14 DAY TRIAL // Usually, the general population tends to look for all sorts of answers in determining why some individuals, such as movie and music stars, successful entrepreneurs and businessmen managed to succeed where others have failed. Most individuals tend to think that one needs to have brains, beauty, luck or capital in order to make it, or maybe even various combinations of these elements. A new study, however, shows this to be false, and demystifies the link between practice and success, as applied to business models, AlphaGalileo reports.
As most of you already know, the vast majority of start-ups fail within their first years of existence. Still, there are those lucky few that make it, and then go on to become some of the most renowned and well-off corporations in the world. The recent investigation basically shows that this is not necessarily the direct result of some special skill that the people running these companies have. Success is not even ensured by experience or sheer luck, the researchers behind the study say.
The surest recipe for pushing through the competition, the scientists say, is engaging in sustained, intense, and deliberate practice in a certain area of expertise. The amount of practice people seeking to open a business put in getting better in the particular domain they are operating is the clearest indicator of whether they will succeed or not. The direct consequence of extensive practice is an improved level of performance, as well as a boost in cognitive thinking levels, the study team says.
“The same principles that apply to starting a new venture, such as self-regulatory mechanisms, and delaying gratification for a more long-term goal, apply to the process of getting in shape athletically. Through a sustained, intense effort someone can build the strength of their body or their business,” explains Dr. Robert A. Baron PhD, the Dean R. Wellington professor of management and professor of psychology at the University of Iowa. He was the lead author of the new investigation.
“Our study shows that most successes belong not to those who are gifted, experienced, or lucky-but rather to those who are willing to work hard, long, and diligently to attain it. It's not that talent, luck, or experience is irrelevant, but the impact of those things can be overshadowed by hard work,” Baron concludes.