Dr Keen Mhlanga
Patience is indeed not inherently the potential to wait, but rather what one does while waiting.
It may appear to be just a saying, but there is some truth to the phrase “Patience is a virtue”, especially in business. It should be noted that running a business isn’t appropriate for the faint of heart, nor is it for the impatient. It is perhaps the most valuable skill in business. Some people have it, while others do not. It can, however, easily determine your success.
Why is this the case? For the simple reason that cultivating anything worthwhile takes years. Name one person who became famous overnight. There isn’t such a thing. Whether it was Mark Zuckerberg or Elon Musk, every successful entrepreneur toiled away behind the scenes for years before exploding.
Patience is one of the 4Ps of entrepreneurship, along with persistence, perseverance, and passion. Patience becomes an essential quality for business owners and managers in times of uncertainty regarding market conditions, consumers, and economic conditions.
The right amount of patience allows leaders to use prudence and detach from emotions when making decisions, and to rely on logic and facts to back up their decisions. However, excessive patience may lead to insecurity and even instability in the business.
In fact, it takes an average business three years to become profitable. Are you prepared to wait that long? But don’t be concerned if you’re a little impatient. Sometimes if you have a substantial staff and offer excellent products or services, your business will require you to be engaged again for long haul. Even so, although patience is a virtue, it’s imperative to recognise why it is essential to business success.
Quickly things provide you with immediate and petty gratification. The desire to arrive has always been the source of impatience.
Assume your goal is to reach the peak of the mountain. You could use a helicopter or simply climb up.
If you use a helicopter, you will arrive at the summit in no time, but you will lack experience with the obstacles to the summit as well as the mountain’s fall. When you climb, on the other hand, you will be at the top and will have the experience to know how to stay there.
In the business world, however, patience can incentivise you with experience, which is a good thing that will keep you in the business.
Patience is seen not in the desire to reach the goal, but in the desire to enjoy every step along the way.
This will motivate you to work hard toward your business objectives.
You will gain positive recognition, increased customer satisfaction, increased sales, and a stronger foundation as a result. Patience would then inculcate in you the ability to maintain your pace, allowing you to enjoy the fruits of your labour sooner than anticipated.
Decision-making and patience are two sides of the same coin in the business world. Every business owner, in their quest to gain an advantage over their competitors, frequently believes that strong business plans and exceptional abilities are the values required to steer the company in the right direction. One of these values, however, is patience.
Being patient will always assist us in getting rid of unwanted thoughts that can cloud our judgment and lead to poor decisions.
Patience will allow you to make not only sound but also informed decisions that will benefit your company’s future.
Every business owner values having the right culture in the workplace.
When the building blocks are in place, success flows naturally. If your company has the right culture and your employees live it, all other success factors, such as excellent customer service, will fall into place. However, being patient implies that we treat others with respect, and in turn, they will respond with loyalty and admiration for your brand. Promoting patience in your organization will make you a better person for your company and its customers.
Normally, running a business presents numerous challenges.
As a business owner, you must have a higher level of tolerance to accept and face these challenges sensitively. When you accept challenges as a natural occurrence, you can respond more boldly. You must understand that being in business can be extremely painful at times. When that is completed, you will be able to face any challenge without additional suffering or bitterness.
You need not only overarching goals for each, but also milestones. These are small victories along the way to the summit that keep you motivated and patient.
What happens when no milestones or key performance indicators are set? They become irritated because they see no progress.
Setting goals and KPIs to track for each week, month, quarter, or desired timeline will make the progress you experience feel extremely rewarding.
Consciousness is a necessary component for achieving business objectives. Without patience, you would not know how to react positively in a given situation because you would be carried away by emotions every time.
Patience will assist you in maintaining your cool when dealing with an irritated customer. Nevertheless, if you lack patience, you are not in control of yourself.
Lack of self-control leads to a lack of understanding, which makes it difficult to plan, communicate, and set realistic expectations.
Getting stuck in your head and preoccupied with the future can be your undoing.
You want the recognition and success right now, but you’re not there yet. That is referred to as cognitive dissonance: knowing where you want to be, knowing where you are, and being stuck in limbo.
Individuals can break free from this by practicing mindfulness.
It’s also not just a bunch of spiritual nonsense.
Meditation has been shown in scientific studies to improve emotional stability, focus, and grey matter in the brain.
When it comes to being a successful entrepreneur, patience is a highly undervalued skill. It’s like having a superpower. You might not get caught up in the daily grind, but instead enjoy it while knowing you’ll be successful later.
Knowing that entrepreneurship is a lifelong journey can help put things into context.
Establish with the end goal in mind, but try to be as present as possible throughout the day. It’s also a good idea to avoid social media and obsessing over what others are doing.
You only need to compete with yourself and work toward your desired lifestyle. Conducting all of these things will transform your patience, as well as your happiness and success.
Dr Keen Mhlanga is an Investment Advisor with high skills in Finance. He is the Executive Chairman of FinKing Financial Advisory. Send your feedback to [email protected], contact him on 0777597526.