The Luck of the Draw

Greetings from Albany, New York, where we find ourselves preparing for a first-round March Madness victory by my beloved VCU Rams over the St. Mary’s Gaels. With a little luck – and a lot of hard work and talent – we can win this thing on St. Patty’s Day. Unlike many previous NCAA tourneys, the Rams got better “luck of the draw” this season, after winning the Atlantic 10 Conference last week. I mean, at least I’m not driving 2,000 miles to Albuquerque or Phoenix, where the NCAA Selection Committee usually sends VCU. It was a nice seven-and-a-half-hour drive, but after some green beers and some basketball, I’m feeling good.

I thought it was important to talk about luck on this special holiday. I hear many business owners give “good luck” as the reason why they’re successful. I’ve heard start-ups say we had “beginner’s luck.” I’ve heard established companies say, “We’ve had a run of good luck.” 

But at the end of the day, getting a big client, getting a great deal on a spot to set up shop, or getting the right team together is usually the direct result of hard work. If you or someone you know is thinking of starting a business, send them these tips:

1. Take action. Stop thinking about starting a business and START a business. Act upon the ideas you have swirling around in your head. Draw up a business plan. Start saving. Cash in a couple of favors from friends and family to help get started. Do what needs to be done to turn that business idea into an actual business.
2. Be curious (and stay curious). The hardest part of beginning a business is getting started and staying in it to win it. Investigate new opportunities and ideas and give them a go. Read everything you can and ask questions of people who already have a successful business. Knowledge is power and the easiest way to gain it is by asking questions.
3. Start small, but think BIG. Dreaming big is not a bad thing. Think about how big you want to grow your business, but start small with the basics. Focus on building a brand that your business can grow into, not out of. I’ve met many successful business owners that had to change their name or brand identity after starting a business because they outgrew the name or business model. For example, if your business name is Virginia Electrical and you expand into North Carolina, you’ve got a problem. 

Yes, it takes a lot of hard work to build a business, but it also requires research, resources, and resilience. And yes, I’ll admit, a little luck comes in handy. But if you succeed, give yourself the credit and don’t tell people, “We got lucky, I guess.” As MGM founder Samuel Goldwyn once said, “The harder I work, the luckier I get.”