Since ages people have defined luck as some mystical phenomenon which either is on your side or isn’t. But modern science says that luck is anything but random and that it can be interpreted as a certain kind of behavior that the fortunate and victorious people apply both in conscious and subconscious state.

We all know that entrepreneurs need to take risks which have every chance of backfiring at times. What happens when a particular strategy/plan doesn’t work? Do we blame our luck and give up the dream of building our own business, or do we fight back with an indomitable spirit?

Hard work can make you lucky

Success is linked to probability. More the number of times you play the game, more the chances for you to get lucky. You need to make sure you work hard enough to improve your chances to be on the right side of probability.

Don’t play the blame game

If your first venture doesn’t succeed or a certain plan doesn’t play out well don’t blame your stars. An attitude like this is the sign of a sore loser. Remember that it was you who had a hand in taking all the major decisions .Putting the blame on fate is a sign of weakness and you are anything but weak. Stop victimizing yourself and move on with a clear cut plan the next time.

Make a plan, not leave things to chance

As an entrepreneur, you need to be constantly objective and not let personal dynamics get in the way of your business. For example, some businessmen have a tendency to employ/collaborate with people they are already familiar with, like close friends and relatives. Now, this can sometimes hamper both your working and professional relationship and it is best advised that you steer clear of such complications and go out there and meet other like minded professionals. You never know, someone out of them might turn out to be your long-term business partner.

Examine your mistakes

It is true that all mistakes have consequences; some grave and some minor. Whatever they may be do not make them deter you from achieving your dream. Learn from them and channelize the frustration and hopelessness into something fruitful. Keep in mind that making mistakes and becoming smarter is part and parcel of an entrepreneur’s life.

If/when you fail, instead of going on about how luck didn’t favor you, you need to embrace your failure. Often this process of embracing has the following stages.

  • Shock and Surprise: You cannot fathom how your master plan didn’t work out.
  • Denial: You are in the denial mode and you refuse to believe that things didn’t go your way.
  • Anger: During this stage, you will blame everyone from the cofounder to the employees and sometimes even your loved ones.
  • Depression: During this phase, you will be depressed and your health, both mental and physical, might suffer.
  • Accepting your role in the unfortunate turn of events and changing your behavior accordingly: This is the most important phase and here is when you start talking to people and figuring out what went wrong. Slowly you start to process the entire fiasco and you come to accept it. You let go of your pride, stop blaming people and try to do things better this time around.

The buck stops at you

A start up, just like a science lab, tries to put different experiments and most of them inevitably fail because at the end of the day the entrepreneur cannot prophesize certain outcomes and he has to accept that certain things are out of his hand. But the only variable in your control are your thoughts and actions. Make them count and work hard to bring the luck to the table!