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6 reasons luck has nothing to do with business success

By WTOP Staff

St. Patrick’s Day brings to mind the “luck of the Irish,” and in business, the word “luck” can get thrown around a lot. “Lucky guy” or “lucky idea” can often be heard when someone is talking about successful people and ideas. Merriam-Webster defines “luck” as an “accidental way things happen without being planned.”

True luck plays only a small part in running a successful business. Successful business owners make their own luck by working hard, staying focused on their goals, and making the tough decisions required to grow and succeed.

A person must take steps to get to a place of being considered lucky. I spent some time looking at what traits most successful business owners and CEOs have in common. Here is what I found:

1. They understand there’s no substitute for hard work

There really isn’t. Successful people make a name for themselves because they work hard, learn from their mistakes, and never give up. Successful people don’t quit when things get tough. They remain focused on their goals every day. There’s really no substitute for time, enthusiasm, strategy and execution. This is a valuable lesson for anyone who is a CEO or in management. Keep going. You are bound to make your own luck.

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2. They take chances

Many successful entrepreneurs didn’t succeed on their first try. It often takes several attempts to create a sustainable, profitable business. Most thriving businesses became that way because someone took a chance to start and grow them through nurturing a new or unique idea. It takes guts, not luck, to step out and start something. And, taking chances doesn’t end once the business achieves success. It must continue throughout the life of the business to take it to the next level, and then the next level after that.

3. They focus on the customer

I’m a customer experience expert, so a laser focus on the customer is obviously near and dear to my heart. Think about how vital it is to take care of your end user. Customers are the lifeblood for every business and have to be considered in every decision. It’s important to look past just what’s in front of you or on your to-do list. Your customers need to be at the heart of your growth.

4. They don’t procrastinate

Successful business people don’t put off until tomorrow what can be done today. They get the job done – even if the task isn’t their favorite or in an area in which they struggle a bit – so they can move on to the next project. Also, successful people don’t wait for people to find them solutions. They look for them themselves and take action. In most cases, action, not luck, equals success.

5. They produce more than what’s expected

Successful people go above and beyond when it comes to delivering ideas and time to a project. You only have to look at a few flourishing business owners and executives to see that, from the time they started in their career, they produced more than what was expected of them. So, the next time you or someone on your management team thinks you’ve done enough, do just a little bit more. It can pay off big in the long run.

6. They aren’t afraid of hearing “no”

Countless top CEOs in American business heard the word “no” many times on their way up. Adam Bryant, in his book “ The Corner Office: Indispensable and Unexpected Lessons from CEOs on How to Lead and Succeed,” cites several CEOs who faced adversity but learned from their hardships and used those learnings to develop a strong work ethic.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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