Having a business idea could be exciting and rewarding in the short and long run. I’m sure at some point you must have drawn inspiration from successful entrepreneurs such as Bill Gates, Jeff Bezos, Elon Musk, and Mark Zuckerberg.
You’ve probably dreamt of living the kind of lives they live too. However, do you think these entrepreneurs became successful overnight?
Do you also think that they didn’t face their fair share of challenges along the way?
Of course they did!
And while ideas, innovation, and operational cash are all important to the success of a business, perseverance may be the most important element of them all.
What Is Perseverance?
Simply put, perseverance is the act of pushing forward with something, regardless of the difficulty or delay in completion.
You could also define perseverance as not giving up during difficult times.
It may interest you to know that about 20% of new businesses fail within the first 2 years of operation, 45% within the first 5 years, and 65% within the first 10 years.
And the main reason for this is an absence of a persevering spirit!
Of course there will be financial, economic, and administrative challenges to deal with. And entrepreneurs who don’t persevere through the storm will fall by the wayside!
As a business owner, you need to develop a thick skin and say ‘Yes” when challenges say “No”.
It’s easier said than done. But here are some tips that can help you persevere during the tough times.
1. Always remain focused on your goals
You probably had a goal in mind when you started your business. At the early stages, the thought of seeing your business at the top must have triggered all sorts of excitement within you.
Let’s say you started a media company, and you envisioned that one day, your company will be as big as CNN.
That right there is the goal – To be as big as CNN or other top media companies in the world.
This is not an easy dream to bring to reality, especially when the challenges start to pile up.
Nonetheless, you have to keep your eyes on the prize. Because the moment you lose focus on your goals, is the moment the challenges will start to overcome you.
Always remember why you started your business in the first place, and the heights you planned to reach when the thoughts of giving up start to pop up.
The thought of the glory that comes with achieving your business goals can spur you on!
2. Break down your goals into bits
Seeing your media company (for instance), become as big as CNN is a good dream to have. However, the thought itself could be overwhelming when things start to go wrong.
You may think to yourself – How are you ever going to be that big when your business is still struggling to pay staff salaries and utility bills?
This is why it is important to break your main goal into smaller realistic parts!
By setting small, realistic targets, you can see your business make slow but steady progress. And this will not only show you that your business is making headway, but will also encourage you to keep moving when the hard times come.
It will be harder to give up when you look back and see how much of your small targets you have accomplished!
3. Have enthusiastic people on your team
Do you know it will be harder for you to quit if you have enthusiastic and forward-thinking people on your team?
This is why you need to take your hiring process seriously. Make sure you only employ people who are passionate about their work and the long-term goals of your business.
During employment, take out the time to discuss your business goals with them, and ensure that they see and understand your vision before hiring.
Enthusiastic employees can be the trigger you need to persevere through the struggles, as they will look up to you as their leader, and you most likely wouldn’t want to let them down by closing up shop.
4. Always dream about the rewards of success
Keep in mind that if your business fails, then your chances of owning that beautiful home or fancy car will be slimmer than ever!
This is why dreaming about the rewards of success, is a good tactic to persevere when things don’t go smoothly.
There are simple tricks you could use to remind yourself of these pleasant rewards.
You could put up posters of the things you’d like to have on your wall, door, and refrigerator. These could include your dream home, car, family, and even a private jet!
You could also use any of these items as the screensaver on your phone.
These images serve as daily reminders of what you can get if your business succeeds. And they will to a great extent, encourage you to persevere when things are not going as planned.
5. Remind yourself of the consequences of quitting
If you find no other reason to persevere during the rough times, then do yourself a favor and list out all the consequences you’ll have to deal with if your business fails.
If you took a loan to start the business, how will you complete repayment if you quit? What if you had to sell some family property to start, would you be willing to see that go to waste?
What about the future of your kids and family? Wouldn’t you love to leave something tangible behind for them when you’re gone?
Reminding yourself of the consequences of quitting could cause you to have second thoughts!
Running a business is no easy task, as it takes a lot of planning and discipline. Which is why the thought of giving up can easily creep in when things don’t go your way.
This makes perseverance one of the best traits an entrepreneur can have, as that will ensure that you keep going, even when the going gets tough.
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