Perseverance - The MOST Important Quality of Entrepreneurs

Feb. 17, 2020 by

Perseverance (noun) - persistence in doing something despite difficulty or delay in achieving success.

Perseverance in entrepreneurship is necessary if you seek success. 

The hardest part in entrepreneurship isn't finding the initial spark. It's a few months in (or even years), once you realize your business isn't moving as fast as you want it to.

Every entrepreneur has a day where they are launching. They think, "This is it, I'm about to kill it. I'm finally going to start bringing in some real money." Then majority of the time, it falls flat on its face. This happens to many people because we learn through failure.

Deliberate Practice

"There are no secrets to success. It is the result of preparation, hard work, and learning from failure." - Colin Powel

It would be awesome if your business succeeds on the first try but that rarely ever happens. Most of success comes from doing your best and then learning from what did or didn't work. This does not give you an excuse to fail. Every attempt is still a shot at success.  However, when you fail, you must understand why and improve the next time. 

Deliberate practice refers to a special type of practice that is purposeful and systematic. While regular practice might include mindless repetitions, deliberate practice requires focused attention and is conducted with the specific goal of improving performance.

My favorite analogy around this comes from skateboarding. When you are learning a new trick, it's not just mindless repetition until you get it. You need deliberate practice and every attempt is a chance to get it right. If you don't land a trick, ask why and make an adjustment. Maybe your feet weren't in the right place, maybe you were unbalanced, maybe your body was in the wrong position. Then adapt and do it differently on the next attempt. 

Failure doesn't just come from inexperience, it's because you're doing something incorrectly. If you understand that, you can use it to your advantage to make your success rate go way up.

Overnight Success

There is no such thing as an overnight success. 

Success takes longer than you think (even when you think it's going to take a long time). Many people quote Malcom Gladwell's 10,000 hours theory as an estimate for success. It claims it takes around 10,000 hours of practice to master any subject. This can be sped up with deliberate practice, but only to a certain extent. You need time for concepts to make sense and for muscle memory to set in.

While you're waiting for your overnight success, take time to focus on other important things like health, family, relationships and happiness.

Spend time consulting, not tracking time.


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