They say timing is everything in business.
Some people think ‘timing’ means luck, as in ‘you’ve just got to be in the right place at the right time’.
But in my mind, that’s just the kind of thing a couple of envious businesspeople might say as they start work on the second half of a sorrow drowning bottle of bourbon while discussing their buddy’s successful IPO.
A couple of smart CEOs would be having a different conversation though.
They know that the pure chance type of luck exists.
After all, people win the lottery every day, right?
They may have even seen the research estimating that up to 30% of entrepreneurial success can be attributed to lottery winning type of luck.
But they don’t focus on that.
Instead, they focus on the 70% plus chance to put themselves in the right place at the right time.
Using tools like Porter’s 5 Forces and PESTLE Analysis maybe.
These tools can be really useful at helping you discover opportunities today that other CEOs will be telling good luck stories about over empty bottles of bourbon in the future.
The only pure chance luck I’d rely on is the toss of a coin to decide on which tool to use first.
Heads it’s Porter’s 5 Forces.
Tails it’s PESTLE Analysis.
And if it lands on heads, go for best of three.
Or … you could just start with PESTLE Analysis – that’s how I always seem to find my biggest, boldest ideas.