PATIENCE IS VITAL FOR AN ENTREPRENEUR TO SUCCEED.

An Entrepreneur with a new business plan wants to see immediate result. This may include growth as well as profits. While some businesses may achieve success fast, the reality is that every business has a wait period.

“Everyone has a plan until they get punched in the mouth”-Mike Tyson.

Just like boxing every entrepreneur has a good business plan that should yield immediate ROI until the business plan is tested.

When you are faced with the reality of business, you’ll quickly find out that your business plan is only a part of it and you surely need more that a good business plan to be successful.

Strategically, you must have a plan that can survive the first punch in the mouth and is flexible enough to reinvent itself. Also you need to will power to stay in business and be patient.

Again, a business isn't static, you need time (patience) to adjust the business plan to a lot of unforeseen circumstances. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside. Something to check off the to-do list and be done with but in actuality, the business plan for any business will evolve over time as the business develops and this takes time.

Sometimes, the best things take time. Patience is an asset for an entrepreneur. We must learn to wait for some things to mature or just take the necessary course. The ability to wait without abandoning the idea is also a valuable asset. It gives you time to stop and reflect on the present, strategizing your next step.

I remembered when I started business, the plan and idea was so good and “interesting to me” that I expected profits as soon as we started but things didn’t work out like that because I just needed time to adjust to the new business space, build a proper foundation for the business and a lot more.

My usual self is to take a break, ask questions, seek guidance and reevaluating things. I spoke with a young entrepreneur who was my neighbor then, and I was able to ask some vital questions that calmed my nerves.

?I asked him how much profit he was making to be spending so much on salary, marketing and Power. He told me that he was not thinking of profit because he will break even in 9 years. That hit me so hard because he was already in his 7th year in business and I was only 2 years in business. I have to adjust my “wait period” in my business plan.

Whether you are preparing to launch a new business, or you have already started one, one trait that can increase your chances of success is patience.

The virtue of patience can be one of the most challenging to practice consistently, basically the stress of life and work gives us so many opportunities to experience frustration. However, patience is crucial for an entrepreneur.

5 THINGS YOU GAIN FROM BEING PATIENT AS AN ENTREPRENEUR.

1.??????Good things come to those who wait.

It usually takes 2-3 years for some small business to make profit while for others it takes up to 8-10 years depending on the nature of business and the environment.

Usually entrepreneurs who are patient are rewarded with positive recognition, better sales, increased customer satisfaction, and a stronger bottom line.

2.??????Patience help you avoid hasty decisions.

When you want something to happen now, you’re focused on what it feels like to get what you want, and may overlook questions about whether it is the right time or place for that development or event to occur.

This hasty decision often ruins crucial first impressions with a faulty product or a service that isn’t fleshed out as well as it could be yet. Constantly hurrying to the next stage leaves little time for your team to adjust to any mistakes you might make.

Instead, take the time to conduct adequate research, study the market and the competition, and define the target audience you want to reach. Doing so will help you make better decisions about how and when you launch.

3.??????Patience drives you to work harder and even smarter.

When you focus on patience, you develop a mindset and be fine with the reality that building something of value takes time.

Your desire to achieve success doesn't have to be clouded by impatience. Instead, you can use that desire and acceptance together as motivation to fuel your efforts. When you get tired or frustrated, you can reflect on how your previous sustained efforts got you to this point. That, in turn, can drive you to work even harder. You can take dynamic action, yet do it mindfully.

4.??????Patience deepens your resilience.

The modern entrepreneur needs both physical and psychological resilience now more than ever. You need to build the capacity to recover quickly from difficulties and develop the elasticity ability to spring back to shape

Resilience helps you remain focused on your goal despite obstacles. You know your goal is still possible and worth continuing toward, so you don't get bogged down by stressors. In short, patience helps you stay effective for the whole process.

5.??????Patience help you improve self-control.

You become a better person for your business and customers by being patient with other people (Client and Employees), thereby building a reputation where you treat other people with high regard, and they will respond with loyalty and admiration to your brand.

It is obvious from the above that patience is vital for an entrepreneur.

Statistics have shown that successful small business are built over years, so there is a huge chance that you will be successful if you wait and do the right things while you wait.