. [Some day I will right an article about those seven steps.]
What’s still puzzling to me are the business owners who beat the odds inadvertently, without really knowing what they are doing. You see, ever so often I run into multi-millionaire-business-owners who readily admit having been lucky.
Could it be that random events sustained for a long-enough period of time, can lead to success?
Many authors, economists and scientists have long pondered the same question. Notably, the Italian economist Vilfredo Pareto, who discovered the 80/20 principle in the late 19th century, is regarded as someone who adhered to the idea that sustained chaos can lead to massive success. He stated that statistically, a certain number of causes will create a predictable number of effects. According to his theory, given a long enough period of time, eventually 80% of results are derived from only 20% of efforts; thus the 80/20 principle.
The concept of LUCK
In business, luck may not be as random as previously thought. Luck starts with the letter L, for Location. Where the business owner decides to operate his business will eventually determine his level of success. Then, the letter U stands for Understanding one’s strengths and weaknesses. Business owners who play the game of business by using their strengths instead of trying to overcome their weaknesses, tend to fair out much better in the end. Then, the letter C stands for Connections. Who the business owner connects with and surrounds himself with, will inevitably steer his efforts in a direction that will either lead to success or not. And lastly, the letter K stands for Knowledge of the game. Anyone can start a business, but knowing the key factors that affects a certain business field, community, market or industry tend to lead to better business success.
There you have it, LUCK:
You see, it’s easy to point out that some business people might have been lucky in building their businesses. It’s easy to look at their series of random patterns over decades and assume that successful business owners simply had more chance than the others. But, today, with advances in technology, with bigger computing power, we are able to find patterns in previously unrelated events.
There is no luck in business. Business owners who succeed are simply a rare breed of people willing to be different, and act differently than the others.
If you want to succeed in business I suggest you stop trying to hack your way to success by using the latest marketing tricks or sales tactics and that you turn your efforts on yourself. The most guarded secret of business success you won’t find in a business book. You will find by challenging yourself to grow beyond your zone of comfort. Force yourself into new situations, go to new places. Get to know yourself better – your strengths and weaknesses. Hang out with people who can bring you more out of life, people who inspire you to be better. And, lastly, study your field of business, flood your market with more value than the competition and satisfy your customers like no one before.
Ultimately, after making many mistakes and learning from them, given enough time, the theory of chaos might help you attain the success you are after.
As I say often, “Business is Simple – Let me Show You How”. Here’s another proof. Business doesn’t have to be complicated. And you don’t need the latest business trick to succeed. The concepts of business are clear. Don’t let the new guru steer you away from the basics with their new abstract theory. Stick to the fundamentals and you will succeed.
How do you feel about this article? Want to find out more? Schedule a quick 15-minute call with me and let’s chat to see how I can help you shorten your learning curve and get you the business results you want much faster. Eh, after working with nearly 500 business owners worldwide, the theory of chaos is starting to prove me right too. Don’t take a chance, let me light up the path to your business results.
Here’s the link: http://coachmarcorobert.com/scheduling-page-15min-call/
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About the author: Marco Robert is an internationally-recognized management consultant and business coach. His many successes in rescuing businesses from impending doom and helping everyday business owners succeed, have demonstrated Marco’s reliable ability to beat the odds in business.