Patience in business

Are you being patient enough in your entrepreneurial journey?

Patient in growth

Being patient in growth means;

  • Not rushing into decisions – a lack of research can often result in mistakes and cost your business.
  • Not making decisions due to lack of options – it is great to have stretch goals, however this can lead to making decisions as they are the only ones available again leading to wasted resource (time & money).
  • Not being fully prepared – going full steam ahead regardless of your current business situation may work out, but is the risk one you are willing to take? Can your business afford corrective action if the next decision does not work out? Do you have sufficient back-up, cash flow, reserves?

So, be patient – opportunities always come.

Patient in results

Everybody loves results, and everyone wants them now. However be patient:

  • The compounding effect works with time – whether you’re blogging, trading, building ecommerce sales or anything else, keep with it. You may not be profiting as much as you want from day 1, but if your results double each month thanks to compounding, your daily targets will eventually be met and surpassed.
  • You don’t know how close you are – have you seen the cartoon of the gold miner who gave up digging one foot away from striking gold?! This could be you and your business… keep at it, keep learning, keep improving and you will get there.
  • Rushing to results can lead to mistakes – making quick decisions and taking action is great, however if you are doing it for the sole purpose to get results quick then you will not achieve the success rate you want which may well lead to you getting discouraged, running out of time/effort/money and stopping your venture.

So, be patient – experience & knowledge leads to results.

Patient in people

For the entrepreneur building their team (especially embarking on the journey of their first hire), being patient with people is important:

  • Nobody knows your business like you do – give people the time to learn and the room to make decisions and mistakes (delegation limits will help limit the impact of any mistakes and this limit can be increased with time). Give them the time and patience to become an asset to your business
  • Nobody knows your situation like you do – getting frustrated with people over decisions, or lack of decisions, taking too long to get back to you or poor service can lead to broken relationships and cost your business. Be clear in your needs and requirements from the outset, give people sufficient time to provide what you need to the quality you need and be patient to build long lasting win-win relationships that benefit your company. (clearly being patient does not mean letting people get away with continued poor service or severe mistakes – so asses each situation separately)
  • Nobody knows YOU like YOU do – yes you are a person and you need to be patient with yourself. Reward little successes and give yourself time and the patience to achieve goals in realistic timelines (yes, we all like to think we can get there quicker than others and be over optimistic). So don’t be hard on yourself but do keep working on yourself through education and self improvement.

So, be patient – building a business means building the people.

Hans Solopreneur – Talking the pros and cons, tips and tricks of running a business on your own to building a team

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