SANDPOINT CHAMBER: LUCK!
Mickey Quinn
Luck is often seen as some magical force that appears to some and not to others. But when it comes to business, luck is much more about preparation and taking action than merely just chance. In business, luck is the byproduct of the work that's done behind the scenes: the planning, the preparation, and the taking of action to take advantage of opportunities when they arise. Preparation is the key to success in business. It involves planning, setting goals, developing a strategy, and ensuring that all the resources required are in place. This includes understanding your industry, knowing and studying your competition, knowing your target audience, and developing a strong business plan. The more prepared a business is the more likely you will be able to tackle obstacles, identify opportunities, and take advantage of them. Luck in business is often seen as being in the right place at the right time, but that is not enough if you are not prepared and ready to take action. We have all heard the saying “Hope is not a strategy.” Well, neither is relying on luck.
There are four key habits practiced by successful companies that help them have good luck. If you practice these four habits consistently, you too can increase your chances of having good luck in your business.
No. 1 Maximizing what you have. In business, you can aim to have more, or you can do more with what you already have. Review your resources, systems, reputation, history, and team members you already have. Make sure you are maximizing and leveraging these assets before plunging ahead and chasing some new shiny object or some new solution for your business.
No. 2 Mixing things up. Creativity and innovation are much more likely to happen when you have a diverse workforce. When you encourage different disciplines to work together, it can be surprising the new ideas that pop up. Apple and Pixar specifically designed their buildings to cause diverse work groups and departments to interact with each other. Their leaders knew that different ideas would spark innovation and creativity. Another way of mixing things up is to borrow ideas from other industries and brainstorm how to make them work in yours. Sprinkles Cupcakes borrowed an idea from the banking industry, and used that as the inspiration for their very creative cupcake ATM's! Strokes of genius and off-the-wall ideas are not going to be found buried in a textbook; they are found through creativity, asking questions, brainstorming, and working with diverse groups of people.
No. 3 Turn misfortune into good fortune. Most brands suffer misfortune at some point. The key to long-lasting success is bouncing back when that happens. Successful companies get good at dealing with adversity. Use each failure and misstep as an opportunity to learn, grow, and do better going forward.
No. 4 Avoid perfectionism. You can spend countless hours getting that last 10% until you reach perfection, or you can pull the trigger and launch, and make corrections as needed along the way. Salvador Dali once said “Have no fear of perfection. You'll never reach it.” Done is better than perfect.
You can be lucky by chance, or lucky by design. The most successful companies consistently make the most out of their assets. They are open to being inspired by other industries. They turn adversities into opportunities, and they avoid perfectionism. Practice these four habits and you will find that you will have more good luck and success.
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Mickey Quinn is the executive director of the Greater Sandpoint Chamber of Commerce.
