Tuesday, November 1, 2011

What's Luck Got To Do?

Readers frequently ask me about the role of luck in starting a business. And I've always been curious about it, too.

Certainly persistence, planning, education and a positive attitude are crucial to small business success. But there are also a host of factors that can't be controlled: timing, big picture economics, competitors, trends and plain old luck.

So how big a role does good (or bad) fortune really play in success? The New York Times business section had an author who has written a book on this very topic opine on it in Sunday's paper.

He analyzed extremely successful businesses to try and isolate the role luck played and came up with a ROL (return on luck) factor that takes some of the uncertainty out of it. Fascinating stuff - give it a read.

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