Some people have all the luck!
How often have we heard or used that expression? It attributes someone else’s good fortune to a random combination of circumstances or unpredicted events. When we can’t explain the cause, we often attribute the outcome to “luck”.
So here’s the twist. The more we work with high growth companies, the more we realize just how much underlying work goes into being ‘lucky’.
Luck isn’t so much about waiting for random circumstances to fall into place, it’s more about going out and seeking them or creating them yourself.
It actually takes hard work to be lucky, or more accurately – to ‘position’ yourself to be lucky. We’ve come to realize that you can actually influence how ‘lucky’ you are – but it takes strategy and a sustained conscious effort.
In their recently published book Great by Choice: Uncertainty, Chaos, and Luck—Why Some Thrive Despite Them All, Jim Collins and Morton T. Hanson present discoveries from their nine year research project on high-growth “10Xer” companies. Among their many learnings, they found that while higher growth companies are typically no luckier than others, they are able to achieve a higher “Return on Luck”.
Consistent with Collins and Hanson’s findings, we’ve noticed that when luck or circumstances present themselves to higher-growth companies, they are often better at recognizing and seizing opportunities – they achieve a better ‘return on luck’. That said, while they are constantly working to position themselves for ‘luck’, it is treated as bonus when it happens – they do not rely or count on it.
Circumstances convert into luck only when you’re positioned to take advantage of them.
So how can you best position your business to be lucky?
- Search out and create opportunities to ‘position’ your business for luck.
- Be strategic, deliberate, and persistent.
- Seize the opportunities and be agile enough to act on them.
In scaling your business, don’t just wish for luck – go create it. We wish you all the luck!
Be Bold, Think Big, Be Curious, Keep Focused!
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