Professional tenacity gives you a competitive advantage

Tenacity is probably the most important attribute in an entrepreneur, that aspect which affords him the competitive advantage in business.

Entrepreneurs make up a special subset of the self-employed. They’re different from normal self-employment businesses because they attempt to bring something new into the marketplace.

Success as an entrepreneur involves making and constantly re-committing to the decision to stay the course.

Tenacity is about commitment and the knowing that no matter where the tides turn, you are willing to learn from the experiences and stay the course to gain that inevitable competitive advantage.

How to stay motivated as an entrepreneur

Entrepreneurs with the competitive advantage are those who have changed the mindset, enforcing the idea that rejection translates to failure. Instead they move ahead with their process, just as they’ve committed to doing at the outset of the business idea. Motivation is a necessity for small business ownership. Without it, both you and your dream will flounder. But how? We have a few ideas:

 

  • Remind yourself of your desire to achieve

The need to achieve and succeed preventes entrepreneurs from giving up after every failure and fuels their drive more than any other factor.

  • Set realistic goals –

Create a big-picture strategy for your company. Mix short-term, smaller goals with longer term, more significant ones. Celebrate reaching the smaller ones and take things one day at a  time.

  • Seek business inspiration from your peers

Having a network of entrepreneurs and small business owners to talk to can be an invaluable support system. This useful for advice, feedback as well as support purposes.

  • Visualize the Future –

Entrepreneurs owe it to themselves to know exactly what they strive to achieve because without a clear goal in mind, the drive to achieve greatness is limited.

  • Take Time for Yourself and Your Loved Ones –

Spending time with friends or family, or perhaps embracing a hobby, provides the refreshing mental break that allows for a new, inspireed stab at that competitive advantage.

Statistics on successful entrepreneurs and start-up businesses

Professional tenacity gives you a competitive advantage

As an entrepreneur you will inevitably have to deal with certain failures along the road to your personal definition of success. Some might never get there and will lack that competitive advantage forever. However it is encouraging knowing that actual reasons exist why some small businesses fail and others succeed. The reality is however that roughly only one in every 10 entrepreneurial ventures makes it. This is a terrifying thought. Before you get sucked into this failure statistic, consider viewing these daunting facts in a different light. Believe that your business is different:

 

  • Your business venture constitutes the minority who succeed and not the majority who fail

You’re extraordinary.  You have something inside of you that those 90 percent of other entrepreneurs just don’t have

  • Failure rates helps you to reduce the opposition who actually possess the competitive advantage

Success is reserved for those that are willing to go the extra mile. After the 90 percent have already given up and gone home.

 

Now that you have changed your mindset about failure and how scary a thought it is, start focussing on what you can do to become a member of the 10% of entrpreneurs whose businesses make it by:

 

  • Coming up with a truly unique product aimed at a expanding market

Something of great value which customers will pay for and continue doing so for years to come

  • Being passionate about your product or service

By being willing to put in endless hours and focussing on your goal of success and very little else

  • Having something undeniably powerful in your personality make-up

Which drives you to prove yourself irrespective of any adversity or abstacles which face all entrepreneurs daily

  • Having the courage of conviction to take calculated risks, trust your gut and stay the course

Choosing to do the right thing, the correct way, over and over even when it’s the toughest avenue to take

 

 

 

Success stories of entrepreneurs and the difficulties they had to overcome

Professional tenacity gives you a competitive advantage

Rejection can be devastating, but you shouldn’t let it discourage you. More of the world’s most successful people have failed first before they succeeded— sometimes more than once. We’ve identified some highly successful people, from movie stars to scientists, who experienced massive failure before they found fortune. Weaker people might have given up. Instead, these folks remained focused on their goals.

 

  • Walt Disney was fired by a newspaper editor because he “lacked imagination and had no good ideas – Today the word Disney is synonomous with every child’s dreams
  • K. Rowling was a single mom living off welfare when she began writing the first “Harry Potter” novel – Rowling is today internationally renowned for becoming the first billionaire author
  • Harland David Sanders, the famous KFC “Colonel,” couldn’t sell his chicken. More than 1,000 restaurants rejected him – But then one didn’t, and today there are KFC restaurants bearing his image all over the world.
  • Oprah Winfrey was fired from her television reporting job because they told her she wasn’t fit to be on screen – Winfrey rebounded and became a billionaire and the undisputed queen of television talk shows.
  • Jan Koum, founder of Whatsapp, in 2007 tried to join Facebook and got rejected in the interviewIn 2014 Facebook bought Whatsapp with 19B US$

 

Failure is Feedback. The reality is 73 out of the first 100 billionaires in the world are self-made. Those self-made billionaires simply applied some core, fundamental knowledge everybody else has access to. They did what everyone only read about.