How do you make it to success? Or, if you’re already successful how do you grow and improve upon that success? What is that magic formula of hard work, skill, and luck?
My Philosophy on Success
A word of warning- this is my personal philosophy on the question. It does relate to your business in a very real way but there are many philosophies out there. You need to find the one that motivates you.
I believe that hard work, skill, and luck are all factors in success. You can have a phenomenal idea but could lack the skill to implement it. If I suddenly had a billion dollar idea for an app for my phone I still wouldn’t be able to code it. Similarly, even if I had the skill to code it I might not be willing to put in the time and hard work it would take to create it. Finally, I might actually have a potential billion dollar idea but it doesn’t get found by the right people.
It’s possible to find success with only one of these factors but a healthy mix of the three is your best bet.
Hard Work
Hard work is the baseline needed unless you have an inordinate amount of skill or luck. And usually you needed to put in a ton of hard work to develop the skill you’d need to have to replace hard work.
The idea comes down to the success of a project is the initial idea for it * hard work * your skill * luck. Which of those is easiest to control? I certainly can’t control whether my ideas are great; they come to me on walks, in the shower, or in conversation with others. I can make a change in my skill but that usually takes a really long time and isn’t always feasible to change for a near term project. I most certainly can’t control my luck. So I’m left with the work. Also, it’s important to remember that burning yourself out with hard work isn’t actually going to be better for your business.
I have a final but important note. You see how those are all multiplied? That means if any of them roll a 0 you get a 0 as the output. Don’t let that 0 be your hard work, which you can control.
Skill
As I just discussed, skill is a multiplier of hard work and can replace hard work if you have a high enough skill. After all, tasks get easier the more we do them, right? That’s you building skill.
It’s very important to build the skills that will be relevant to your business or career. Sure, just putting in the hard work to get a project off the ground will build skill. However you want to be more mindful than that. You want to take the time to think through what will build your skill more quickly or in more relevant areas. You want to plan ahead!
When I switched careers from IT consulting to financial planning I knew I needed to build a new set of skills. There was plenty I could bring from my past career that would be valuable but a lot of new things I needed as well. I actually made the commitment to go back to school to get the Certified Financial Planner designation and an MBA. Overkill? Perhaps. However it did land me in the kinds of positions I wanted in my new field instead of those that involved sitting at a desk and cold calling all day.
If you want to increase your chances of success take the time to develop the skills that will help you succeed. In fact, if you use some of your hard work to build those skills you’ll be building a multiplier for every future project, thereby reducing the hard work you need to put in or amplifying that which you do put in.
Luck
Luck’s a wildcard. It could be a random host from a large streamer. It could be running into someone at a bar and connecting with them, only to find out you make great partners for an idea. You might need buy-in from a key person to get funding and your luck might be that their son watches your stream or uses your product and loves it. There will always be that person who had a ton of luck and became successful- don’t look at them enviously because you’re just wasting your time. Time you could be using for yourself!
The point is, it’s hard to quantify or predict luck but you should try to identify where it has played into your success. There are a couple of things that have been lucky breaks for me. First, it was being born to well-off, well-educated parents. You really can’t ignore that one. After all, if you’re running a marathon it’s a lot easier to win if you start at mile 5 instead of the starting line. Would an accomplished marathoner still beat me? For sure, but it’s an undeniable advantage.
Next, I married someone who bought in to my vision. Someone who believes that this thing can be a success. Someone who is willing to take on the burden of the 9-5 so I can work on this. That’s a point of extreme luck.
Finally, I’ve made unexpected connections at events that have propelled my business. This speaks a bit to making your own luck since I was at a place dense with the kind of people who might need my services. However, it’s still luck!
So, how has luck played a role in your success?
Why is this relevant to your business?
It’s relevant to your business because it can help you improve! Practice realistically looking at what’s gotten you where you are you can have a sense of what to do next. Has it been a ton of grinding so you might benefit from building some skills? Alternatively, have you benefitted from a bunch of luck and can work hard and build skills to continue that success?
It also gives you some ideas for what you can do if you have a weakness in one of these areas. You can HIRE for the thing you don’t have (except luck). Though even with luck you could hire someone whose job is to go out and make connections. The bigger your network, the more likely you are to find some luck.
Conclusion
You can’t know exactly what will make a success ahead of time. You can know the factors that go in to a success. Then, try to put yourself in the best position possible. By knowing how hard work, skill, and luck impact your business you help yourself be a much more conscientious businessowner.
You don’t have to figure this out alone. This is what we do- help streamers and consultants make great money decisions. If that’s something that sounds interesting to you reach out me or schedule some time for a free consult. You can check out what I do here.
