It has often been said that without luck, the beginning entrepreneur simply won’t make it. Without an invisible hand to guide him safely through the many obstacles, his initiatives are doomed to fail.

Maybe there’s a way to contend for the hand of Lady Luck to ensure that her whims will not play tricks with the new venture.

How does the enthusiastic new entrepreneur attract her?

  • Homework

    Until the initial homework has been done the aspirant entrepreneur should not even consider playing the game. For the formal side of the business, the Chamber of Commerce or other specialized advisors can be called in for help. Undoubtedly, they will point out to him that a well defined business plan and having at least a basic knowledge of administration is part of the beginner’s package.

  • Passion

    Before Lady Luck will even look twice at the flighty entrepreneur he must convince her of his absolute commitment to the venture. This commitment cannot be limited to a product or service, but must apply to all aspects of doing business. If necessary, he will look for a partner to fill any eventual gap. It can be that one person has a talent for product development and the other for the sales.

  • Value Proposition

    Besides that, the impassioned entrepreneur has to be able to illustrate that his product or service actually make the hearts of his target group skip a beat. Does he have something to offer which people truly desire?

  • Action Speaks Louder Than Words

    With a good talk alone, the stride cannot be won. The entrepreneur must also make concrete that which he promises. It’s better to promise less and do more!

  • Input

    The entrepreneur who thinks he can easily sway Lady Luck to be on his side will end up being disappointed. Certainly the novice entrepreneur cannot afford to cut corners. Be prepared (also on the home front!) for an intensive battle. In this lies the importance of passion. Without passion, it’s not always possible to bring in the required input.

  • Customer First

    Not only does Lady Luck need to be pleased, but above all the customer. Listen to the customer! The advertising worth of a satisfied customer is invaluable. As a rule, keeping a customer is easier than making a new one.

  • Delegate

    Even for the most dedicated entrepreneur, courting Lady Luck alongside running a complex business can sometimes be too much. Without a good team, whether that is made up of employees or business partners, he’ll soon run up against a wall. Lady Luck might understand cutting some corners, but not where the team is concerned.

  • Mental Resilience

    The mental aspect certainly can’t be ignored. Our goddess of fortune will want to know how the entrepreneur deals with success as well as misfortune. That’s what makes the difference. Also, his pride can’t get in the way of asking for help at critical moments.

For the entrepreneur who wishes to stay in good graces with this lovely lady, no simple task lies ahead. Both the preparation as well as the implementation of his business plan demands 100% commitment and effort. Every decision that he makes must be deliberate and purposeful. His “homework” is never done.

Without integrity and a view for the long term, Lady Luck will surely not look upon him favorably.The brave beginner, who in spite of all these demands fully embraces his entrepreneurship for 100%, can surely count on the sympathetic eye of Lady Luck and perhaps even share in the abundance she has to offer.