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When To Throw In The Towel Or When To Persevere

When To Throw In The Towel Or When To Persevere

It goes without saying that persistence is the most distinguishable and important characteristic of a successful person and most definitely a successful entrepreneur. Lack of creativity can be overcome with persistence and hard work. (Interestingly, while a person may not be terribly imaginative, persistence always helps the imagination to figure it out.) Lack of money can be overcome using the same formula.

Why? You need the persistence to get you through the rough patches and over the mountains that will inevitably be in your path to succeed. Sitting by the roadside gets you nowhere.

It all comes down to persistence and hard work.

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Persistence is Vital

In The Strangest Secret,[1] Earl Nightingale, one of the fathers of personal development, shared a statement from President Calvin Coolidge, “Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent.  Genius will not; unrewarded genius is almost a proverb.  Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and will always solve the problems of the human race.”[2] (This excerpt from Nightingale’s recording became so associated with him, many believed it was his.)

The fire of your vision for the future of yourself, your family and enterprise is the fuel that pushes you forward when things, makes you work the extra hours, and gives you the creativity to solve problems you never thought you could solve on your own.  It gives the meaning to your goals,[3] and expands your vision, letting you see the broad view as well as the long view of things. It opens worlds to you didn’t know existed.

It’s that persistence which anchors you. As John McCormack, founder of Visible Changes, and 1989 Entrepreneur of the Year, says in his book Self-Made in America, “The essential ingredients of entrepreneurship are a vision, a sense of mission, and a will to keep going forward when everyone else is telling you to go back. . . . It wasn’t brains, brawn, or even our business plan that resulted in our ultimate success.  It was persistence, plain and simple.”[4]

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It’s the thrill ride—the ups and downs of a roller-coaster—and you’re the ride operator.  And when you reach the summit, you look back on everything you’ve done and see what’s happened and you wouldn’t change it for love or money.

Should You Throw in the Towel?

But even with all that, sometimes you have to throw in the towel.

The question is when is that time?

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Before you chuck it all, there are some things to consider.  First, is your attitude.  Sure things have gone bad for the moment, but you need to realize it’s not a failure.  As long as you can pull valuable lessons from the experience, you haven’t failed.  I knew a man who priori to the recession of 2008 was pulling in six figures. The recession hit and his income plummeted. He had to get a job, which allowed him to use all of his skills. Was he a failure? Of course not, circumstances beyond his control forced him into an unpleasant situation. But he still has his business, and the other job has given him other benefits that helped him with other situations.

So if you’ve got to shut down the business—throw in your towel—learning is essential.

A legendary anecdote about Thomas Edison’s search for the perfect filament for the incandescent light bulb is that a reporter asked him how it felt to have failed over 6,000 times in his search. Edison replied, “I haven’t failed 10,000 times. I’ve just found 10,000 things that didn’t work.”  History shows only the triumph, not the time it took to reach the triumph.

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So how do you know when?[5]

Some are easy. When there is no longer a demand for what you have to offer, and you can’t figure out a way to retool the product or business. Time to shut it down.  (But then again, look at the resurgence of vinyl, which was declared dead in 1990s. Sometimes maybe put it in suspended animation, instead.) No repeat customers is deadly. If you can’t get fresh faces to your business it’ll be a slow, agonizing death, but it will be a death.

The costs are too high.[6] Losing your family, your health, the person you once were, you look at everything with jaded skepticism. At this point it’s time to reevaluate and if you can’t fix them, get out fast. Good family relationships, health and an optimistic attitude are all essential ingredients to success.  If you’ve lost your vision of your project and can’t recover it, again, it’s time to go.

But if you must throw in the towel, remember to take lessons away, because that’s what entrepreneurs do.

Featured photo credit: Unsplash.com via unsplash.com

Reference

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Last Updated on October 22, 2018

Do You Have to Give Everything Up to Get a Fresh Start?

Do You Have to Give Everything Up to Get a Fresh Start?

There is a common belief that when you want to embark or start on something new, whether it be a project, a hobby, a job or some big life change, a certain sacrifice must be made. “Out with the old, and in with the new” as they say. It’s almost as if we’re not capable of handling more than what we already have unless we let go of something. But is that really always the case?

When I was young, I took up violin lessons. I enjoyed playing the violin, but when I saw a friend playing the guitar, I got interested in that and wanted to start playing the guitar. My parents however, insisted that I continue with violin lessons and felt I should give my full attention to one instrument, rather than a few; they didn’t believe in being a Jack of all trades. And so sadly, I never got to take up guitar lessons.

Afraid of Giving it Up?

Have you found yourself in a similar circumstance? Perhaps you’re at a crossroad right now, and you’re trying to decide on whether to stay on in your current job, or move on to something completely different.

You’re not truly doing something you love or are passionate about, and so you want to make that change… but it’s a risky plunge.

You’re going to have to sacrifice everything that you’ve worked for over the years. You’re going to have to say goodbye to that big salary, the benefits that comes with the job, and you’re going to have to adjust to the changes.

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Thinking of all that is already detering you from stepping out to take that plunge, isn’t it?

Or maybe you have many responsibilities in life and little time for yourself. You have a spouse and children to take care of, maybe you’ve even got aging parents to think of.

At work, you’ve got subordinates waiting on you for advice. As a leader, you have to manage the team. You’ve got conference calls in different time zones to take, business trips to make, decisions to execute.

You have a lot on your plate, and you wish you could just set aside some time to enjoy the pleasures in life. Golf more, take the kids out more, go on vacations more.

Sure, if you wanted all that time, you could take on a lower paying job that would require less of your time. But that would mean a big pay cut and less comfort in your life. If not, you’ll just have to wait till retirement.

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Play It Safe and Regret It Later

In these situations, it usually feels like an all or nothing approach. And, it then becomes the ‘smart’ thing to just ignore the challenge and stay put. Unless you’re overly confident that things are going to work out, or that you have a back up plan in place, most people never truly dare to take on new opportunities after a certain age or stage in life for fear of losing out, falling behind or having to give up whatever it is that they’ve already accomplished thus far.

But this is also where many individuals end up feeling regret much later on in life, perhaps as they approach retirement and have a sense of unfulfillment. There is an emptiness or a lack that they start feeling because they never answered their ‘calling’ or satisfied their heart’s desires. You may end up feeling short changed and unhappy with how things have turned out.

Most people end up feeling more bitter over the regrets of not having done or tried something, rather than in the mistakes they made when they tried something. It’s always the ‘what ifs’ that will go on to haunt you.

No Sacrifice Needed!

The good news is, you don’t actually have to make such a big sacrifice when it comes to change! You can carry on with your existing way of life, your job or your responsibilities while changing or doing something new.

It’s really not that hard because everything that you do in life, whether it’s your career, relationships or even health, are driven by 7 Cornerstone Skills. These are 7 qualities that if you have them, can make you excel at anything. And we already have most, if not all, of these 7 Cornerstone Skills; we just don’t always know how to use them to the best of our abilities.

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Unfortunately, some of us may not even know the importance of these Cornerstone Skills, and how just sharpening one skill can significantly improve the wellbeing of your life.

If you’re that busy professional with far too much on your plate, thinking there’s nothing you can do to lighten the weight so that you can breathe a little and have time to enjoy life, then think again.

Because I can show you some proven techniques that will improve your Focus significantly, and the way you manage your Time. You’ll end up investing in more time, than spending time unnecessarily, thus giving you the ability to enjoy some of that time for yourself.

By learning to Learn again, you’ll be able to grasp knowledge a lot quicker, allowing you to manage your responsibilities in a smart manner.

These are just 3 of the 7 Cornerstone Skills that I’ve mentioned. By harnessing the potential of all 7, you will realize that if you truly want to achieve a certain goal or ambition, you need not worry about having to trade off a certain aspect of your life.  Instead, you’ll be able to work around things, or improve things even faster because of the skills that you’ve now enhanced from understanding how these 7 Cornerstone Skills work together.

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Making a life improvement, career switch or new goal pursuit can easily happen without risky trade-offs once you know how to harness your Cornerstone Skills into your existing life.

Ready to learn more about the 7 Cornerstone Skills and find out why they’re so important? Subscribe to our newsletter today and begin making that change you’ve been wanting to, without sacrifices!

Featured photo credit: Martha Dominguez de Gouveia via unsplash.com

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