In the modern world, success stories in entrepreneurship tend to focus more on skill and proper planning while in most cases there is a huge part that chance plays.
Recently, I encountered Amina who is a prominent entrepreneur. Having embarked on a journey to establish an organic food manufacturing business, she focused on locally sourced snacks. Amina started her venture during a period of heightened climate variability. In one scenario, the region experienced irregular rainfall, leading to crop shortages and increased prices for many raw materials.
Recent shifts in consumer preferences and buying behaviours in the food industry presented unexpected opportunities, especially with a sudden surge in interest in organic, healthy snacks. Moreover, regulatory changes and geopolitical events introduced additional layers of variance. But she navigated these challenges by establishing a robust model and diversifying her market presence.
The case of Amina’s success as an entrepreneur in the food manufacturing industry is not solely determined by her initial business plan or hard work. But her ability to embrace and navigate the inherent variances, whether in climate, market trends, eco-systems that is framed by regulations and also external factors.
In the business world, luck can be manifested in various forms. For example, it can be stumbled upon as a groundbreaking idea at the right moment. It also can be seen when one meets a key mentor, or even securing a crucial investment when the stars align.
Variance, the inherent unpredictability of outcomes, is another element in the entrepreneurial journey. No matter how well-researched a business plan may be, external factors and unforeseen events can significantly impact results.
Entrepreneurs who understand the role of variance recognise that failure isn’t always indicative of poor decision-making. Rather, it’s an inherent part of the journey—one that provides invaluable lessons and insights for future success
In fact, a 2015 study by Smith and Sims on the role of luck in the success of award-winning individual’s entrepreneurs, such as Nobel laureates, he said that luck plays a substantial role in the recognition and success of these high-achieving individuals.
Additionally, the 1968 study by Robert K Merton revolves around the idea of the “Matthew Effect”, which is based on a bible verse: “For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them.” According to Merton, the Matthew Effect suggests that those who have an initial advantage will accumulate more advantages, while those who start with disadvantages may find it increasingly difficult to overcome them.
It is therefore critical to understand the success of entrepreneurship beyond individual traits and abilities.
With many young people entering into start-ups, we need to consider the broader context, including cultural, societal, and historical factors that may contribute to someone’s achievements.
By doing so, we will develop frameworks that can address the challenges being faced by many entrepreneurs and also the belief that success is solely the result of individual merit. In a world being defined by technology, the narrative of entrepreneurial success is incomplete without acknowledging the significance of luck and variance to help many entreprenuers in turning their original idea into a viable business.
Article written by Edwin Obonyo is a PhD student in Strathmore University Business School and was first published on the Business Daily
What’s your story? We’d like to hear it. Contact us via communications@strathmore.edu
ALSO CHECK OUT
See more news-
Gen Francis Ogolla: How power of humility delivers transformative leadership* 25,Apr,2024
As the country mourns the Chief of Defence Forces of Kenya, General
-
Highlights from the SBS Undergraduate Fourth Years’ Gala Dinner* 25,Apr,2024
Friday, 8th March 2024 was an evening of celebration as students from the
-
Celebrating Humanities and Social Sciences 2024 graduates.* 25,Apr,2024
On Friday evening, April 19th 2024, Strathmore University held a celebratory gala
-
Elevating Tourism & Hospitality Leadership: Transformative trends shaping the future of the industry* 23,Apr,2024
On April 18, 2024, the Strathmore University School of Tourism and Hospitality
-
Towards Climate Resilience: Strathmore University, Imperial College Partnership* 23,Apr,2024
In a bid to foster joint efforts in tackling climate resilience issues,
-
Crossing Continents: Yvette Yego’s Transformative Journey through the Sciences Po Exchange Program* 22,Apr,2024
“I’ve gained extensive knowledge in international studies, interacted with diverse students from
-
Stratizens Explore Malaysian Cinema: Mechamato Screening at Sarit Center* 22,Apr,2024
Imagine being invited by the Malaysian embassy in Kenya to an exclusive
-
Strathmore Hosts the 2nd Mediation Summit on Employment Disputes* 19,Apr,2024
In a world where the dynamics of employment relations shape the very
-
Strathmore Tax Hackathon 2024: Cultivating Innovation in Tax Policy* 19,Apr,2024
In the heart of Nairobi, the prestigious Strathmore Law School hosted the
-
Transforming Mental Health Support for Students at Strathmore* 17,Apr,2024
In Kenya, within the bustling academic environment of universities, there exists a