Importance of luck in business success

Lucky Horseshoe Pictures, Images and Photos There are many factors that contribute to a business being a success or failure. Perhaps more than any other industry, the restaurant industry is filled with failed businesses. That’s why banks are so reluctant to give out loans to restaurant businesses, unless it’s a known franchise. Yet, in every major city there are small, independent food establishments that are busy late into the night and throughout the day. At the same time, there are restaurants and fast food establishments that also have good food and fair prices that go belly up. So what is the difference between the ones that are a hit and the ones that die?

In some cases the major factor is luck. I know this sounds cynical and overly simplistic, but in some cases it’s true. Of course, you can increases your chances of having good luck by doing the important work like making a solid business plan, working hard, hiring the right people, being smart with your money, etc… However, good luck can strike for some businesses even though they didn’t have the best plan or idea and bad luck can sometimes hit the ones that did their due diligence.

Luck is something that cannot be controlled. At best, you can only increase or decrease the odds of having luck on your side. Having as high a chance as possible to receive good luck is worth going through the hard work and necessary steps even though a positive result is not guaranteed. If you’re not going to give your business a 100% effort, then there is no point to do it all. Due to luck being an important factor for success, it is one reason why you should not take business failure too hard. Learn from the mistakes and don’t dwell on the failure. Good luck.