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Hard work wins in business (a.k.a. it ain't just about luck)

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Re: Hard work wins in business (a.k.a. it ain't just about luck)

#11

Post by kevin_nisbet »

I believe luck is a much larger component than most people realize, but I don't see it as the "luck" of when you were born.

There is all sorts of business luck that occurs. As one example, in a startup you get some early customers in a vertical and the government changes the rules to make you're tech necessary for the vertical. And then no one else recognizes or competes with you on that vertical for awhile. So there is a giant don't f it up component as another comment pointed to, but you also don't get run out of business by a slightly better execution from a bunch of competitors.

Re: Hard work wins in business (a.k.a. it ain't just about luck)

#12

Post by everdrive »

People notice hard work, and hard work pays off -- it's just that it's just one piece of the puzzle. Personality matters, even where it shouldn't, as do luck, credentials, networking and more. Hard work important-but-not-sufficient. (And at a good job, it might even be necessary-but-not-sufficient.)

Re: Hard work wins in business (a.k.a. it ain't just about luck)

#15

Post by TheRoque »

SaberTail wrote: post #4

On the other hand, there are plenty of people who worked hard and still failed in business due to bad luck. This article is pure fluff.

And some people work really hard but in the wrong direction, or lack the talent. Just go on game dev subreddits, it's full of people that dedicated one or multiple years to making a game nobody wants to play.

Re: Hard work wins in business (a.k.a. it ain't just about luck)

#16

Post by persnickety »

burnt_toast wrote: post #7

Why can't it be both? You can work hard and the business can still flop due to things outside of your control. I started a business a year before Covid hit. I worked hard and did multiple weeks of working 6 - 7 days. Then Covid popped up and my customer base slowly dried up due to people struggling to make ends meet. Working hard wouldn't have prevent Covid.

Corollary: Luck wins in business (a.k.a. it ain't just about hard work)

Re: Hard work wins in business (a.k.a. it ain't just about luck)

#17

Post by skwee357 »

As someone who is actively pursuing entrepreneurship for the past year, while doing it on-off pretty much from the beginning of my career (about 15 years), as well as following other solopreneurs/indie-hackers on social network--I move closer and closer to the realization that it's majorly luck based. Let me explain.

Yes, it's humbleness to say that it's all luck, and I think it's egocentric to claim that you know how entrepreneurship work, once you succeed, let alone build frameworks/coaching programs around it.

However, based on my observation, as well as my experience, luck plays a major role in success in entrepreneurship/business/work. You could get lucky because your manager likes your personality, or you can be a hard-working asshole that no one loves and/or respects. The same goes to other aspects. You could get lucky because YouTube/Twitter decided to pick up your content and show it to millions of people, thus earning you customers/followers/brand.

I do think that the only formula for success is when preparation meets luck. As cliché as it sounds, if you put in the work, but get unlucky, you won't succeed. If luck finds you, but you have no product or your videos suck, you won't succeed. It's only when you work constantly, improve your craft, and continue to stay *active*, then, when luck finds you, you might succeed.

And this is what I am going to teach my kids, and this is the answer I'll provide to a random person on the streets.

Re: Hard work wins in business (a.k.a. it ain't just about luck)

#18

Post by complianceowl »

miah_ wrote: post #6

Hard work from those in the bottom works for the top, but rarely for those in the bottom.

This is a cynical, nihilist, and "loser" mentality. Tell that to my mom and dad who are immigrants, worked their tales off and are now millionaires. Tell that to my cousin who is also an immigrant and went from concrete laborer to owner of a concrete company. Tell that to one of my best friends -- also an immigrant, who started as a framer and is now has his own home building company.

Hard work works especially for those at the bottom. And if you're located in the USA and you have that perspective, then you are not well traveled or have never lived in a third world country. I have.

Re: Hard work wins in business (a.k.a. it ain't just about luck)

#20

Post by NickC25 »

SaberTail wrote: post #4

On the other hand, there are plenty of people who worked hard and still failed in business due to bad luck. This article is pure fluff.

Luck, in essence, is a skill. Being in the right place at the right time.

However, this skill cannot be taught, cannot be honed, etc.

What can be taught or practiced, at least partially, is the ability to be prepared for serendipity.

You're absolutely right though, and plenty of people fail for many reasons including bad luck or for reasons they had no control over. As a society, we need to make sure that folks who do take a a chance but fail aren't left to rot and still are able to put food on the table and take care of their families.

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