What’s the key to success in business? Most experts talk about issues like having a business plan, being flexible, and staying focused during tough times. However, sometimes one of the key elements is a little old-fashioned luck. Here are some companies that had extraordinary luck to help them achieve business success:
- Stonyfield Farms
The founder and former CEO/president of the organic food producer are Gary Hirshberg. He has been involved in the company since the year 1983. Gary’s wife Meg has stated that it was very difficult to be his partner during the times the company famous for its organic yogurt almost went out of business several times.
However, this success in business story resulted in Meg staying with her husband. Many people might refer to this situation as loyalty instead of luck. However, it could also be referred to as lucky. The reason is that other partners might not have been willing to stay with Gary during the early years of the company.
Stonyfield has become the number three yogurt brand in the US based on ranking by Fortune magazine. The company donates gets its milk from dairy farmers in New England and Midwest regions. A French food product company that produces Dannon yogurt and Evian bottled water now owns around 85% of Stonyfield stock shares.
Here’s another success in the business story that included luck. The company spent a million dollars on a web hosting company but it never launched. However, the company learned that it’s important to spend smart. It also learned that it’s important to put the customer first and find out what they want and need.
Since then the company has launched two very successful analytics companies. Sometimes good luck can be in the form of learning important lessons that can help you to avoid similar mistakes in the future. That, in turn, can produce “luck” in the form of higher sales, profits, margins, etc. However, it involves not making the same mistakes again.
Here’s another success in the business story that involved luck. However, the company admitted that it keep building various “big bang” products that required several months to develop yet lacked visible progress. It’s interesting that the company admits that the method actually worked various times.
However, the first time it didn’t it resulted in a product’s launch being delayed. That can be quite tough for any company but especially for a startup. The company should still be included in success in business stories.
The company realizes though that agile development is important. It should include a lot of visibility about progress. It’s also important for team members to be accountable to the other members. In other words, your company shouldn’t rely too much on “luck” in terms of providing visible progress.
Facebook has become the world’s largest social network with over 1.8 billion monthly active users. However, you might be surprised that part of the company’s success in the business involved some luck.
Co-founder Eduardo Saverin remained in New York to study. One big difference Saverin and the founders who were college dropouts is that the group living in Palo Alto was willing to take the early risks that were necessary to give the company the best chance at success.
Meanwhile, Saverin was less willing to take risks. He reportedly focused on paying the company’s bills such as for servers. In all fairness, this was part of his job as a co-founder since it’s statistics show that most startups go out of business within their first two years. However, if a company is unwilling to take risks then it’s also unable to grow.
It could be argued that this situation helped to the company to achieve success in business because the group in California was willing to take risks even though the company was a startup. This is in line with the old saying that “There’s no risk without reward.” It could be argued that Saverin’s being in New York was “lucky” in that it was easier for the company to take certain risks.
- Leo Babauta
The best-selling author admits that he started late because he stayed in a job he hated doing. It’s ironic because the author actually had a fear of failure and didn’t believe in himself enough. He now believes he should have been building a business he loved or launching a blog.
Babauta now says that he would have started a decade earlier if had known then what he knows now. He still achieved success in business but he would have had “luck” and success earlier if he had quit his job earlier.
The company admits that it launched a website yet asked for feedback from its customers later. This explains why it’s one of the successes in business stories that involve luck. The social Internet ride-sharing company still achieved success.
However, it admits that tit spent too much capital on the site and software before talking with the customers. The company was still able to achieve success. However, it learned the importance of not making guesses when launching new products or websites. It’s better to make your own luck instead of hoping that you’re giving the customers what they want.
Leo Laporte is the founder of the network. He says that a big mistake he made in the past was trying to do all the work himself. He thought he knew everything about media, tech, content, etc. in order to reach his online audience.
That was true. However, he knew less about the business side such as advertising, marketing, human resources, etc. The company grew quickly and achieved success in business for a few years. However, Laporte admits the company would have sustained the growth if he had hired business experts earlier.
These are some of the top success in business stories about how luck helped to result in high sales and profits. There are various keys that can produce business success but sometimes it also involves having some good luck at the right time. Follow these companies for more Yair Hamami success tips.