Is There a Connection Between Luck & Entrepreneurship?

Fri, Jun 17, 2022 11:35 AM

Is Entrepreneurship all about luck?

Maybe, Let’s Explore

In the simplest sense, entrepreneurship is innovating products of any kind and gaining commercial benefits through its trade of any form. For innovation, you require creativity which is very much related to an individual's available rich understanding skills and knowledge through which he/she makes a way out of a particular problem or issue. Skill comes from repeated participative activity or reading and learning through different sources about something and applying it to it.

Success in an entrepreneur's life can be attributed primarily to being able to start the right business at the right time and make it profitable over time as the different harsh and good times come along. But that too requires proper investigative skills in the target market of a particular product or what makes it credible enough to be valued by the consumer. Entrepreneurial leadership is a mindset that focuses organizations on turning problems into opportunities that create economic and social value,” says Babson College President Stephen Spinelli Jr. Leadership isn't something that happens by luck or chance. Confidence, integrity, empathy, vision, critical thinking, and the ability to influence the team's behavioral thinking are all required qualities of a leader which is a major determinant of Entrepreneurial Success.

For the majority of people, entrepreneurial success is all about hard work, efficiency, and knowledge people gain over time. On the other side, some sufficient insights were gathered which show the significance of phenomena i.e. luck in business by 12 %(Riana Lynn, founder of Journey Foods) 20% (Scott Fitsimones, co-founder of AirGarage) and for someone, it is 50%. Instagram co-founder Kevin Systrom says luck was responsible for at least 50% of his success. It might boil down to just three things.

The Skill of an Entrepreneur is his/her luck.

The Market reacts to Entrepreneur's activity to make him lucky or not.

If you believe in luck for business, you either get lucky or unlucky.

 -Ankit Agrawal

Ankit Agrawal is a 3rd-year BBA-Finance student. He is also a keen admirer of quantitative finance and research. His other interests include Portfolio Behavioral finance, Macro-Economic Variables and Asset management, etc.

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