Is Failure in business due to your inability or luck?

Question

Even after all your hard work, capability, educational background and business daring with positive thinking, if you fail in business, Is it due to lacking in your capability or luck?
I will appreciate your sincere answer in this matter.

Answer 1

There are multiple reasons why businesses fail...
1. Unrealistic expectations: "I just looove Troll Dolls! I'll open a Troll Doll store and make millions!" Yeah, good luck with that...

2. Under-capitalization: A shoestring budget will bite you in the butt every time. Prepare for everything to cost twice what you expected, +10%.

3. Lack of organization: You have to run a business like a business, not your personal cash flow piggy bank.

4. Market saturation: Coffee shops and health clubs are a dime a dozen...most of them fail.

5. Poor management: Not controlling your costs; payroll, inventory etc.

6. Poor planning: "Why can't we sell snowboards in Miami?"

The list goes on and on... Most businesses fail because they're poorly conceived, or poorly managed.

Out of 10 new businesses;
5 will fail right out of the starting blocks
2 will barely break even
2 will show a small return on their investment
1 will be a success

Sure, you can be unlucky...the building you just leased and stocked burned down last night, but most business owners simply don't know how to operate one. They learn through repetitious failure (I.E: the hard way) and most investors are aware of this. Many of them will require placing outside experts into key management positions as a result.

Answer 2

Here is an honest answer.

Planning and effort reduce, if not eliminate, luck. There are instances where luck plays a role - you cannot control the weather for example - but most variables you can plan for and work through.

Most business failures occur due to lack of planning or lack of effort.

I sincerely hope that your business is not failing, but if it is, step back, take a candid look and see if you need to alter your plan or work harder.

Since I have been advising business owners for 20 years, my suspicion is that you need more customers. If this is the case, get on the phone, send out a mailer or make personal visits and ask people to buy your produce or service.

Good luck,
Dana B.
www.thebarfieldgroup.com

Answer 3

Failing in business is the first step to success.Do you think that all the successful people havenot failed in their businesses?Read their profile and their history.However I can give you some pointers that might help you to evaluate your situation.
First education background has nothing to do with failure.Most big business people werenot well educated.
Ask a question who is your coach or mentor?Do you have any?
that can guide you and show you the steps.
Are you associating with the right people?
Are you following a system that is prove to be successful.Someone has worked with trials & errors and have established a system.Are you have in place a SYSTEM?
Even being positive thinker,have you developed & devoted time in self development(growth) within yourself.
Well there are many things to see.I teach people and help them to be successful for last 4 years.Drop me an email if you need further information at [e-mail]
I will gladly be to your help what you need to acheive.Remember there is no thing like luck or lack of capability.You have capability.Do not let yourself down.
Thanks.
Prakash

Answer 4

I think it can be both, because you always learn new things after failure, if you say that lack of knowledge at the time of failure was bad luck then saying that being misinformed is bad luck, but I would call that not having the right resources before you start.
Now on the other had there is a factor of unforeseeable changes to a system, such as ours (the government) and all of its deceptiveness's that may not ever be predicted even through high education intricate planning and all the resources in the world, such as a medical condition caused by chemicals on the job, and not being compensated for it. I know caused it happened to me. And in that case I would say that its bad luck, ponder this if you want. Bad luck occurs when something in the system gets changed or deceives us.

Answer 5

Most small businesses fail because they are undercapitalized. lot of being successful results in being in th eright place at the right time like the boys from MicroSoft were. Bill Gates' IQ is 148, pretty smart but not genious level.

Don't blame your self, just move on to the next venture and use what you have learned. Most successful business owners fail more than once before they hit on something that works. Keep your eye on the road ahead. Just remember what the bumps looked like when you hit them so you can avoid them in the future.

Answer 6

It's either or both.

You can have a lot of skill and be unlucky. You could be totally inept and be lucky.

One can overcome the other but it's best to have both.

I don't believe in luck though. I'm assuming by luck you mean by chance or random events. Those who are "lucky" are usually the ones that put themselves at risk to be lucky.

Put yourselves in risky situations and probability dictates you'll get a big payday or die/fail trying.

Answer 7

highly a lot each and every resume must be one web page. you need to in trouble-free terms be itemizing issues that are pertinent to the interest you're using for. A resume is an outline, a sales device, that is not any longer an finished accounting of each and everything you have ever done. A GPA would not advise lots to an corporation. placed it aside for the interview in the adventure that they look attracted to correctly numbers. different different issues would properly be suggested in the cover letter. a plausible corporation is giving your resume a 10-second look. What are the most important things you want them to make certain?

Answer 8

Improper Handling

Answer 9

success is depending on some time luck also.if there is no luck
,u r work also not success.but with out hard work there is no success.
sometimes success=hardwork+luck;
hardwork=80%
luck = 20;
plz try to hard work moor and moor.if it willbe sccced in u bussiness. all best u r suceess.

Answer 10

Demand for your product or service and competition would be major factors as well. Sales is a dog eat dog business (just consider the auto industry).