Sometimes, an idea for a new business will sit for years in your file drawer, computer docs or inside your head, just stewing, simmering but not gaining much momentum. Then one day, the one thing you’ve needed to go from dreams on paper to office-and-shingle reality shows up. Maybe it’s the partner with deep pockets, a chance to team up with another like-minded entrepreneur and share space or the discovery of a new, better way to do what you love, make what you want and accomplish it faster, better, cheaper.
All of a sudden — you are moving faster than you thought possible and hiring staff and ordering office furniture and printing marketing materials and scheduling meetings and renting manufacturing space and the local press is calling for interviews and you’re moving and it’s too good to be true and —
Whoa. What just happened here? There’s no time to think or breathe, no time for patience at a pace like that. Your new venture is outwardly fueled by passion, drive, and vision, but its main power source by patience. Here are five reasons why exercising patience before practice pays off:
Your new business is all about you—for now
Maybe at the start, it’s just you and your hopes on a legal pad. Eventually, you’ll have staff, human resources, a supply chain, clients, stockholders, and investors and you’ll be responsible to their expectations. Exercising patience at the beginning of your venture means understanding the human nature of your business, not just the numbers, nuts and bolts. It paves the way for smart hiring, sound investing, happy clients and investors who cannot wait to be part of your company.
Not everyone sees “the light” as fast as you do
What’s simply brilliant to you isn’t simple or brilliant to everyone, at least not right away. A concept or product that makes a potential client happy, wealthy or simplifies their life in some way seems like an easy sell, but sometimes the most obvious ideas are the hardest to sell, which is frustrating to many new entrepreneurs, eager to immediately grow their business and make money. Exercising patience means education and enlightenment first, and the sales will follow.
Building your brand isn’t an overnight option
You build a following for your brand in a variety of ways; digital marketing, meeting people at conventions, dinners, schools, and educational events and providing a website that reaches out to people, instead of waiting for them to find you. But brand building means finding innovative ways to stand out, such as partnering with a local nonprofit and linking to each other’s websites, as well as working actively as a leader with the nonprofit. Staying active on social media with photos of yourself and your business doing positive things is not in keeping with the classic “sell, sell, sell!” mantra, but it patiently builds trust that builds a following that leads to business for your company.
Listen first, compromise second, act last
Patience is like using a feather duster when you’d rather use a battering ram to achieve your goals. You want to beat down competitors when you should study them, learn their best ideas and improve on them. You want to knock down clients’ doors to grab deals, instead of understanding that while not all negotiations conclude successfully in a deal, all negotiations succeed if you learn something from those that fail for use the next time. Exercising patience means you whispered the door open, delicately disarmed the objections, concluded the discussion with compassion and came away better because you focused on listening, responding and then reached a decision.
Take time to learn from the expert
I’ve helped business owners formulate strategies for growth and sales, and I know that takes time. I started my career as an entrepreneur at the age of 14, and while I believe there is no such thing as a goal that cannot be reached, I understand the power and practice of patience when it comes to assembling a strong sales team, increasing profits, improving processes and communications. Contact me to learn more about speaking engagement opportunities and my Signature Programs®.