Could luck be a factor in the entrepreneurial odyssey?

The journey of a businessperson is often marked by many twists and turns, victories and losses, and good moments and bad. But some entrepreneurs enjoy greater success than others, even though the factors governing their business might be the same. How, and why, does that happen? Could it be that elusive, undefinable thing called LUCK at work, wonders Suneeta Kaul

Post By : IJ News Service On 27 July 2023 3:51 PM

The harder you work, the luckier you get? Is it true that one makes one’s luck by the sheer dint of hard work, or does luck operate independently of the amount of work put in? In other words, does luck have anything to do with the success of a business?

Luck, hard work, or both?

A significant section of entrepreneurs, particularly jewellers, believes that it does. While no one discounts the role of hard work, jewellers share the opinion that luck can make a big difference to the overall success of an enterprise.

“Luck is definitely a factor when it comes to the journey of a businessperson. I would say luck accounts for 48 per cent of the success of a business, and hard work accounts for 52 per cent,” declares Pavan Mor of the eponymously-named Pavan Mor Jewellers, Hyderabad. “Hard work is supreme, of course, but you just cannot discount the luck factor.

There are so many things that are not in your control when you are trying to go about your business. Anything can go wrong, or right – a suddenly-announced government policy that will be to the detriment of your business, or advantageous to it; an unexpected global development, like a war that will disrupt your supply and demand, or unexpectedly create new markets; a natural catastrophe that will wipe out your hard work, or land you a new contract. Luck is definitely something that you cannot discount,” he adds.  

Things do happen by chance

While Lady Luck may smile at some businesses, and frown upon others, entrepreneurs cannot escape the hard work it takes to build a business, and keep it going. Oftentimes, luck can simply be a matter of preparation colliding with chance. 

Says Shreyance Oswal, Rikhab Das Udai Chand, Lucknow, “I personally feel that there is an 80:20 ratio between hard work and luck. As they say, luck favours the brave, and God helps those who help themselves. Hard work is essential, luck alone cannot help. But yes, sometimes, no matter how hard you work, and do everything right, success might still elude you. That is luck. I think business success is a little bit of both luck and skill. You certainly need to put in the effort, but sometimes success in business depends on factors beyond your control. It could be just a matter of being in the right place at the right time.”

Entrepreneurs are near-unanimous about the importance of timing in business. A decision taken at the right time can make a huge difference between runaway success and moderate success. But often, the outcome of an enterprise depends on a few fortuitous events over which no one has any control.

“My belief is that luck plays a very big role in the journey of a businessperson,” says Kailash Kabra, K K Jewels, Ahmedabad, adding, “Luck is also directly related to your karma. If your karma is good, luck will follow. I am a strong believer of astrology and vastu – our store is fully vastu-compliant. Even the positioning of our entrance, strongroom and cash area has been decided in accordance with vastu specifications. I definitely believe that luck is an element you cannot discount.

“Everyone works hard, but everyone does not succeed. I am not discounting hard work at all. Hard work is a must – you will reach nowhere without hard work. Without hard work, luck cannot help. But luck is that invisible factor that determines many things. I would like to add that if your conscience is clear, and you are humble and helpful, you will accumulate good karma, which can bring luck your way.”

Ultimately, it boils down to getting the most out of the things in one’s control, which translates into making high-upside, low-downside decisions, and always being prepared for the worst. “In my opinion, both hard work and luck play a very important role in the journey of a businessperson, but luck can help only once the hard work is done. Hard work comes first and foremost. If you have done the work properly, only then can good luck play its part. If you have not put in the requisite hard work, no amount of luck can help you,” explains Subodh Agarwal, Modern Ornaments, Bareilly.

Or does only hard work matter?

Striking a different note, Vivek Vavadia, K R Sons, Ahmedabad, says, “To be very honest, I really don’t think luck has anything to do with business. Business runs on ideas, their implementation, and lots and lots of hard work. You really need to have patience in the jewellery industry to make it big. Whenever you set up a new firm, it really has nothing to do with luck. Everything depends on how hard you work, the amount of effort you put in to try to win the heart of your customers, and how eager you are to provide them the finest jewellery.”

And lastly…

Most entrepreneurs, however, do believe that luck plays an important role in the odyssey of a businessperson. At the same time, they are unanimous in their belief that there is no substitute to hard work. A little bit of luck and plenty of hard work – that sums up what it takes to succeed as a businessperson.

 

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