The Power of Persistence

Calvin Coolidge, the 30th U.S. president, may not be one of our most remembered leaders. He served just a single term as president. However, his deep appreciation for the power of persistence is an important reminder to all of us.

Coolidge said:

“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 always will solve, the problems of the human race.”

Persistence has been called many things over the years. (You might say the last decade has been about “grit” which is persistence just by another name). But no matter what we call it, it is vital to success.

In real estate development, like many businesses, the stars rarely align for quick deals and easy approvals. We often have to sweat the details of a project for years – refining the business plan, making design adjustments, earning community support, navigating government bureaucracies, and then putting our shovels in the ground.

One of my latest projects, a resort on the beach in Montecito, California, is a perfect case-in-point. I purchased the hotel site in 2007 fully expecting to open a brand-new hotel by 2010.

The old hotel that once occupied the site had been vacant for years having become a dilapidated eyesore. Two previous owners purchased the property to redevelop it, but ultimately failed. If you can succeed where others fail, you can create tremendous value.

In 2008, we earned community support for our design and received the government approvals to begin the project. Then the Great Recession struck. Financing for luxury hotels evaporated. For the next few years, we waited patiently to restart the project.

Flash forward to 2014. The economy continued to recover so we restarted the project. We refined the project, yet again, incorporating great ideas from the community. The changes, while very worthwhile, meant another round of securing government approvals.

In December of 2014, we were at last on the verge of a final approval – only to have a new issue emerge at the last instant, prompting hours more of discussion. There were more hearings … more negotiations.

There were folks who expected us to give up and walk away like our predecessors. They likened us to Sisyphus of Greek mythology – the king who was destined for all eternity to roll a boulder up a hill only to watch it roll back down again and again.

… and then finally, in April 2015, our plan was approved. We begin construction in a few months. Our opening party is already set for April 2018.

More than a decade later, the persistence of my team and our supporters had finally paid off.

But, before I celebrate the happy ending, remember: Never let persistence turn into obsession. In every project we do, we are ready to walk away from the deal, if necessary. Never do a project just because you can – or because you want to prove a point.

Persistence has to be worth it. The return on investment for your time and opportunity costs must be justified by the eventual payoff. Whatever your business, be sure that you are persisting to build something that will create a meaningful benefit over the long term.

That’s how we measure the value of our persistence. In Montecito, the deal was well on the positive side of the balance sheet. Our project was approved because the community was behind us, and they made their support known.

We achieved a win not just for ourselves, but also for our supporters. Not through sheer talent, and certainly not genius. But, rather through everyone’s persistence.

In life, as in business, we often face moments of seemingly insurmountable challenges. In your next moment, heed the words of Calvin Coolidge – be persistent and always “press on."