As we go through a shift in mindset from job dependency to creating businesses in order to tame the monster called unemployment, it has become important to examine what will produce the needed success. Could it be perseverance? This is especially important as statistics show that most businesses die within the first five years of existence. Different analysis made on the subject expose different problems and proposed different solutions.
Naturally, lack of capital is usually the biggest culprit. Money is never enough. Most people are quick to blame their failure on a lack of capital. In fact, a study by U.S. Bank reveals that 82% of small businesses fail because of cash flow mismanagement. There you have it, proof of the importance of cash. Not so fast! Did you notice it didn’t say they fail because of a lack of cash flow? It said “cash flow mismanagement “is the cause of failure.
The Real Problem
In reality, business failure can be attributed to many reasons. They range from poor capital management to choosing the wrong market, lack of technical expertise, poor customer service, managerial incompetence, stiff competition, and more.
However, nothing is as damaging to a business as the lack of determination to push on and never give up until success is attained. This rare quality is called perseverance.
When all is considered at the end of the day, you will realize that the determination to stick to it until success is achieved is more vital to success than anything else. The reason for that is simple. Every other problem with the business can be fixed if you refuse to give up on it. You may fail, in fact, you will fail several times. But your ability to pick up yourself from the dust and use your experience as a lesson in success will ultimately determine how far you go.
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From Thomas Edison to Aliko Dangote, the lessons of perseverance have been abundant. In every sphere of life, the virtues of this quality are extolled. As it is said, no one is truly an overnight success. Much effort and toiling usually goes into building any formidable business organization.
It goes without saying therefore, that to achieve success in business one must imbibe the quality of perseverance. If you can promise yourself to never give up until you succeed, you are halfway there. Business success is a journey, like life itself. It’s like a marathon. But your only true competition is your past. The path of success is striving to outdo your past on a daily basis.
Perseverance: It’s Easier Said than Done
But why is the quality so difficult to develop? The reason is simple: we live in a world of instant gratification. People want everything like yesterday. And if you are not showing signs of progress, you become a subject of ridicule by your peers and even family.
It can be very difficult to stay focused on an idea that you think will work in the long term but is consistently not producing results in the short term. This is especially so when others seem to be moving ahead. It will cause you to second guess yourself and begin to doubt your abilities. That explains why most people are off to something else when things are ‘not working’.
It’s Up to You
But as the success of others in business has already demonstrated, sticking with your idea, while making consistent improvements to make things work, is your best bet for achieving success. Perseverance remains the most important requirement for business success. Obstacles are a part of life. You can stay on course and find a way to overcome them, or you can use lack of capital, a bad economy or any other reason as your excuse to stop. It’s all up to you at the end of the day.