Quiz: How much luck is necessary in order to build a successful business?
Answer the questions below to find out.
Q1. You identified a gap in the market and worked out that there was a good opportunity to launch a product or service that filled that gap. Was this as a result of:
a) Just happening to be in the right place at the right time
b) Careful thought, analysis and research
c) Seeing a business doing something you found interesting and thinking you could do it better?
Q2. You developed your products and/or service so that they closely matched customer needs. Was this as a result of:
a) Pure chance
b) Market understanding, research, and customer feedback
c) Launching what you thought was about right, listening carefully to what customers and potential customers said, modifying the product/service so that it was better, and you’ve carried on like that ever since?
Q3. You recruited a great team of people who have made a significant contribution to your business’s success. Is this as a result of:
a) Them knocking on your door and asking for a job, and then them just getting on with it
b) Effective analysis of your requirements; selection skills; a willingness not to recruit until you found someone you were sure was an accurate match to your requirements; and your leadership and managerial style
c) A need to find the time for a leisure pursuit, so you worked out that the only way to do both that and run your business effectively was to employ people who are better than you, delegate effectively, and give them real responsibility?
Q4. You’ve never had to go cap in hand to the bank or investors in order to urgently raise short-term cash necessary for business survival. Is this as a result of:
a) Payments always arriving just in time
b) Meticulous and detailed cashflow planning and management, effective credit control, and carefully budgeted expenditure
c) Someone once saying to you, or you reading somewhere, that cash is king, so you’ve always kept a close eye on the bank account?
Q5. You’ve developed a brand and a supporting business culture that positively differentiates your business and its products and/or services from those of your competitors. Is this as a result of:
a) It just happening like that, somehow
b) Proactive senior focus on brand definition and development together with the employment of specialist brand expertise, clear and effective communication throughout the business and policing of brand use, and intentionally developing your business culture so that brand and culture are synergistic
c) Meeting someone on a train who was a brand marketing specialist, liking what they said and taking their advice?
Q6. The awareness of your business and its products/services in your target market is high, you are generating an appropriate volume of sales leads to support your growth plans, and conversion of sales leads to orders is exceptional. Is this as a result of:
a) High natural demand and no competitors
b) A highly effective marketing strategy, investment in brand awareness activities, ongoing analysis and enhancement of lead generation methodologies, and a top calibre sales team
c) Your popularity in the golf club?
Q7. Customer retention is high, their loyalty to your business is amazing, and much of your business comes via existing customers and referrals. Is this as a result of:
a) Not sure, but must be doing something right, you suppose
b) Everything your business does is customer-driven, your business goals are aligned with those of your clients, you listen carefully to and proactively encourage feedback, your products and/or services are amazing, and you always go that extra mile to exceed customer expectations
c) Knowing how to throw a great party at the annual client conference?
How Do You Score
All questions score the same. Answer (a) score 1 point; answer (b) score 3; and answer (c) score 2. Total your score and check the key below.
Someone as lucky as you should perhaps give up running a business and do the lottery instead.
In the medium to long run, you make your own luck in life. What you’re doing is running your business so that when luck does arrive you’re there to grasp it with both hands. You can probably cope with the odd bit of bad luck too.
You really are a hero – hardworking, insightful, intelligent, methodical, multi-talented – tomorrow you’ll be walking on water! Make sure you get the balance right and enjoy life as well.