When someone decides to become an entrepreneur he/she first defines a product or service that could satisfy a specific need of consumers who would be willing to pay for it.
Entrepreneurs would start their businesses only if they see a window of opportunity to make a profit or to provide a positive social impact.
Chance does not play an important role in entrepreneurship. The common perception of successful entrepreneurs is that they are usually lucky people, but in reality, they start:
- The right business
- At the right time
- With the right business model
- With the right product/service, and
- With very hard work
All studies in this area indicate the successful entrepreneurs are the people who work sixteen hours a day and seven days a week.
As famous British entrepreneur Richard Branson quotes "...the more you practice, the luckier you become."
The original of this phrase was first used by the French chemist, Louis Pasteur, in his opening speech at the Faculty of Sciences at Lille where he said, “..chance only favors the mind which is prepared ("le hasard ne favorise que les esprits préparés") on December 7, 1854.
Thus, success in entrepreneurship is not a lottery ticket and luck or chance simply follows the very hard work. This was valid then, and is even more valid now. "The harder you work, the luckier you get."