“It is not necessary for all men to be great in action. The greatest and sublimest power is often simple patience.” – Horace Bushnell
In order to build a successful business, you have to hustle and be somewhat of a hard-charger. Impatience, unsurprisingly, is a common byproduct of the entrepreneurial mindset.
We have been taught from an early age that patience is a virtue, but to what end? To be sure, patience in employee relations, business negotiations, and in achieving strategic goals is important. Let’s look at the reasons why you should be patient in business:
- Impatience is self-sabotage
When you jump to a hasty conclusion, you end up creating an artificial timeline in your mind. When people or processes fail to align to that timeline, the mind can run wild.
You begin to question the motives and intentions of the people on the other side of the equation and put forth ultimatums that may or may not be considered reasonable. This often leads to two unfortunate outcomes.
First, impatience makes you look desperate. Pushing a partner too aggressively or issuing unreasonable ultimatums is extremely off putting. In my experience, I’ve found that such actions come across as a major red flag to external parties. More often than not, it kills the deal.
- Patience really is a virtue
As entrepreneurs, we live in a world that values quick thinking and dynamic action. This is not a bad thing in and of itself. However, when you allow these traits to manifest in the form of impatience, problems arise.
As difficult as it may be, entrepreneurs must remember that patience, especially in business, truly is a virtue.
- Patience builds your reputation.
A well-rounded leader is set apart from the rest of the pack by mastering skill sets that lead to success. At times, many of us are driven more by impatience; with ourselves and others, than by the virtue of patience. Our impatience can be our demise. Thomas Edison said, “Many of life’s failures are people who did not realize how close they were to success when they gave up.” Building your reputation as a leader in these challenging times requires patience. Managing your reputation as a leader begins by mastering the skill of patience and not giving up.
4. All good things take time
One thing I’m sure of in this world is that nothing of value comes easily.
In fact, anything of value takes time, whether it’s a matter of developing a skill, building a relationship, or launching a business initiative.
Although entrepreneurs like myself like to simplify matters as much as possible, the truth is that the world is a complex place, full of nuance.
As far as acquisitions go, this was relatively fast, but of course it didn’t feel that way while in the thick of the process.
I have said before that every deal dies three times before it closes, and this was no exception.
There were a number of instances where it appeared that the deal would fall through, and I know that had I given into my natural impatience, they would have.
Everyone involved was able to keep their wits about them and reach a successful conclusion.
The result was an opportunity that made sense for everyone involved. It reminded me of the old maxim: all good things take time.
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