Being an entrepreneur is not for the faint of heart. It’s one thing to have a vision, it’s another to actually implement it and make it a reality. If you are struggling as an entrepreneur or in taking your side-hustle full-time, there are three words that I have learned one must have to have any kind of success: passion, perseverance and patience.
Little did I know when I signed off of my last newscast on October 17, 2013, that nine years later, I would survive being an entrepreneur, through a pandemic and even grown and pivoted a few times. Has it been easy? Sometimes, but mostly no, it has not. But it has been worth it. Entrepreneurs are not born, they are made!
It may not be what you want to hear, but there is no magic formula to creating success. According to the Small Business Administration, 66% of first-time businesses fail within the first ten years. Running your own business is not easy and there is no one-size fits all approach. However, if you implement the three P’s, which I believe are entwined and related, maybe you can avoid some of the growing pains of entrepreneurship.
You were passionate about an idea to build a business, so remind yourself of that when the going gets tough. Be passionate about continuous learning. The ability to learn and grow is one of the most important skills to have in life, let alone in entrepreneurship. Even failure. As I wrote in my book, Dare to Own You: Taking Your Authenticity and Dreams into Your Next Chapter, I believe failure is not the enemy. Not learning the lessons is the enemy.
Continuous learning also requires not being afraid to ask for help and finding the right people who are just as passionate as you are, who are also vested in your business, and want to help you succeed.
And, be passionate about becoming a better, more effective communicator so you can sell yourself, your ideas, services and your physical products.
Starting a business involves risk and in order to persevere, it requires initiative, determination and action. Each day, take small consistent steps, whether developing your strategy, staying on course with your business plan, or pivoting, if required. Be willing to constantly evolve as you move down this path.
I believe it also takes resilience. One must be willing to rise above the challenges, recover quickly and persevere.
In 2020, the number of start-up businesses grew by 24%, from 3.5 million to 4.4 million. In large part due to the pandemic. And women-owned businesses are also soaring in the U.S. How many of them will survive is still yet to be determined, and that is where patience comes in.
As Jeff Bezos once said, “All overnight success takes about 10 years.” May that be reassuring if you have not had the kind of success you are hoping for so far. Get comfortable with the concept that something of value takes time to come to fruition.
We often want to see amazing results almost immediately, and if that doesn’t happen, we may lose some of that required passion and perseverance. But know this, there will be problems, maybe even delays, some of which will be out of your control. Establish realistic expectations, and be patient. And when you find your patience waning, remember your passion for why you started this business in the first place… and then persevere.
I’m grateful for the 3 P’s! I still have to remind myself of them nine years into my business, but I’m so glad I do because I continue to have amazing opportunities, working with incredibly talented people all around the globe. Here’s to the years ahead.
Interested in Taking Yourself or Your Executive Team to the Next Level?
Brunner Communications assists high-profile individuals and organizations in sharpening and developing top level business communication, executive presence, and public speaking skills. Our passionate team provides one-on-one executive business coaching, and runs specialized business workshops. Through customized training, clients learn the necessary skills to become great communicators and build a marketable reputation.