Does luck play a part in your business? » SMEInsider

Does luck play a part in your business?

luck

Over 70 per cent of SME owners believe that luck plays a part in their business success. Find out the source of their achievements and take a look at our SME guide to gaining a little bit of luck.

According to a new poll by AXA Business Insurance, almost three quarters (71 per cent) of small business owners quote luck as a factor for their success in the business world.

How do business owners achieve this luck?

Some wear lucky items such as clothing and jewellery or carry gemstones to give them confidence when doing business, while others make time for rituals, prayer, or daily affirmations in the hope they’ll up their performance and improve business fortunes.

Of course, many will argue that luck has nothing to do with running a business successfully, but research from the University of Cologne suggests that activating a superstition boosts confidence and in turn improves performance.

‘‘Some people say the harder you work the luckier you become, and that’s definitely a view I’d subscribe to. Without skill, talent, hard graft and great ideas, you’re unlikely to make it on happenstance alone,’’ explained Darrell Sansom, managing director at AXA Business Insurance.

‘‘But I also believe that luck is a state of mind, and believing that you are lucky builds confidence and resilience.’’

So how do you create your own luck in business? Here are AXA Business Insurance’s top tips:

Know your purpose

They say that success is where purpose and opportunity meet, so know your purpose and focus your activity on the things that are likely to bring the biggest business benefits.

Focus on your strengths

Those who succeed again and again do so because they’ve honed specific knowledge, networks, skills and experience. If you focus on what you do best, you’ll get your best results.

Collaborate

Be open to new possibilities, extend your networks and break your routine from time to time. Watch out for new opportunities and work hard to make them happen. Be nice, be honest, be helpful, and always say thank you.

Don’t fear failure

…but don’t force it either. Assess your risks, realise your opportunities, seize them, and take appropriate action.