Persistence Pays in Starting a Business
Sometimes in starting a new business, there is nothing harder than simply continuing. It is not even a question of winning or losing, it is more the idea of committing to the drudgery…of pushing through every day, every week, and every month like you mean it.
Once your business is up and running, it is easy to see how pushing through those hard times makes perfect sense. Yet as an emerging effort, the sweat and equity and everything else that goes into a true success story is only yours to claim after you are willing to commit. Nose, meet grindstone.
When starting a new business, it is really your persistence that will truly pay off in the end.
Fake It ‘til You Make It
One common saying across many fields, is the idea that you can “fake it ‘til you make it.”
When you consider what this really means to you, it is the idea that you will continue pushing forth and generating energy toward positive change until you actually move forward. You will hammer down hard as anyone else and smile through it all, until you get where you actually need to be, or start heading that direction.
But your new business is susceptible to some pretty bad stuff over time, according to the statistics.
Forbes says 80% of brand-new businesses survive the first year. This goes against some commonly held thoughts, which would believe that new businesses are prone to fail more quickly.
By five years however, that number dips down to less than 50%, and only one in three of them crossed a ten-year anniversary. So, the prognosis is not terribly good for a new business, in terms of long-term survival rates.
Yet some will succeed where others fail. Some will stop their momentum and quit, and some will continue to learn, grow and mature. One difference between them, is how they handle it all: how well they can fake it until they can actually make it.
Each Step, a Lesson
Hanging in there long enough to make your business a long-term success story is not going to be easy, no matter which niche you claim. However, it is certainly possible, and it could reap you great dividends and help to define your sense of personal accomplishment.
Smart businesses and their owners know how to move with the changing times, and flow within them to find their way to fit. While a lot will depend on your specific niche and the challenges you face as a result, there are some universal truths that can help to steer you the right way, every time:
- Find a market need;
- Properly capitalize your efforts;
- Staff with care and diligence;
- Find your audience, and cater to them;
- Crush the competition by serving your market, better.
Once you have been in business long enough, you learn that there are no real mistakes when you are learning from each effort. Some projects will find more success than others, but each will have lessons ripe and ready to harvest.
The differences between a business that stays the course and one that folds, might boil down to the way they look at their failures. To find the lesson and be able to learn quickly and move on to the next, is the sign of a business owner with the persistence that can certainly pay off over time.