It is a well-known fact that hard work, dedication, and perseverance are all important to small business success. At the same time, however, few people ever explain the tangible and specific reasons why perseverance is so important to attaining your small business goals.
For example, in the classic book Think and Grow Rich, author Napoleon Hill examines how focus and desire can lead to business and professional riches. While the author does a good job of explaining the connection, here again, there is very little offered in the way of tangible ways that this focus and desire will help your small business succeed.
On the other hand, much has been written about other variables that commonly contribute to success. Popular business gurus and academics have analyzed all financing, education, leadership traits, and a spectrum of other small business success factors at length. However, none of these variables are nearly as critical as the more simple and universally accessible trait of perseverance.
Other than stating how important perseverance is, most business authors, gurus, and advice from the Small Business Administration gloss over this important topic. However, it is extremely important to understand exactly how perseverance will translate to small business success and help overcome the various obstacles that you face as an entrepreneur.
Below are the three ways that perseverance will help you on your way to small business growth and success:
Creating a brand and niche for your small business. One of the biggest risks for any small business is that not enough people will hear about your product or service offering. This fact is largely due to the ease and low cost of creating small business marketing messaging via social media and other cost effective marketing channels, which, on the flipside, generates ubiquitous competition to reach the same target market. Assuming you don’t have a budget for Super Bowl ads or other means of mass marketing, perseverance in your marketing strategy and tactics will go a long way to ensuring that you are able to carve out a niche for yourself and mitigating against the risk of your brand getting lost in the shuffle of competition.
Leveraging sweat equity as a substitute for startup capital. Since most of us are lacking small business loans and other sources of startup financing, hard work and sweat equity can be an effective surrogate for the money your small business may lack. Entrepreneurs typically have to wear many hats and work endless hours to get momentum behind their enterprises and realize sustained small business growth – and typically long before hiring employees is in the cards – so perseverance is the one ingredient to help accomplish these goals.
Coping with the adversity that your small business faces. If starting and growing a small business were easy, more people would be successful in doing so. Instead, small business owners have a host of unpredictable issues and challenges to deal with, ranging from early market resistance to your product, difficulty managing employees, cash strains, to regulatory and legal issues. Whatever obstacles you and your small business may experience, perseverance is the one thing that can reliably help you overcome those adversities.
Obviously, small business success involves quite a few ingredients: luck, connections, ambition, imagination, innovation, and personal magnetism are all things that can help an entrepreneur be successful. However, no one single ingredient is as important as perseverance.