When it comes to entrepreneurship, there is no set equation as to what makes you successful or not. Of course, hard work, consistency and dedication are all part of what it takes to get your business off the ground, but what about the point that it all seems to change for some? The big break as people like to call it, timing can make or break a business idea. If you time the execution of your business at a time where people need it or there is a gap in the market could mean the difference between success and failure for your business. But when it comes to the conversation of timing vs. talent, it can be a debate in terms of what defines success for a business owner.
Harvard Business Review outlined that a key component in business is the ability and capacity to learn new things. These skills can align with being hard-working and having natural talent, but what about when it comes to being an entrepreneur? Is this enough for a business to succeed in a way an entrepreneur would want it to? The key habits of being an entrepreneur can open up the door to opportunity, but entrepreneurs often can pinpoint a time when things started to change for their business and this could be attributed to something that may not have been a result of their talent.
What do luck and timing have to do with success?
(Image showing the number of private sector businesses in the UK. Source: Statista)
It is no secret that entrepreneurs work hard and sacrifice can get them results if they believe in their business idea and are willing to do what it takes for their venture to succeed, but the timing of certain opportunities may be considered, by some, as luck. There are different interpretations of luck when it comes to business and one of these may be meeting the right person at the right time. Speaking about your idea to more and more people will inevitably increase the number of ears that are listening, but landing your idea and aligning with someone who could end up being a big part of your venture may just be down to timing. Take the example of looking for an investor, you have spoken to someone who is interested because they had just come off the back of wanting to explore the sector that your business lies in and so chose to invest. The timing of speaking to the right person at the right time can be pivotal for an entrepreneur.
The role of luck and timing in business doesn’t take away from the grit it takes to be an entrepreneur, but one video of your venture that goes viral might mean the difference between your business taking off and it being a slog. The timing of certain things when it comes to business cannot be controlled and could indeed go the other way and lead to misfortune for your business. Take the example of a product, and someone recommends it to someone who recommends it to someone and it gets in the hands of someone who has a large platform and decides they love the product and encourages their followers to buy it. This is timing and luck playing their part in the success of your business.
The cyclical nature of timing and talent
There are some things in life, not just in business, that is sheer timing and luck, but in the world of entrepreneurship, the so-called lucky moments are more curated than we may think. The nature of entrepreneurship will mean that entrepreneurs and business owners are active in different ways than they would be if they were an employee, so naturally the types of people they network with and the audience that their business will reach will most likely be in favour of their business goals. The opportunities that arise may be ones that propel and accelerate the success of a business, but that opportunity was most likely created by the entrepreneur. Timing and talent seem to work in a cyclical way with each other, the talent means that an entrepreneur is fulfilling what they’re good at and because of this, well-timed opportunities will most likely come.
When it comes to the discussion of timing versus talent, there are often conflicted emotions as some people get ahead of others who have been in the same market as them for years, but the key is to remember that no entrepreneurs are exactly the same. There is no concrete timeline when it comes to running a business and ultimately it cannot run without the initial talents of the person steering the ship. Timing and luck may come, but starting your business and remaining consistent is key to opening your venture up to receive opportunities and expand your business.