I’ve worked with hundreds of business owners and I can tell you the number one trait that determines success or failure is persistence.
Persistence Trait Defined
In this case, persistence is the ability to keep pushing forward even when things get really tough. As a business owner, things are bound to get tough. That’s part of the job. However, those who stick with it and grow through the hard times end up stronger and better than before.
The number one example I can use right now is the pandemic. So many of my clients closed their businesses. The ones that dug in and found a way to move forward are booming by comparison to those who muddled through. Too many of my clients have a lot of motivation when things are going well and limited motivation when things are harder. Those with the persistence trait are persistent always.
The pandemic isn’t the only hurdle businesses face. In fact, some of my clients didn’t even notice any issues during it. They face their own issues though. One of my clients had a major partnership dispute a couple years ago. Fortunately, they had an operating agreement that outlined how those were to be handled. They ended up having one of the partners buy out the other. This was a huge cost to the remaining partner, but now the business is worth a significantly higher amount than when the two of them were involved.
It was a worthwhile investment for the remaining partner. However, there were many times during the dispute when both of them wanted to close the business and walk away. They couldn’t agree on a fair resolution to their dispute. However, the remaining partner was very persistent that he wanted to carry on the business. I’m glad he did because that business is doing great now.
In my own business, I’ve faced many challenges. For the most part, I’ve powered through them. However, I can’t say that I’ve always had the most persistence. Running a business is hard and it can drain you. That’s why persistence is so important. I have it, but not like some of my clients who can keep going no matter what. Admittedly, during the pandemic, I slowed my own practice down when a large percentage of my clients shut down their business.
I could have doubled down and found new ways to get clients, signed up for every referral list, or expanded into new areas. Instead, I coasted for several months. I like to imagine that if I had a stronger persistence trait I’d be much further in my career than I am now. But, that’s life. All I can do now is keep moving forward.
How’s your persistence?