Welcome to Golden Nugget Friday on the importance of why Persistence and Resilience is the key to entrepreneurial success. My motivation behind this topic came from Tina Towers interview on episode 5. Tina explained how persistence and resilience helped her success. Listen to her explain what happened when she received the devastating call from her accountant telling her she only had 3 weeks left before she was out of cash.
Time stamped on episode 005 Tina Tower 16:04
Tina Tower: Our worst moment was in 2012 not that long ago I had an invitation to go to women in focus conference the day I was at the airport and my cell phone rang it was my accountant. She said Tina I have been going through all your numbers and it looks like you have 3 weeks left before you run out of money. What do you want to do?
I got on the plane and went to the conference feeling like the biggest fraud expecting everyone at the conference would have that façade on that business is fabulous. I took it as the opportunity for what it was and explained my situation hoping to get some advice. Most of the women The women shared their stories of when they nearly lost their houses, were flat broke and had to put everything on their credit cards. They explained how they got out of it. I immediately went back to my room and rang the real-estate agent and put our house up for rent, it was rented 2 hours later. At the time I had a 2yr old and 3yr old and was having to move out of our house and couldn’t find anything else to rent and new that the week after our family was going to be homeless. We had to sleep on mattress on the floor in my mum’s house for 7 weeks until we found a 2-bedroom granny flat and lived on $200.00/week. So we could pump all the money back into the company. Oh my gosh this better be worth it and this better work.
As I reflect on the words from Tina and her story of how she was resilient and persevered even when it was hard…my gosh her family was sleeping on mattress on her mother’s floor and they lived on $200.00/week. I asked myself the question. What makes some entrepreneurs successful and other not? Why do we have such high failure rates for small business? I personally believe Tina has nailed the key to success, Perseverance, Resilience and hard work!
Entrepreneurs have challenges every single day when you solve those challenges the universe rewards you with whole new set of problems & challenges and it takes perseverance and resilience to keep going.
I recently listen to a Ted talk by Angela, Lee Duckworth a psychologist on The Key to Success – Grit. I will share what Angela had to say but before I do I think it is important to understand the definition of Grit and how it encompasses Perseverance and Resilience
Perseverance is the steadfast pursuit of a task, mission, or journey in spite of obstacles, discouragement, or distraction.
Resilience is a dynamic process in which an individual overcomes significant adversity, usually in the form of a life changing event or difficult personal circumstances.
Definition of grit
Grit is defined as “Perseverance and passion for long term goals.” Individuals high in grit are able to maintain their determination and motivation over long periods despite experiences with failure and adversity. Their passion and commitment towards the long-term objective is the overriding factor that provides the stamina required to “stay the course” amid challenges and set-backs.
Ted talk by:
Angela Lee Duckworth - Psychologist
She started studying kids and adults in all kinds of super challenging settings, and in every study her question was, who is successful here and why?
She quickly realized that IQ wasn’t the only thing separating the successful people from those who struggled. Here, she explains her theory of “grit” as a predictor of success.
As Angela says in her presentation,
“My research team and I went to West Point Military Academy. We tried to predict which cadets would stay in military training and which would drop out. We went to the National Spelling Bee and tried to predict which children would advance farthest in competition. We studied rookie teachers working in really tough neighbourhoods, asking which teachers are still going to be here in teaching by the end of the school year, and of those, who will be the most effective at improving learning outcomes for their students? We partnered with private companies, asking, which of these salespeople is going to keep their jobs? And who's going to earn the most money? In all those very different contexts, one characteristic emerged as a significant predictor of success. And it wasn't social intelligence. It wasn't good looks, physical health, and it wasn't IQ. It was grit.
Grit is passion and perseverance for very long-term goals. Grit is having stamina. Grit is sticking with your future, day in, day out, not just for the week, not just for the month, but for years, and working really hard to make that future a reality. Grit is living life like it's a marathon, not a sprint.
What I do know is that talent doesn't make you gritty. Our data show very clearly that there are many talented individuals who simply do not follow through on their commitments. In fact, in our data, grit is usually unrelated or even inversely related to measures of talent.
Essentially, the grittier person is focused on winning the marathon, not the sprint.
I challenge you as Entrepreneurs to be GRITTIER!
“I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance."