Why is Persistence Important for Business Success?
The importance of persistence in business success cannot be understated. Successful entrepreneurs are persistent. They have a long-term perspective, and they know that success does not happen overnight. They help their team see opportunities, not challenges.
Persistence helps entrepreneurs stay on track and reach their business goals. It can help them to stay focused and reach their goals, even when they face obstacles.
The persistent entrepreneur is more likely to be successful because giving up is not an option for them. They see their businesses through the tough times, leading stoically during adversity and crisis, becoming more resilient and better positioned for long-term success, and understand how to get comfortable to embrace change.
In this article, I consider the persistent entrepreneur definition, and how to be persistent in business.
The role of persistence in business success
So, what is at the heart of persistence in business?
We know that anything worth achieving is never easy. If it were, everyone would be super successful, and quite clearly this isn’t the case. Hard work, grit, and determination are needed by business owners to run a successful business.
Success in entrepreneurship is not a 100-meter sprint. Success is not a short-term phenomenon. It’s a marathon. Harder, still, it’s a triathlon. A decathlon, even. You must be resilient. Overcome the worst that the world can throw at you. Laugh in the face of adversity. Turn problems into opportunities. Keep going.
Add all this together, and persistence is what you get. It’s that drive and motivation that will see you over the line and successful for the long term. The ‘never say never’ attitude that makes sure you’re the one who reaches your goals ─ because if it’s not you, then someone else will steal your thunder, and the success that should have been yours. Success that would have been yours, if only you had been persistent.
12 Tips for persistence in entrepreneurship
Here’s something else I know. The world of entrepreneurship is competitive and unforgiving. As an entrepreneur, you are constantly faced with challenges that can easily derail your business. These challenges might be in the form of a competitor, a market change, or even personal failures, among other things.
Many of the hurdles you’ll face aren’t of your own making, but you must deal with them all the same. Governments have nasty ways of bringing in new laws to make life difficult. Central banks raise interest rates at exactly the wrong time for your business. The most talented employees leave because they believe the grass is greener elsewhere. Pandemics cause panic and economic collapse.
Here are my tips to help you stay persistent as an entrepreneur, even when everything seems against you.
Tip #1: Know your motivation
It’s important for entrepreneurs not to lose heart in difficult times because their motivation is what will keep them going. If you know what your motivation is, it will be easier for you to find your way out of tough situations and create a positive mindset. What is it that gives you your drive, and makes you get up in the morning?
Tip #2: Be clever when setting goals
Setting goals means that you are making a commitment, not just dreaming about it. Don’t be discouraged if you don’t reach your goals immediately. It’s crucial to have a plan and a strategy for achieving the goals, so be clever about setting them. Make them attainable ─ you can always set a new goal to stretch you further, and each goal you achieve will motivate you to go further.
Tip #3: Show up every day (consistency is key)
It is important to find a balance between your personal life and your work life. It is also important to not give up in the face of adversity or in the face of failure. You must show up every day, and do so with positive intent.
The best way to be consistent is by setting a schedule for yourself, so that you can know what you are expected to do on a given day. This will also help you to stay on top of your work and complete tasks in the quickest time possible.
Tip #4: Embrace your creativity
We live in a world where there are so many opportunities to be creative, and that’s what makes us different. We should never stop being creative because that’s what makes us special.
Many people believe that creativity is something you’re born with, but the truth is, it’s not. Creativity is something you learn and develop with practice. Do you want to generate innovative ideas or concepts, or develop novel solutions to problems that have never been thought of? Practice being creative often ─ at every opportunity you get.
Tip #5: Don’t take rejection personally
It is quite easy to take rejection personally, but it is important not to do so. Rejection is part of business, and life. It’s one of the hurdles to overcome as an entrepreneur, and part of the nature of entrepreneurship. So, develop a thick skin and understand that rejection is merely another step to acceptance and success.
Tip #6: Be open to making adjustments when needed
What if you don’t know what you’re doing? What if you’re not sure of your skills? What if you’re not even sure of the industry that you want to be in? What if your idea has been rejected?
It’s still possible to succeed as an entrepreneur and in business. You just must be open to making adjustments when needed.
You see, there is no one-size-fits-all formula for success. It’s not about being perfect or having all the skills that are needed right from the start. It’s more about being able to adapt and learn as time goes on. So don’t be afraid or embarrassed about changing your course if not doing so would mean giving up on your dream.
Tip #7: It’s you vs you
It’s easy to look at what others are doing, but it’s more important to work on being the best you can be. The key is to not compare yourself with what others are doing, but focus on who you were yesterday and work on being an improvement from there.
Do you want to be 100% better than you are today? Sounds like a tough ask, doesn’t it? How about a 1% improvement? You could do that in a day, right? Ever heard of the Rule of 72? Improve by just 1% a day for 72 days, and you’ll be more than 100% improved. And take it from me, getting better is way more productive than being good.
Tip #8: Get inspiration (from someone you consider successful)
One of the best ways to develop your persistence is by learning from successful entrepreneurs. Find someone who inspires you and study them closely. Learn from their mistakes and victories to replicate their success for yourself.
Tip #9: Keep the big picture in focus
Always keep your eye on the prize.
It takes practice and perseverance to become a world-class athlete. Jesse Owens didn’t break all the records he did by just walking onto the track and ‘having a go’. He was consistent and persistent in his approach, always with his goal of being the best in the world in his sights.
The same principle is true in business. Maintain that focus.
Tip #10: Get some rest regularly
Entrepreneurship is a field that requires a lot of dedication and hard work. It’s common for entrepreneurs to work from morning till night, seven days a week. This can lead to burnout or mental health issues. Neither of which are good, for you in business or your personal life.
Successful entrepreneurs know that they must take time to rest and recharge their batteries. It’s important to take care of yourself and do something nice for yourself every day. This could be as simple as taking a walk outside or reading a book that you enjoy, and getting the regular sleep your brain needs.
Tip #11: Celebrate your milestones
Celebrating milestones is a strategy for staying motivated and will help you stay on track with your goals. It’s important that you take time to reflect on where you are in comparison to where you want to go.
Tip #12: Reward yourself
Whether it’s with a vacation, new clothes, or just a delicious meal, you should always reward yourself for your effort and dedication. But don’t forget that you must also be patient and always keep learning.
Rewards don’t have to be grandiose, either. Here are a few ideas:
Buy a new book on the topic in which you are most interested
Watch your favorite TV show or movie
Read a chapter from your favorite book
Go for a walk or to the park
Listen to music that makes you happy and energized
Write in a journal about what you accomplished today and how proud you are of yourself for it (an excellent way of reminding yourself just how far you have come, too!)
Take a leaf out of Edison’s book
Entrepreneurs are the backbone of society, and successful entrepreneurs are those who are persistent. They are unwavering in their conviction. They take risks, make mistakes, and learn their lessons. They show up every day, and they are flexible in their approach. They always have their eye on the prize. They are not disheartened when things go wrong, and they are motivated by every success.
Ultimately, persistence in entrepreneurship and business is the ability to keep going even when you are faced with obstacles. You may have heard of Thomas Edison, who famously said that “Genius is one percent inspiration and ninety-nine percent perspiration.” Persistence is what helped him find a way to create the light bulb after he had already tried thousands of materials and approaches.
You want to be a successful entrepreneur? Be like Edison.
How could you benefit from entrepreneurial mentoring? To learn how mentorship could benefit you, book me for a consultation.