Even though I have been studying luck and fortune for quite a while now, I am still surprised by how many successful and famous people attribute at least part of their current position to luck.  People like Jack Nicholson, Paul Newman, and even Bill Gates have been quoted citing the significance of luck in their lives.  It takes a strong person to work hard for what he or she wants.  It takes a stronger person to admit that it took more than hard work.  If you want to be a successful entrepreneur, you know you will have to work hard.  You may not know that you will have to be lucky too.

Luck is not some mystical, magical pseudo-science.  A first-century Roman philosopher defined it best: Luck is what happens when preparation meets opportunity.  These simple words are often dismissed as a little too cute to be true, but I think an entrepreneur can benefit from this definition of luck.  To become a luckier entrepreneur, all you must do is improve your preparation and increase your opportunity.  Too many of us focus on seeking more business opportunities.  This unbalanced pursuit will be fruitless without preparation.

How many opportunities have passed you by, because you were unprepared?  An investment opportunity with no capital?  A site traffic spike with no content?  A new market segment in a foreign culture?  Is an opportunity without preparation really an opportunity at all?

For an entrepreneur, preparation usually comes in the form of research and education.  Studying markets, assessing customer needs, learning news skills, and expanding your abilities are all forms of preparation that can make your next opportunity a lucky one.  Some of my favorite preparatory entrepreneurial activities include:
•    Reading relevant blogs like YoungEntrepreneur.com,
•    Contributing to entrepreneurship forums,
•    Studying a second language to work with larger markets,
•    Reading books by masters like Kiyosaki and Trump,
•    Expanding skills like web design to cut down on unnecessary outsourcing, et cetera.

Preparation is only half the equation, though.  A good entrepreneur must locate (and recognize) great opportunities.  Sometimes they can be spotted while doing the above activities, but additionally one should be alert for places in which relevant skills can be applied.  Some key things to remember about lucky entrepreneurial opportunities:
1.    An entrepreneur might spot an opportunity in the classified ads or on a community bulletin board or just walking down the street.
2.    Read what your customers read, and be alert to signals that they will be changing their spending habits.
3.    A lot of good luck has come my way when I least expected it, but no good fortune has ever sprung up while I was on the couch.  In other words, be where the action is.  Interact and mingle.
There is a lot of work to do before you can become the owner of a successful business.  You will have to do everything better than your competitors.  You will have to rise earlier, work later, make more calls, deliver better service, and be more flexible than everyone else in your industry.  After all that, with a little luck, you will be exactly where you want to be.  Good luck!

About the Author

Skyler Reep is the 25-year-old entrepreneur behind PEER Enterprises, LLC.  Early projects included web services and widgets like his cash dimensions calculator, but most of his recent effort has gone into the research and writing of his first book, Luck-Struck: How to Take Control & Create Your Own Luck.  He is lucky enough to live and work in the shadow of the Tetons in beautiful Jackson, Wyoming. www.skylerreep.blogspot.com