Is your business once having a 50-50% chance of success? What can we learn from roulette when it comes to entrepreneurship? If you wish your startup business had the odds of betting on red/black, odd/even, or high/low, you are just gambling. Let’s see why below:
1) Know when to stop – Many entrepreneurs are very creative and visionary. That trait can be a blessing and a curse. All too often entrepreneurs forget to surround themselves with a person or team focused on execution. They are already off to the next great thing before getting traction on the initial “bet”. Just as when the croupier calls “no more bets”, there is a time to slow down, maybe not totally stop, but get the initial idea locked and moving forward vs an infinite onslaught of constant change and new ideas that never launch. Allow the initial product or service to stabilize, get feedback, and then iterate.
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2) Increase your odds of success – Some people like playing roulette figuring they cannot lose. Planning on 50-50 odds playing red/back, high/low, or odd/even numbers. The odds are actually 47.4% and sticking with that will be a slow financial loss. The payout is 1:1 for each dollar bet. The belief might be green (0 or 00) are a seldom occurrence. Green has a large payout 35:1 but odds of hitting are only 2.6%. One possible strategy could be to increase coverage and play 2 groups of 12. This improves the odds closer to 62% with payout 2:1. Not exactly 2/3 odds but a possibly way to reduce risk. Looking at business – do you have enough odds to be better than 50-50 for success? What can you do to increase the win rate to greater than 50%? Anything less than 50% is just gambling! Are you just waiting for the homerun bet on green to come in?
3) Prepare for unpredictability – When the croupier spins the roulette wheel and launches the ball, it bounces round and round and no one is sure where it will land. This feels like the bumps, twists, and turns in a startup environment. At least in roulette, the playing field is limited to 38 spaces. In business, the spaces can be unlimited. But reacting to customer feedback quickly, remaining nimble, and open minded can help increase the odds of success. Leverage your team to brainstorm why you will succeed and then try to apply as much energy in thinking of your competitor’s response, alternative solutions, and what that would mean to you.
Think through
Just as the ball takes a bumpy ride in roulette, many small businesses experience the same thing. Are you setting your business up for success by taking a critical look internally? Do you believe you have at least a 50% chance of success and is that true? Anything not greater than 50% chance of success is just gambling. Be honest with yourself and think of what you need to increase your odds and adapt quicky.
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Feel free to post comments or email them to me. Small Business, Big Lessons ® – What can you apply from roulette to your business?
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About the Author:
Gregory Woloszczuk is an entrepreneur and experienced tech executive that helps small business owners grow their top and bottom line. Gregory believes in straight talk and helping others see things they need to see but may not want to with a focus on taking responsibly for one’s own business. He and his wife, Maureen, started GMW Carolina in 2006.
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