Time is our most valuable asset and the one that we waste the most. Successful individuals recognize this and take ownership of their time accordingly. By prioritizing it and being intentional about how they spend it, they gain the flexibility and freedom to pursue new opportunities, explore different interests, and build relationships with other successful individuals in their respective fields. This approach enables them to stay at the forefront of their industries, innovate and create, and continue to achieve their goals and aspirations.
Time is a depleting, non renewable asset, the older you get the more precious it becomes. and as individuals age, they become increasingly aware of its value. -Younger individuals may underestimate the importance of time, assuming that they have ample years ahead of them to pursue their goals and dreams. However, as one grows older, time seems to pass more quickly, making it all the more precious. Older individuals have a deeper appreciation for the finite nature of time and the need to make the most of every moment, whether it’s by pursuing new opportunities, spending time with loved ones, or simply savoring life’s little pleasures. By recognizing the value of time and using it wisely, individuals can lead more fulfilling, purposeful lives, regardless of their age or life stage.
Much like the adage “time in the market is more important than timing the market”, Time in business is more important than timing the exact creation. Although good timing is important, even more important for businesses is time in business. The arc of luck is a time scale, the more time you are in business the better the chances you have to meet the right person, the right customer. Success in business is often a matter of being in the right place at the right time, and the longer a company is in operation, the greater the opportunity is for a big break.
In other words, luck or success is the intersection of preparation and hard work meeting opportunities. Luck and success don’t just happen randomly. It takes diligent preparation, persistent hard work, and being ready to seize opportunities when they arise. The people we often think of as “lucky” have usually put in a tremendous amount of effort over a long period of time to get themselves in a position to capitalize when a good chance comes along. It’s not an accident or pure chance – it’s the payoff for all their work leading up to that point.
Take those risks that might be painful but won’t kill you. In a 50% scenario of success versus failure, a failure could lead to ruin while success could be modest upside. Calculating the probabilities and risk tolerance is key to keeping your business out of harm’s way until a low risk high reward opportunity presents itself.
Because tremendous success is mostly determined by luck, we shouldn’t focus on outcomes. We should focus on the process by which we reach our decisions.
Luck is made and not found or given. Focusing on the process, making sure that every part of the operation is well-tuned, the greater the chances that you will get lucky. Making your luck is bending its arc in your favor and that means that you have to take all the right steps and work hard over time. There comes grit which is another expression of how luck is made. Without grit people give up in face of adversity and tough times. As a leader it is hard to keep motivated at times of adversity and you need the mental fortitude to stay the course. How do you do that? Having a strong network of friends, partners and like minded entrepreneurs and mentors help put things in perspective as well as finding solutions through knowledge, experience and contacts who could help.
Luck can turn on you if you trust too much in yourself and your gut instincts. Young, successful entrepreneur feel many times invincible and that when this hubris can lead to poor decisions and “bad luck”
“Only the paranoid survive” was coined by Andrew S. Grove, who was a co-founder and former CEO of Intel Corporation. This phrase summarizes all and makes reference to the fact that you always need to look behind your shoulder to keep being lucky. Good Luck.