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  • Writer's pictureAndy Hamer

Using luck as a business strategy!

Many entrepreneurs believe that having a bit of luck sets them apart from their competitors and allows them to thrive in an increasingly competitive marketplace. However, as business guru Peter Drucker once said, "Luck is a residue of design." This means that while luck may play a role in a business's success, it is ultimately the result of careful planning and strategic decision-making.


The problem with relying on luck in business can lead to a false sense of security. Entrepreneurs who believe that they have all the luck on their side may need to plan for potential risks and challenges, which can ultimately lead to their downfall. Additionally, relying on luck can lead to complacency, as entrepreneurs may believe that their success is guaranteed and may not put in the necessary effort to continue innovating and growing their businesses.


Engaging an external business advisor is one way to avoid relying on luck in business. An experienced advisor can help entrepreneurs identify potential risks and challenges and develop strategies to mitigate them. They can also provide valuable insights and advice on staying ahead of the competition and continuing to innovate and grow. An external advisor can also serve as a valuable sounding board for entrepreneurs, helping them make more informed decisions and avoid relying on luck to succeed.


In conclusion, while luck may play a role in a business's success, it should not be relied upon. Entrepreneurs should focus on careful planning and strategic decision-making to ensure long-term success. Engaging an external business advisor can help eliminate the problems associated with relying on luck and provide valuable insights and advice on achieving success. As Peter Drucker said, "Luck is a residue of design." Businesses should be designed to minimise the role of luck and maximise the role of good strategy and execution.


Let's take "luck" out of your strategy playbook.

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