Everybody wants to get lucky in a raffle draw to win the price or a brand new kiapicato, even companies success or failure can be attributed to luck as no one can foresee the twist and turns the future hold. One of my friend has a T-shirt with a line “Stayed up all night to get Lucky” you can think about that.
In my last blog post, I identified how entrepreneurs can predict the future;however it’s important to note that all these requires a bit of luck. Entrepreneurs have started business that failed and few years down the line other entrepreneurs picked up same project and got successful with it.
Luck is too important to leave to chance; Napoleon explained that he consistently won battles despite the disorder, uncertainty and friction of war because he picked lucky generals. What comes to mind next is how was Napoleon was able to pick Lucky general?
In Starting up a business, getting the right team, support, funding, customer base are some of the major factors of success. I will identify two main factors that are critical in getting lucky, building a successful venture.
Timing is everything: A start-up founder may be compared to captain of a ship, peering through a telescope to the distant horizon. O captain! O captain! as Jared will hail …… in the movie series Silicon Valley. However the future is vague by dense fog.The founder goal in the midst of this is to set a clear course for the business. The good news is that the unpredictable market creates opportunities but these opportunities are not created equal
Start-ups can iterate to facecountless small opportunities, mid-size ones and the periodic golden opportunities- a chance to create great value to the resources invested in a short period of time. Typical golden opportunity include seizing explosive demand in an emerging market
So, what customer pain are you trying to solve and what the trend is like. Launching the right product at the wrong time will mar a business before its get started. It is always important to conduct reconnaissance into the future.
The Strategy of Active waiting: So while building your product, growing through the build-measure loop advocated by Eric Ries in the lean start-up methodology. It is important to note first product are not meant to be perfect but while growing and acquiring new customers, a team is learning its way towards a sustainable business model then a golden opportunity might show up. During this period it is important for start-up founders to prepare their companies to capitalize on this.
The secret to success here lies not in the heroic efforts in the midst of storms but rather the quiet actions taken during period of relative calm between them.
Its crucial to get started because leading a start-up into the future will always be foggy, you will have to pivot or persevere along the line, even Youtube started as a dating site, what you learn while actually working to figure it out will make the difference.