Running With Patience

Friday, 14 May 2010 00:56

Post written by:

Paul Davis


The definition of entrepreneurship is very simple: perceive a need in the marketplace, develop a unique solution, and create a business around it. A wise entrepreneur sees an opportunity and acts upon it quickly, filling the gap in that particular market in a way that no one else has before, and before anyone else gets there first.


Opportunities are all around us. If you take a look, you're bound to find ideas that need to be improved upon, areas in existing services that can be handled in a better way, or issues that haven't been addressed commercially. It's taking that gap--that need--and filling it that makes one an entrepreneur.


The economic downturn that started in August of 2007 has created many new classes of first-time entrepreneurs. Mompreneurs--women and mothers who need to supplement their family's income or who want to stay in touch with market trends--are more prevalent that ever before. Those who have been laid off or have grown weary of long commutes--the homepreneurs--have found ways to make a living without need of an outside office. The more mature community--the boomerpreneurs-- have decided to take this time to pursue lifelong dreams and ambitions. Newpreneurs, as the name suggests, are using the recession as an opportunity to develop their ideas and begin their company in a time when startup costs are low. All of these groups, and more, have been and will continue to be successful. Why? Because new technology and new ideas are the keys to stimulating and reviving a failing economy.


Some business owners gain as much knowledge as they can on running a business through academic training. While gaining knowledge from college curriculum is important and will benefit you, proven techniques gleaned from other successful business owners and case studies can start you on the road to a long and successful career. These techniques are what I like to call running skills... the beginning steps of the race to victory.


The most important part of this journey is patience. Patience is the willingness to keep going in the face of adversity; to realize that while there will be obstacles in your way, your ultimate prize awaits you at the end of the road as long as you keep running.


Theodore Roosevelt gave this speech in 1912 “It is not the critic who counts, the credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, who if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.”


As you absorb your experiences and learn from your failures, you develop the patience skills that will increase your opportunity to become a successful entrepreneur.