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10 Ways to Become Luckier in Business Luck is about chance, the chance of something good happening and finding reward in the opportunities.

By Stephen Key

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.


Do you believe in luck? I don't, not really. Not in the conventional sense anyway. I believe it's entirely possible to create your own luck. You can become luckier, absolutely. Because fact is, luck is really about chance: The chance of something good happening. If you make yourself available to new people and new opportunities -- you'll be rewarded for it. It's really pretty straightforward, actually.

Here are my strategies for creating all the luck you need to become a successful entrepreneur.

1. Be the last guy standing.

If you pursue your dreams long enough, opportunities will come your way. So be persistent. Don't give up. Do what it takes to stay in the game. No one becomes successful overnight. As Bob Parsons, founder of GoDaddy, advises: Hang in there.

Related: Forget Four-Leaf Clovers. Successful Entrepreneurs Make Their Own Luck.

2. Be ready.

When opportunities do come your way, you need to be able to leap into action. The only way to become ready is to train. Practice makes perfect. If you do something over and over again, you'll get better at it. (The fact that insanity is similarly defined is not coincidental. You need to be a little insane to become an entrepreneur.) By "ready," I mean both mentally and physically. So invest in yourself. Education is the best way I've found how.

3. Dump haters.

Surround yourself with people who share your goals and aspirations, support you, and are unafraid of your success. You'll change. They will too. Friends you can grow with are priceless.

4. Be stable.

If you're financially strapped, there's a good chance you'll make decisions too hastily. Desperation is never an asset. Because like I said, time is on your side. It's one of your greatest allies. Taking a job just to pay your bills doesn't define you. Don't get down on yourself. If it's enabling you to pursue your dreams, it's part of your plan.

Related: How and Why You Need to Make Your Own Luck

5. Be discerning.

When an opportunity presents itself, think long and hard about how it fits into your long-term plan. Sometimes walking away from an opportunity is the very best action you can take.

6. Always do the math.

What's the opportunity? What are the risks? What's it going to cost you? What's the revenue potential? Basically, is it financially sound? These are basic questions you need to answer. It's okay to take risks. You'll need to. But fundamentally any business model you engage with must be sound and the only way to determine that is through your own analysis and evaluation.

7. Have faith in yourself.

You can't do without it. Because at the end of the day, the only thing you can truly count on is your belief in your ability to handle any problems that come your way.

8. Stay curious.

Read as much as you can. Make new friends. Successful people are students of the world at large. You can't stick your head in the sand and focus so intently on your goals you effectively have blinders on. Always be asking questions.

9. Network relentlessly.

Everywhere you do business, every person you meet, and everywhere you go… be present and open. You never know. Opportunities emerge from the unlikeliest of places. Let people surprise you.

Related: Make the Luck You Need to Succeed in Business

10. Help others.

If you give of yourself, people will give back to you. So make the effort. Along the way you will build an invaluable team of professional supporters. People will remember your generosity. And in turn they will bring opportunities your way.

A lot of what creating your own luck boils down to is seeing the big picture for what it is. Being patient. Being kind. There will be many obstacles along the way. But as one of my favorite authors Ryan Holiday says, those obstacles are really actually opportunities. Your attitude is everything.

Stephen Key

Co-Founder of inventRight; Author of One Simple Idea Series

Stephen Key is an inventor, IP strategist, author, speaker and co-founder of inventRight, LLC, a Glenbrook, Nevada-based company that helps inventors design, patent and license their ideas for new products.

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