Making your own luck in businessMany successful entrepreneurs say that luck has played a part in some of their greatest achievements. While hard work is vital to small business success, research shows that, in fact, the importance of luck cannot be discounted.

In honor of St. Patrick’s Day (and perhaps to increase our own odds of success), we’re taking a look at some of the characteristics shared by business owners who are skilled at making their own luck.

Lucky people have a specific objective: As a business owner, creating luck often comes with seeking and finding opportunity. Being prepared and knowing exactly what you are looking for makes it easier to recognize a “lucky” opportunity and seize it when it comes your way.

Lucky people associate with each other: Studies show your luck will improve when you spend time with people who consider themselves lucky. In his book Business Brilliant, Lewis Schiff discusses how friend-of-a-friend connections often produce opportunities that appear to be lucky but are actually the result of smart networking.

Lucky people trust their gut: Many successful business owners say they follow their intuition when making decisions. Schiff notes that developing deep expertise in your work enables you to pick up on patterns others don’t see, making it more likely that you will trust your gut in decision-making. Both are defining traits of lucky people.

Lucky people expect good things to happen: A 10-year scientific study shows that people make their own luck, good and bad, in large part through their attitude and behavior. Lucky people have positive expectations. As a result, they don’t dwell on the downside of a bad outcome and take corrective steps to avoid misfortune down the road.

Lucky people are generous: Instead of looking for what they can get out of a business relationship, lucky people focus on how they can help the other person. Bringing an attitude of generosity to your dealings with others is far more likely to attract referrals and new opportunities than trying to extract favors.

Lucky people accept help from others: Although most business owners wear multiple hats, it is important to trust the members of your team. Delegating responsibilities creates opportunities for others to shine. The result may be a “lucky break” when an employee comes up with a brilliant money-making idea after taking charge of their specialty area.

Lucky people are flexible: Luck is often all about timing. While it is important for businesses to have goals and benchmarks for achieving them, being flexible allows you to modify your goals in order to jump on an opportunity when it presents itself. Keep an open mind when it comes to possibilities, products, and services that can help your business grow. Capitalizing on an opportunity can be as simple as being in the right place at the right time.

Lucky people don’t fear failure: Successful business owners aren’t deterred by the possibility of failure, and they often possess a resilient attitude that allows them to turn bad luck into good. If you succeed, you can say you were lucky. If you fail, learn from the experience and move on. You may have better luck next time.

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Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.