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Small business owners often feel the pressure to hit it big quickly. That feeling can come from any of several places. Rapid successes tend to be what we read about, so that’s the model we’re given to emulate. In some cases small business owners are insecure, and quick success will quiet the doubters and provide validation. Some people are reluctant to toil away for years with modest success, and others may be driven by a desire to get rich quick.

The problem with this is that hitting it big quickly is by far the exception, not the rule. So many try to hit the home run, but only a few actually do hit it…and only then through some combination of skill, effort and, largely, luck. The vast majority fall short, and falling short can feel like failure and be highly de-motivating. But assuming we’re doing things the right way—working hard to develop a good idea*—this is entirely a function of inappropriate expectations, and easily within our control. There is nothing wrong with thinking big, but we’re misguided if our only acceptable outcome is instant success.

While speaking with entrepreneurs, I typically hear one of two contrasting approaches. One of these is swinging for the fences; focusing on that lightning strike that will make their business. It always sounds like this: If I can get “x” to happen, then people will find us and we’ll be set. As in, “If I can just get on Oprah, then people will know about us and we’ll be set.” Or, “If I can just get this to go viral, we’ll get the exposure we need.” Or, “If Seth Godin mentions me, I’ll have credibility.”

Conjuring a lightning strike like this is really, really hard. You can stand out there and wave your arms all you want, but the chance that you’ll be the one picked is pretty darn small. And if you spend all your time trying and the lightning doesn’t come, then you have nothing.

Instead of running around trying to get hit by lightning (the good kind), it’s far more sensible to focus on building a quality franchise that people care enough to engage with and refer to other people. It’s important to keep your head up…have a vision, put yourself out there and don’t get lost in the weeds**…but concentrate on building value over time. Eventually, lightning may strike, perhaps even multiple times.

Ask a successful entrepreneur how they hit it big, and you’ll probably hear something like this: “It took me twenty years to become an overnight success.” There is no shortcut. It takes a lot of hard work.

And if you don’t put in the work, you may be left with nothing.

As an investor, we look at it like this. A good business will accrue value, and this value will compound over time. This compounding value protects against downside (i.e., you won’t be left with nothing) and makes money over time.

The lightning strikes, then, are gravy…what is called optionality. Optionality on top of a steadily compounding business is called upside opportunity. Optionality without a solid underlying business foundation is called speculation, and speculation requires a lot of luck and leaves a lot of folks empty-handed.

My advice is this. Always be thinking about the optionality in your business. The optionality makes it exciting and is a powerful motivator. But do not neglect the blocking and tackling (aka hard work) that goes into building a sustainable franchise and compounds value. Success will come, but you have to do the right things right.

* An externally validated good idea. Good ideas are not developed in a vacuum, but that’s a topic for another post.