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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

[1] Earl Nightingale: The Strangest Secret
[2] AZQuotes: Calvin Coolidge Quotes
[3] George Ambler:Persistence: The Key to the Achievement of Meaningful Goals
[4] Google: Self-Made in America, Page 77
[5] Fox Business: Knowing When to Throw in the Towel
[6] Entrepreneur: 3 Signs That You Should Shut Down Your Business

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Last Updated on June 13, 2019

10 Best Success Books You Need to Read to Be Great at Business

10 Best Success Books You Need to Read to Be Great at Business

Take a minute and think about some of the most successful people you know.

I’d bet they’re great with people, are super-productive, and think differently than most. After all, that’s how they got to be where they are today.

Jealous of them? You don’t have to be.

You can learn these same skills by studying some of the best business and success books that can help you take your game to the next level. Here’re 10 of my favorites:

1. How to Win Friends and Influence People by Dale Carnegie

    Dale Carnegie’s best-selling book that helped to launch a personal growth empire should be required reading for everyone who wants to learn how to build and nurture relationships for a lifetime.

    Read this book and you’ll learn some simple advice than can help you build popularity points within your current network and just as important, expand it to others.

    Get the book here!

    2. Focal Point by Brian Tracy

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      Got a lot on your to-do list? Of course you do. But what separates productive people from others is their ability to focus on a singular task at a time, and getting it done before moving on to the next one.

      Sounds simple in theory, but this can be extremely difficult in practice. In Focal Point Brian Tracy offers tips to help build discipline and organization into your day so you can get more stuff done.

      Get the book here!

      3. Purple Cow by Seth Godin

        Creating a “me-too” product can be easy at the start but can doom you to business failure. That’s why marketing maverick Seth Godin recommends creating a product that is truly different from anything already available in the marketplace.

        In essence by making the product different you’ll be building the marketing into the actual product development…which just makes your actual marketing a helluva lot easier.

        Get the book here!

        4. The Magic of Thinking Big by David Schwartz

          If you’ve struggled with procrastination or small thinking, this is the book for you. In it Schwartz offers practical advice that can help you get inspired and motivated to create a bigger life for yourself. And with it can be a more lucrative and rewarding career.

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          Get the book here!

          5. Man’s Search for Meaning by Viktor Frankel

            It can be difficult for lots of people to keep things in perspective, especially when working on high priority and urgent projects at work.

            Man’s Search for Meaning can be a life-changing book in the sense that it can open your eyes to a first-hand experience of one of the greatest atrocities in the history of mankind, while also teaching a valuable lesson about having purpose.

            Get the book here!

            6. The 4-Hour Work Week by Tim Ferriss

              Solo-entrepreneurs can learn a ton from the guy who made lifestyle design popular. But guess what? The 4HWW isn’t just for guys and girls who want to start a small online business.

              Smart moves like outsourcing, following the 80/20 rule, and automating processes should be made by entry-level workers and established executives alike.

              Get the book here!

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              7. Think and Grow Rich by Napoleon Hill

                I remember sitting on a couch and opening this book on a Saturday morning, thinking I’d get through a chapter and then get on with my day. Instead, about 12 hours later, I was finished with the book. The concepts in it were mind-blowing to me.

                To think that thoughts can create your reality sounded a little far-fetched at first. But after going through the book and understanding that your thoughts create your beliefs, which lead to actions, which then lead to habits….well you can get where I’m going with this.

                If you focus your thoughts on success, achieving it will be much more likely than thinking about obstacles, failures and everything else that can get in your way.

                Get the book here!

                8. The One Minute Manager by Kenneth Blanchard

                  If you’re going to read one management book in your life, this should be it. It’s simple. You can read it in an afternoon. And the advice works.

                  Get the book here!

                  9. The Lean Start-Up by Eric Ries

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                    Before you create any sort of business you’ll want to give Lean Start-Up a read through. Doing so can save you money, time and other resources you could have potentially wasted otherwise.

                    Get the book here!

                    10. The Monk and the Riddle by Randy Komisar

                      The story Randy Komisar shares in the Monk and the Riddle offers advice about not just about how you need to think when starting a new business, but also about how to build a life you’re passionate about.

                      Understanding the technical aspects of launching a start-up is great, but if you don’t have the staying power to stick with it when the going gets tough then it’s not likely to work.

                      This book can help you understand this lesson before you spend blood, sweat and tears on a project that you’re heart isn’t into.

                      Get the book here!

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