Want to become an entrepreneur? Love setting up your idea with execution in business world? Think you can make it all up to the top? Well let me tell you..every entrepreneur thinks! But only some have the ability to withstand failure and make their way all up to the top. Entrepreneurship is not only about leadership, execution but also persistence and perseverance.
Persistence is an inseparable element of entrepreneur. It is a vital characteristic of successful entrepreneurs. But how can an entrepreneur position themselves to succeed when the majority of small businesses fail? Each one of them are different and every one has their own strengths and weaknesses. However, a persistent and “never give up” mantra of entrepreneur is always crucial when his startup is sinking. Even if his first company is closed soon after it had started, accepting failure and embracing it can be a stepping stone to success. As the saying goes, when at first you don’t succeed try, try again. If you wish to be a successful entrepreneur you have to change that a bit – When at first you don’t succeed, keep trying until you do, whether that takes 10 days or 10 years. Successful entrepreneurs never let setbacks or failure stop them. They tackle them being patient and persistent…not only for several months but years(and trust me this is not at all easy as it seems).
Paul Gompers, Anna Kovner, Josh Lerner and David Scharfstein set out to find why some entrepreneurs are more successful than others. They put together a Harvard Business School working paper, Performance Persistence in Entrepreneurship. They came up with result that successful entrepreneurs in the study had a 34% chance of succeeding in their next venture-backed firm, compared with 23% for those who previously failed and 22 % for first-timers. Do not be demotivated if you are a first-timer. Remember, even that successful entrepreneur was a first-timer in his previous firm. And always remember these lines:
Without persistence there is no trying again,
Without trying again, there is no learning,
Without learning there is only failure!!!
– Vatsal Doshi