Experienced entrepreneurs know the power of perseverance. It’s just that not everyone practices it consistently.
Fortunately, perseverance is not an innate skill or one that can only be learned from childhood. Everyone has the potential to achieve a “perseverance mindset” and equip themselves with the tools to pursue it.
Whether you’re feeling discouraged by a recent business setback or just want to boost your resilience in uncertain times, these six lessons will help you cope and overcome any challenge take your entrepreneurial journey.
1. Look for honest reviews from people you trust
Self-doubt is the archenemy of perseverance. But sometimes self-doubt is warranted, a sign that you might be taking your business down the wrong path. Seasoned founders know that it’s important to recognize that little voice and ask yourself if it’s right.
This is actually a sign of boldness and determination, says Colin Hodge, founder of the popular dating app, DOWN. Hodge initially experienced some doubts about his startup’s ability to get enough users and investment, so he advises entrepreneurs to “Courageously ask questions about the viability of your startup.”
This will lead entrepreneurs to seek outside advice from trusted experts to get an unfiltered view of where their business stands.
That kind of vulnerability later led Hodge to a conversation with entrepreneurs at other startups that was “refreshingly honest, funny and raw.” Ideally, a trusted outside advisor won’t be so afraid to give you tough love (or bad news) because they care about your success, not your feelings. It can be hard to hear sometimes, but your company will be stronger for it and you’ll be a better entrepreneur in the long run.
2. Set ambitious but manageable goals
Another enemy of perseverance is overwhelm. All entrepreneurs are pulled in several directions at once, but the great ones prioritize and balance these competing forces in service of long-term goals.
Set goals that you will achieve, that you tin achieve – is the key here. According to the experts at Eastern Washington University, top goals are:
- A mixture of short and long term, but always with well defined deadlines
- Goals that motivate you to achieve them
- Flexible, so you can adjust as needed
- Written and posted somewhere you can see it (like on your office wall, a digital calendar or productivity tool, or anywhere else that makes sense)
In addition, the achievable goals are “SMART”:
- Specific and meaningful goal statements include “who, what, when, where, why, and how”
- Measurable, meaning you can objectively demonstrate that the goal has been achieved
- Achievable, meaning they are reasonable to achieve on your own (or as part of a team) with hard work
- Relevant, meaning they align with your long-term goals
- Time-based, meaning they have a set “expiration date”.
SMART goals can be ambitious, but as you can see, they should be attainable. And you should reward yourself for achieving them or hitting milestones along the way.
3. Have a Five-Year Plan
Related to goal setting, perseverance requires long-term strategic thinking. Since it can take years to build a stable and successful business, this is especially important for entrepreneurs.
That’s why many follow comprehensive long-term plans that lay out the company’s overall mission and goals, along with tactical instructions for achieving them. Five years is a good plan length, but you can opt for a shorter or longer time horizon if you prefer. The most important thing is to set a broad but active plan that you can hold yourself accountable for.
4. Break complicated projects into smaller tasks that you can all do at once
Life has a tendency to get in the way. Even the SMARTest goals and most comprehensive long-term plans can fail when there are too many demands on your (or your team’s) time and attention.
The solution is to break longer or more complicated projects into smaller tasks that you can do in one go. It sounds like Productivity 101, but many entrepreneurs find it hard to follow amid all the chaos that comes with starting and running a business.
Incorporate these “task plans” into your goal statements and hold yourself accountable to achieving them. And give yourself smaller rewards when you successfully complete them.
5. Embrace uncertainty
Global economic uncertainty is affecting industries as diverse as construction and cyber security Right Now. Some say the macro challenges facing entrepreneurs are unprecedented, but let’s face it: uncertainty and instability are facts of life. Successful entrepreneurs recognize uncertainty and persevere through it.
In fact, they do more than acknowledge uncertainty. They embrace it. They recognize that a certain amount of chaos is inevitable in life and business. Include this recognition in your business plans, goals and daily work. Although not ideal, there is no way around it – the only way is through.
6. Hire people who want to be there
Successful entrepreneurs don’t persevere alone. Sheer willpower gets you far until it doesn’t anymore, and that tipping point often comes earlier in the growth cycle than first-time leaders expect.
The solution is to hire people who believe in what you’re building and see their work as more than just another job.
“People are looking for purpose in their lives, and that includes work,” he says Jordan Turner, Gartner analyst. “The more an employer limits those things that create that sense of purpose, the less likely employees are to stay put.”
It is not enough to hire employees with positive attitudes and willingness to take on more responsibility. They may be nice and ambitious, but that doesn’t mean they care about what you’re building as much as you do. You need to find people who share your passion and get their acceptance for the next one.
What’s next?
You are building something that you hope will last you, or at least your leadership role. And that will take years, if not decades. You’ll encounter many speed bumps (and worse) along the way.
The question you must ask yourself is: How will I react to these challenges? Will I throw up my hands or press on and persevere?
These guidelines will help you do the latter. But it’s your responsibility to follow through.
The post 6 Lessons in Perseverance for Every Entrepreneur appeared first on Calendar.
