How big is the luck factor in startup success?

How big is the luck factor in startup success?

Luck is useless if it lands on the unprepared.

As they say, if you want to win a lottery ticket, first go and buy the ticket! However, lucky you might be, without having bought the lottery ticket. There is no way you are going to win.

Many successful people agree with the saying that “good luck is when preparedness meets opportunity.” If you want to get lucky, first prepare. If you want to get that dream job, express interest for it by submitting your application or going to meet the recruiter. The opportunity might be there, but if you do not prepare by having the minimum qualifications for the job, you will see it pass. Even if you go to Church to pray for luck daily, what are you doing to prepare? When an opportunity comes, it should find you at the right place and ready to take advantage of it.

Bitcoin has been on the rise. For those who benefited from the sudden hike in value of the Bitcoin, they had to first open accounts. You cannot begin praying that your Bitcoin increases in value when you have not invested. Young people who are looking at having children, must know that they cannot have children before finding a partner and marrying. Children do not just fall from the skies. You must first find somebody and make them conceive. You must always prepare.

Any startup, whether lucky or not, did something to tap into the opportunity; first by starting out. You need to create an environment to utilize the available opportunities. Things like luck might exist but it only falls on those who have prepared.

In the story of success, the challenge is most people only talk about the opportunities and the luck which happened to them. They rarely talk about how prepared they were when they got an opportunity and tapped into it. You need to keep asking yourself “how I am preparing so that if any opportunity comes, could I take it up?” For example, oil in Uganda is yet to be produced and refined into final petroleum products. Some people have already trained and gotten degrees and masters in oil and gas. Many others are waiting for the opportunity when they have not prepared. When people who have trained to get big jobs, would say they are lucky? They have prepared.

Even in business, it is very important to prepare first, then you can pray for luck.

It is like wishing to host guests when you don’t have a hotel. Luck alone is not enough. You must be very good in tapping into the opportunity by doing ground work. Even as a farmer, when the rains fall and your gardens are not yet prepared, it is very difficult for you to plant. The rains can only be good luck when they find you ready. When everyone expected a dry season, it rains.

Entrepreneurs need skills so as to take any opportunities that arise. Invest in proactive trainings. There is a rise in SACCOs. The question is going to be “who has prepared to advise SACCOs on investment?” the challenge for SACCOs is low return on investments. Most of them are relying on interest rates from banks yet this is small. If one tapped into huge space, would you call that luck?

Luck without preparedness doesn’t materialize. The same thing: any entrepreneur who has succeeded, they prepared. Luck falls to everybody. When it comes when you are not ready, it leaves you. Focus on preparation. Then you can tap into all opportunities that may arise.

About M. B. Mugisa

Mustapha Barnabas Mugisa is one of those rare people who provides business consulting and advisory to professionals and corporate entities who demand the very best. He is a prolific speaker and governance (strategy and risk) expert. His speaking involves making key notes at major conferences and business events on both technical subjects and leadership skills. A change agent and motivational speaker. Mustapha provides tools and proven methodologies to remarkable results through making people appreciate change. Visit Mustapha's LinkedIn profile to know more. Mustapha is the architect of #WinningMindset Leadership and #WinningTheGame strategy approach that combines Harvard Business strategy Playing To Win, with the Blue Ocean Strategy and Balanced Score Card to deliver a strategy that is easy to execute and monitor. Visit www.mustaphamugisa.com for special insights to improve your condition. Are you too good to be great?

Entries by M. B. Mugisa