With Saint Patrick’s Day right around the corner, it may have you thinking, is this the year I am going to be lucky? Luck is defined as “the events or circumstances that operate for or against an individual” according to the merriam webster dictionary. How does that play a role in strategic business development though?
Is it Luck?
Luck is an abstract idea that perhaps has some controversy surrounding it. However, as Jim Collins describes in his book Great by Choice, “The critical question is not, will you get luck? But, what will you do with the luck that you get?” So, whether you believe in luck or not, opportunities will be thrown your way at one point or another and the choice is in your hands of how you will react.
- Will You Get Lucky? In short answer yes. The long answer though, is you might get lucky and just not have the awareness to realize it. As Bill Gates said “I was lucky to be in the right place at the right time. But many others were also in the same place the difference was that I took action.” Luck is not always as obvious as winning the lottery. Luck could be something small, such as being in the right place at the right time, finding something that happens to spark an innovation, or dodging some setback where you go “phew that was a close one.” We often take advantage of the lucky breaks we experience each day, not even realizing how quickly things could have turned upside down if it was not for x that led to y. The key is to be aware of these non coincidental events and embrace them head on to turn them into strategic business development..
- What To Do With That Luck: As the rest of this blog will explain in further detail, the first step is acknowledging the luck and the second is how you react to it. The simplest example to illustrate this is winning the lottery. If you won the lottery right now, what would you do with that money? Would you spend it all in one shot or invest it into meaningful opportunities? The chances are you would say “of course I’ll invest it!” Ironically though, majority of lottery winners spend all their money more quickly then they realize. This is the whole point—even when we acknowledge our luck, we often do not take advantage of it with a strategic mindset. .
Bad Luck: Obstacle or Opportunity?
Now that you know luck will come at you at some point in your life, how do you know if it is good or bad? We naturally notice bad luck more than good luck because it feels like it carries more weight. But, what if we looked at bad luck differently?
- Resilience is the Ultimate Advantage: Just as good luck can propel someone forward, bad luck can feel like an unavoidable setback. But often, how you react to bad luck matters more than the event itself. Everyone will face a challenge, but the key is turning that obstacle into a learning experience, one where you build business resilience and continue to learn from.
- Failure is a Stepping Stone: With almost every successful business person you talk to about their story, you will notice one common theme. It is not all of their successes they continually talk about leading them to where they are at now. It is actually the combination of not only their successes, but more importantly their failures that have brought them to where they are now. The biggest failures act as a stepping stone towards the best breakthroughs.
The Role of Luck in Business and Innovation
A common example of of luck in a business is risk, specifically financial risk. However, risk exists in many ways in business. For example, think of the most recent viral trend. Why did that trend take off? Was it a calculated risk or was it all luck? The answer is both. Financial risk can be calculated, but it is still risk and therefore has some chance or “luck” to it. As this section points out, success from the outside might look effortless, like “luck was just on their side”, but in reality there is always some extent of predictability. Success is a mix of chance, calculated risk, persistence, and perspective—that is where business comes in.
- The Trend of Luck: Some of the most successful companies did not just get lucky with their timing; they had the foresight to recognize an opportunity before others did. Some of the most prominent examples is Apple and TikTok. How does Apple stay trending? Years and years of consistent storytelling and high level branding. Tiktok brands understand algorithms, engagement and dive deeply into the marketing that is needed to reach the right audience. Not everyone social media concept will be a big hit, but marketers know the probability behind videos that have a higher chance over others because of their hard work and consistency they have done in the background.
- Innovation is About Experimenting: Many groundbreaking ideas came from trial and error. Luck plays a role, but businesses that constantly test new ideas increase their chances of hitting on something great. The greatest leaders will not tell you of one moment that led to a big break, but rather a sequence of wins. In the spirit of luck, think of a casino. You might get one big win, but it is not really from one spin. It is from repeated spins over and over. That is why casinos stay in business. You believe if you just keep gambling, surely you will win at some point. Rigged or not, luck or not, you will eventually hit it big. Be persistent!
Turning Luck Into long-Term Success
The classic line “it is a marathon not a sprint” applies parallel to the concept of luck. Relying on luck alone will lead to short-term success and not sustained success. As we have discussed, once you receive luck, your future depends on what you do with it. More specifically though, it is about what you continue to do after you have experienced the initial high of luck.
- Random Obstacles: You might get your big break but then, what’s next? Do you go back to your old ways or do you change your strategy? Once you have been given an opportunity and have run with it, it is likely you will experience a bump along the way. Luck does not just rid of everything bad, it aids you. After your high of a lucky break comes to an end, it is utterly important to keep a strategic mindset of discipline, because only then will you cross the finish line.
- Luck as a Warning: Luck, good or bad, can also be viewed as a warning. Luck can provide opportunities, or close the door to those opportunities. Either way though, luck is never a replacement for hard work. Collins’ research debunks the myth that wildly successful companies simply had more good fortune than their competitors. Instead, they exhibited a relentless commitment to business resilience, discipline, innovation, and consistency.
Luck is Everywhere—But Are You Ready for It?
Opportunities often present themselves in unpredictable ways. Two people may experience the same lucky break, but only one turns it into long-term success. When opportunity knocks, position yourself to take advantage of it. This means strategic business development, constantly honing your skills, expanding your network, and maintaining a mindset that is open to unexpected possibilities. Pay attention to what’s happening in your industry. Trends, conversations, and shifts in consumer behavior are opportunities waiting for you.
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