The Power of Patience:
Grow Your Business Successfully
Many aspiring entrepreneurs decide to move forward with a new business plan and want to see amazing results as soon as possible. This may include growth as well as profits. While some businesses may achieve success fast, the reality is that slow and steady wins the race.
Whether you are preparing to launch a new business, or you have already started one, one trait that can increase your chances of success is patience.
It is important to know when to pull the trigger and take action, but also to time your efforts and not rush into moves that are not in your best interest.
When you take a closer look at what patience can do for your professional endeavors, you may be more willing to apply it to your efforts.
Why Is Patience So Challenging
If you are like other business owners, you may devote most of your waking hours to your business. Of course, you want to grow it as soon as possible. Entrepreneurship takes time from personal relationships, special interests and more.
With so much personal sacrifice we make to launch and grow our companies, it is reasonable to hope for fast results. Without results, you might think you are doing something wrong and lose motivation to continue.
More than that, new businesses usually operate in the red. Making a financial investment in the business, and channeling money into it until it begins to turn a profit, is not uncommon. If you are bootstrapping your business, you need to have a return on your investment.
With this scenario, there is a solid and legitimate reason to want fast results. Without them, there is a possibility that financial stress can increase, and your business goes under. This is true regardless of whether your company is home-based with reduced overheads or in a classic business environment.
Establish Realistic Expectations
As challenging as it can be to be patient, this is one of the most important traits that you may have.
To promote patience, you should establish realistic expectations. If your business plan is realistic, you can develop a budget and prepare spending habits that are in line with what you can expect.
Hoping to turn a quick profit in two months instead of within the first year or two is natural. But, patience in this area can help avoid unnecessary setbacks and help you to better manage available funds.
Another important factor related to realistic expectations is your personal level of motivation. If you expect fast results and immediate growth, you can feel dejected when you only see slow growth. So, if you expect slow growth and small changes, you may feel more motivated by seeing steady growth at any rate. In fact, your patience can affect your motivation and your general outlook on your business activities.
Take Slow, Meaningful Steps Forward
Many businesses fail because the business owner tried to take on too much at once.
When you start small and progress at a slow pace, you have time to track the market, adjust your pricing and tweak operations. Remember that a critical element of success is to find a niche and to be the best in that niche before you grow.
When you are so focused on achieving fast growth, you might fail to establish a solid base for the company. That includes everything from processes to employees and customers. Without loyal customers, your company may be more likely to fail. It is generally more cost-effective to keep happy customers than to find new ones.
Give yourself ample time to create a base of customers as well. When launching new products or services, having customers eager to try new offerings will benefit you. With a loyal following, you may find your efforts to expand more successful.
Develop Skills and Improve Knowledge
You can have all the skills and the profound level of knowledge needed to run your business. Yet, most entrepreneurs need to learn different concepts and improve their skills as they go.
When you rush and expect to see fast results, you may run into challenges related to limited knowledge and skills. In some cases, spending time to improve in various areas may make the difference between success and failure.
When you run a home-based business, it may seem as though you are at a disadvantage in this area. Working from home often involves solitude and lacks human interaction. Managing people and improving business systems might be even slower when you telecommute. But thanks to technology, you can reorganize tasks, take courses and other steps to improve processes in your company.
Take time to assess your attributes and skills and determine the areas where you are lacking. Successful entrepreneurs upgrade their business all the time, even after it generates a regular profit.
Learn from Failure
Few entrepreneurs will achieve fast success, and even fewer will do so without running into a few road bumps.
Some bumps may become roadblocks. If you use setbacks as learning points, you can make adjustments to yourself, your business plan, or the company itself to improve the chance of success.
Learn from your failures so you can improve going forward. Every lesson is a step closer to success. And the more painful your failures are, the more change they will induce.
"Failing fast" is considered a positive term in business, and it created a lot of hype in the past years. While failure itself is not a good thing, the process of trial and error is. If you realize what caused the problem and you dust it up and try fixing the problem, you have not failed.
Further Reading from Skills You Need
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Based on our popular self-employment and entrepreneurship content.
It is reasonable and common for entrepreneurs to desire fast results and instant profits. Yet, we can see that patience is essential to your ability to successfully run and grow a business. Approach your business with a touch of patience by reviewing and revising your business plan with a more realistic timeline.
Going forward, address any factors that affect your business with a strategic and patient approach.
About the Author
Lisa Michaels is a freelance writer, editor and a striving content marketing consultant from Portland. Being self-employed, she does her best to stay on top of the current trends in business and tech.
Feel free to connect with her on Twitter @LisaBMichaels.