Even though we only hear success stories, there are countless startups that fail. Some don’t get funding, some have a product or service that the market doesn’t need, and some just make bad decisions.
Therefore, it is important to take every decision carefully, especially the ones that are influenced by two important factors: timing and luck. Because as much as hard work does count, your luck and the time and economy in which you are running your start up play an important role.
Being at the right place at the right time has made many a startup successful. But there is also another factor that we ignore for the most part.
The right person!
Being in the right place at the right time with the right person is what truly helps make a startup successful or opens countless new doors for an entrepreneur. Being at the right place at the right time is luck, but being at the right place at the right time with the right person is making your luck ,with a little effort from your side.
Learn the ropes of networking
Networking is an art that does not come easily to everyone. However, as an entrepreneur, one has to learn the ropes of that art. Meeting new people, connecting with fellow entrepreneurs and learning from seasoned entrepreneurs are valuable lessons.
And you never know who might be able to help you or whom you might be able to help. Tweeting at the right person, at the right time in the right place (Twitter!) on a matter of social or political interest can get you featured on a website! Networking means there is nothing to lose and lots to learn.
Make your own luck
While networking is one aspect, on its own, it holds no meaning. If you go to a meet up, talk to people and then come back and do nothing about it, what have you learnt? When you are presented with an opportunity, you must make the best of it. The latest event you went to, you met the CFO of Amazon India. He was impressed by your startup idea and wants to help you with funding. Right place, right time, right person? Definitely.
However if you go home and do not send up an email or connect with him on LinkedIn, the effort you put into networking with him just got flushed down the toilet. Recognize the opportunities you have and work on them.
Don’t neglect hard work
Just because we talked about luck and timing does not mean the effect of hard work and persistence can be negated. To get that opportunity, the first step is hard work. Once you have built an idea or a platform, you can then expect luck to come your way (again, if you work hard enough).
You have an idea, but you have no practical way to show it, no app, no product no service, no presentation. How likely is it that an investor you luckily happened to meet at a social event would be interested? Therefore, there is no substitution like hard work.
As an entrepreneur, you never know what is going to be thrown towards you. Prepare for the best and the worst. Don’t neglect hard work, but also don’t be overly critical of luck and opportunity that might come at any moment.