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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 November 9, 2020

10 Good Habits to Have in Life to Be More Successful

10 Good Habits to Have in Life to Be More Successful

Habits are behaviors and patterns that you showcase by default. Many good habits to have will enable you to carry out crucial activities like taking a shower, brushing your teeth, and getting ready for work. 

Interestingly, you follow this routine every day without thinking twice. Your unconscious daily habits create room for your brain to perform more advanced activities like problem-solving and choosing what book to read.

Everyone has habits, and several of those habits are activated every day. I would classify them into three groups:

  • Habits that you hardly notice as they have become a major part of your life, such as brushing teeth or getting dressed.
  • Good habits to have to be more successful, like eating healthy, exercising, and reading books.
  • Habits that are harmful, like procrastinating, smoking, or overeating.

Good habits are fundamental to becoming successful in life. Yet, as significant as habits are, some lack the knowledge of their capabilities.

While much of the emphasis falls on bad habits to break, it’s just as important to focus on good habits to have and cultivate in your daily routine.

Here, we’ll talk about 10 good habits to have to be more successful in life.

1. Begin Your Day with Meditation

I recommend mindful meditation early in the morning. This practice helps you to place yourself in the present moment. Consequently, it enables you to be mindful of challenging situations during the day.

Different stressors may trigger as you go through the day; meditation helps you to remain calm before taking on the challenges.

Personally, it helps me to devise strategies and think about ideas. Meditation is a good habit to have if you want to be connected to what’s significant in your life.

2. Be Grateful for What You Have

It’s not uncommon to waste time thinking of what’s not enough. You become immersed in those daunting challenges. However, challenges justify the presence of hope. The only strategy you have to stop focusing on your problems is to focus on what you have.

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Gratitude is a time-tested pathway to success, health, and happiness. It redirects your focus to what you have from what you lack. Try writing a list of things you’re grateful for each day in a gratitude journal, or make it a habit to say one thing you’re grateful for when you sit down to dinner with your family.

3. Smile

Can you pause and smile before you continue reading this?

Now, here is what just happened based on research conducted by the Association for Psychological Science; you set a pace for living a happier life when you smile. A genuine smile, or what’s called a Duchenne smile, is a good habit to have if you want to find spiritual, emotional, and mental peace of mind.[1]

Smiling induces the release of molecules that function towards fighting stress. The physiological state of your body determines the state of your mind. When you slouch or frown, your mind takes cues relating to unhappiness and depression. However, once you adjust yourself by putting on a smile, you begin to feel a new level of excitement and vibrancy.

4. Start Your Day With a Healthy Breakfast

Starting your day with a healthy breakfast is a good habit to have and forms a crucial part of your life. Nevertheless, about 31 million Americans skip their breakfast each day.[2]

If you are fed up hearing that breakfast is a crucial component of your day, you are only fighting the truth. If you want to become more successful, you need to “break your fast” with healthy foods every morning.

This habit is not difficult to form if you usually rush out the door every single morning. You can wake up earlier to fix yourself a meal so you don’t break down during the day.

Get inspired by these 20 Healthy Breakfast Choices That Will Save You Time.

5. Exercise Daily

One of the good habits to have is to exercise your body and muscles on a daily basis. You don’t have to run a marathon or lift tons of weights. You only need to engage in activities that oxygenate your blood and inject endorphins in your body, trying to squeeze in at least 15 minutes every day.

Jack Dorsey, the CEO of Twitter, classified exercise as a good habit to maximize his already jam-packed schedule.[3] He said:

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“I wake up by 5, meditate for 30 minutes, seven-minute workout times three, make coffee, and check-in.”

He said on Product Hunt that he follows this routine every day as it gives him a steady-state that empowers him to be more productive.

6. Manage Your Time

Another good habit is the act of managing your time effectively. This goes a long way toward impacting your achievement.

Time management is what separates the successful from the rest of the world as we all possess the same amount of time. How you leverage time determines your potential to succeed in life[4].

Good habits to have: Time management tips

    So how do you manage your time effectively?

    Here’s Jack Dorsey’s recommendation in one of the Techonomy events:

    “I accomplish effective time management by theming my days and practicing self-discipline. These themes help me handle distractions and interactions. If a request or task does not align with the theme for that day, I don’t do it. This sets a cadence for everyone in the company to deliver and evaluate their progress”.

    And this is Dorsey’s weekly theme layout:[5]

    • Monday – Management
    • Tuesday – Product
    • Wednesday – Marketing and growth
    • Thursdays – Developers and partnerships
    • Fridays – Culture and recruiting
    • Saturdays – Taking off
    • Sundays – Reflection, feedback, strategy, and preparing for Monday

    No wonder he was able to run two companies when others were struggling with one job.

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    Check out more time management tips here: 7 Effective Time Management Tips To Maximize Your Productivity

    7. Set Daily Goals With Intentions

    Everyone has goals, whether they relate to business or personal life. The truth is, we’re all tending towards a particular direction. Nevertheless, while long-term goals can offer you direction, it’s your daily goals that help you develop short-term goals that are essential for your success.

    Long-term goals may not give you the motivation you need to keep on, but when you implement your short-term milestones daily, you become fired up, and you can overcome the challenges that come with taking on bigger tasks.

    Here’s the main truth: Successful people don’t set goals without establishing their intentions. According to Jennifer Cohen of Forbes,[6]

    “What helps you to achieve your desired expectation is ensuring intentions accompany your daily goals.”

    8. Seek Inspiration

    It is usually difficult to be inspired for a considerable length of time. Sometimes, you become discouraged and feel like giving up on your goals when things are not working out as intended.

    A practical approach to stay on top of the situation is to inspire yourself each day. When you wake up in the morning (after meditation), watch some motivational videos, and let the story of great leaders inspire you.

    Establish what Anthony Robbins called the “hour of power.” Determine how many minutes you spend, but make it count. Inspiration is the fuel for achievement because when you can conceive it in your mind, you can accomplish it.

    Michal Solowow, an investor and the founder of Mitex, puts it this way[7]:

    “The problems I encounter in everyday life motivate me to find solutions. This is a self-propelling mechanism. Becoming a billionaire was never a motivating factor.”

    9. Save Steadily, Invest With All Prudence

    I can’t exhaust the good habits to have without talking about saving and investing. Most times, you overlook the significance of saving for the future when you are living in your present moment. According to CNBC, a $1000 emergency will propel several Americans into debt.[8]

    However, it is not enough to save, and you must invest your funds and be wise with them. If you pay attention to this now, you will set yourself up for a life of success in the future. Ensure you save at least six months in your emergency account so you can be prepared for any future emergency.

    If you’re looking for a simple way to save money, check out the following video:

    10. Budget and Track Your Spending

    Benjamin Franklin warned of taking the precaution of little expenses. He said:

    “A small leak sinks a great ship.”

    It is easy to discard little expenses, but the truth is they always add up. This happens when you fail to budget.

    Budgeting is a good habit to have, and it can impact your financial life significantly. The money you spend on extravagant lifestyles can be saved and invested in your future instead.

    The Bottom Line

    Endeavor to start developing good habits to have to become more successful as you journey through life. The quicker you cultivate them, the faster you will achieve your goals.

    More About Cultivating Good Habits

    Featured photo credit: Andrijana Bozic via unsplash.com

    Reference

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