Quote: JerryChicken "Worth saying again but any business person who thinks they are some sort of genius because they have aquired some wealth and have a successful business is only kidding themselves and I include all of the panel of Dragons Den and Alan Sugar in that statement (although they would probably admit as much themselves if only in private).
There is no secret at all to forming a business with very little capital and after that its just your own hard work and 95% luck - you will probably be in the vast majority of start up businesses who fail after 12 months and then its down to you and your own personal situation, can you busk it for six months while starting again, are you prepared to sleep in a squat above the shop that you were supposed to have been evicted from like Richard Branson had to, or do you have a family and a mortgage that needs you to scrap the dream and go work for someone else with immediate effect.
Even if you "make it" most businesses trade on loans, good will and pure good luck, hit a patch of bad luck and most will fail, watch your turnover drop over six months and expect your bank manager to start pestering you, no-one wants to know a business owner when they've made a bad decision or hit a run of bad luck and there is no "angel" who will knock on your door to save you like some of the TV programmes will have you believe.
Hard work, and a huge smattering of luck and you may make a living at it, throw in some incredible luck and you may make the Sunday Times list.'"
I am sure that any business plan that was to be based on 5% hard work and 95% luck would be bound to fail.
Luck plays a part in all aspects of life and not just in business, but to suggest that in business it is 95% luck is ludicrous. Many business ventures fail because the idea or product is wrong or the key personnel are wrong. A key ingredient for most business is marketing and sales ability. Skills which sadly in many people is so lacking. To put any of these examples down to luck is to not to face reality.
Having the right idea or product and knowing how to bring it to market at the right time are crucial to a budding entrepreneur. Add in tenacity and focus and being able to do the key work yourself and sufficient funding to stay alive to allow the business to grow.
Yes the odds are against success because it is so hard to achieve but it can be done without having to rely on luck.
