Why do some entrepreneurs fail while others succeed? Is there something special winners do that losers don’t understand? The answer to the second question is a resounding yes. The key to success is persistence, although it must be aimed in the right direction. Put all your effort into a plan that doesn’t afford profitable results, and your tenacity won’t breed victory. Get it right, though, and you can open the door to accomplishment since persistence pays. The following information will explain why and help you discover if you’re working toward a lucrative aim.
Why persistence pays
Have you ever considered whether you might have reached a goal if you had tried a little longer? Studies show business moguls push further than people who don’t succeed. They persist when the going gets tough rather than imagining setbacks are signs of failure. Mistakes are seen as steps closer to goals since they are opportunities to learn and grow.
Work a little longer and harder is good, but working smarter is best. This means to learn from your mistakes, from others, and to understand the subject matter better. Leverage your network, ask questions, read about how others tackled a challenge. And don’t give up.
Persist in the right direction
Many business people persist in the wrong direction until they hit a wall such as running out of cash, time, or support resources. First things first – establish measurable quantitative and qualitative goals and objectives, an outline or plan of how to execute and implement, along with the responsible person (who), and the schedule (when). This becomes your roadmap for success.
Unsure of what quantitative direction you should be going? Seek out the industry performance ratios for your market. The government classifies industry by Standard Industry Classification codes, or SIC codes. Learn the SIC codes at the United States Department of Labor: https://www.osha.gov/pls/imis/sicsearch.html
Once the SIC code for your industry is known, you can search market intelligence reports from providers such as IBIS World https://www.ibisworld.com/. These reports are a gold mine of knowledge and include key performance ratios including financial ratios such as inventory turnover, days payable, days receivable, net profit, and many more. Targeting your business to operate within market industry norms is an excellent way to remain viable and healthy.
Aim to persist in continuous improvement – making incremental improvements versus larger quantum leaps. Continuous improvement adds value to the business frequently and lends to sustainable gains. Organize your workspace for maximum efficacy, following the methodology of 5S:
Seiri – Sort
Seiton – Place In Order
Seiso – Sanitation
Seiketsu – Standardize
Shitsuke – Sustain
Accomplishment doesn’t often come quickly; perseverance and tenacity are required. Persist with plans that work, and when the climate’s not affable for progress in one area, focus on another. The outcome will be that you achieve your goals and always shift closer to success.