{"id":27623,"date":"2018-03-07T16:33:19","date_gmt":"2018-03-07T22:33:19","guid":{"rendered":"https:\/\/salesv4.aligntoday.com\/blog\/entrepreneurial-success-isnt-based-on-luck\/"},"modified":"2018-03-07T16:33:19","modified_gmt":"2018-03-07T22:33:19","slug":"entrepreneurial-success-isnt-based-on-luck","status":"publish","type":"post","link":"https:\/\/aligntoday.com\/blog\/entrepreneurial-success-isnt-based-on-luck\/","title":{"rendered":"Your Entrepreneurial Success Isn’t Based on Luck"},"content":{"rendered":"

When things start going well for your organization and you\u2019re on your way to scaling up, it can be easy to say \u201cWe got lucky\u201d or \u201cThe timing was right.\u201d These statements may help you seem modest, but they\u2019re not accurate. When you start seeing entrepreneurial success, you need to understand\u00a0why<\/i>.<\/p>\n

More than Chance<\/p>\n

American author E. B. White once wrote, \u201cLuck is not something you can mention in the presence of self-made men.\u201d<\/p>\n

While some business experts argue that\u00a0luck matters more than we\u2019d think<\/a>, there\u2019s little data to back them up. It might be nice to think that a friendly leprechaun did you a solid, but there’s other factors at play that you need to think about.<\/p>\n

English business magnate Richard Branson\u00a0has a different opinion<\/a>\u00a0that we think makes more sense.<\/p>\n

He once said \u201cI have often been accused of being lucky in business, but I too believe that a lot of very hard work has played a major part in any luck that has come my way.\u201d<\/p>\n

Business expert Jim Collins takes a similar vein. He explains that if you want to see consistent growth, entrepreneurs need to\u00a0get a better ROI<\/a>\u00a0on any luck they receive.<\/p>\n

On billionaire\u00a0Bill Gates, he said \u201cthe difference between Bill Gates and others is not that he was lucky, it\u2019s that he did more with his luck. He moved to Albuquerque. He dropped out of college. He got BASIC ready in time for the first personal computer and for the Altair. He launched Microsoft and he didn\u2019t stop. He [put in] another 25 years of hard work.\u201d<\/p>\n

Think about poker. While a great hand of cards can be attributed to luck, it’s really what you do with your cards\u00a0that can earn you a winning hand. The right combination of bets and bluffs can make even a mediocre pair of eights win big bucks on the table.<\/p>\n

The point of all this?\u00a0Whether or not you think luck has affected your business growth, you need to account for why you\u2019re seeing success.<\/p>\n

Companies that fail to find out why they\u2019re doing well might see high jumps in profit\u00a0or spurts of activity, but they generally\u00a0won\u2019t have consistent revenue\u00a0and predictable growth, because they can’t replicate the processes that are helping them do well.<\/p>\n

While there are plenty of reasons you need to correctly attribute your entrepreneurial successes, the following two factors are especially important to keep in mind.<\/p>\n

1. Informed Decisions<\/p>\n

For\u00a0your leadership team to make informed decisions about your organization\u2019s future, you need to be consistently\u00a0tracking your data<\/a>\u00a0and keeping that information somewhere easily accessible, like in a company dashboard<\/a>.<\/p>\n

Companies that want to scale up need to understand what\u2019s working in their business and what\u2019s falling by the wayside, so they can\u00a0adapt their strategy\u00a0to meet their needs.\u00a0If you simply credit your business success to luck, you\u2019re not getting the full story.<\/p>\n

Your organization needs to understand your data and apply it in your business strategy.<\/strong><\/p>\n

Is one product doing better than another? Maybe a new marketing campaign is attracting a crazy high level of customers or your customer support team is knocking it out of the park.<\/p>\n

Either way, your data gives you\u00a0a visual summary of your progress and helps you understand how you can continue to grow. If you ignore your data to focus on luck or other factors outside of your control, you’re losing out on the chance to capitalize on what’s already working for you.<\/p>\n

2. Employee Engagement<\/p>\n

Your employees need to feel like they’re valued at your organization.\u00a0They want to know that\u00a0their works means something<\/a>, and that management appreciates what they do.<\/p>\n

Data shows that employees who feel valued at work also have higher performance and satisfaction levels. An\u00a0American Psychological Association study<\/a>\u00a0found that 93% of employees who report feeling valued at work also say that they feel\u00a0more motivated, and 88% report feeling more engaged. In addition, higher levels of engagement can\u00a0boost your revenue, since\u00a0engagement improves productivity while also reducing absenteeism and turnover<\/a>.<\/p>\n

3. The Right Mindset<\/p>\n

Odds are, if you didn’t believe in your ability to achieve positive outcomes, you wouldn’t have become and entrepreneur in the first place.\u00a0<\/p>\n

Research<\/a> shows that belief in one’s own abilities to meet challenges ahead, known as self-efficacy<\/a>, fully explained entrepreneurial risk-taking. This confidence is critical to your past success and needs to remain a part of company culture to motivate employees to take on future challenges.<\/p>\n

Bottom Line<\/p>\n

Chalking your organization\u2019s successes to \u201cluck\u201d can seriously undermine their effort.<\/strong><\/p>\n

Many CEOs credit their success on a combination of\u00a0skill, effort, and luck<\/a>. While it may seem tactful to claim that luck is behind your organization\u2019s growth, you neglect a variety of other factors that helped you get to where you are today.<\/p>\n

Try to dig into what\u2019s really behind your organization\u2019s business success to gain a complete\u00a0understanding of why you\u2019ve seen recent growth increases and what you can be doing better.<\/p>\n

\n

If you’re interested in learning more about sustaining your success as you grow, join us for a demo today!\u00a0<\/p>\n

SCHEDULE A DEMO<\/a><\/p>\n

","protected":false},"excerpt":{"rendered":"

When things start going well for your organization and you\u2019re on your way to scaling up, it can be easy […]<\/p>\n","protected":false},"author":33,"featured_media":14207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[87,90,271,88,67,77],"tags":[71,73,68],"class_list":["post-27623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-success","category-consistent-growth","category-growth","category-leadership","category-scaling-up","category-strategy","tag-leadership","tag-scaling-up","tag-strategic-planning"],"yoast_head":"\nYour Entrepreneurial Success Isn't Based on Luck<\/title>\n<meta name=\"description\" content=\"Enterpreneurial success can be attributed to many factors, but luck plays less of a role than people think. 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