Tuesday, January 29, 2013

Rule#9: Persist, Persevere, Prevail

“Nothing in this world can take the place of persistence. Talent will not; nothing is more  common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a  proverb. Education will not; the world is full of educated derelicts. Persistence and  determination alone are omnipotent. The slogan ‘press on’ has solved and always will solve  the problems of the human race.” – Calvin Coolidge

Luck and Persistence

Luck play a role, either small or big, in success. Being lucky is necessary but not sufficient, you also need to be persistent as well. Again, it is likely that you will get 100 “no” before gettign a “yes”. The key is not to give up, to persist long enough until the fortune comes your way.

Persistent and Risks 

Persistent is also a vaccine against risk. Every passing hardness increase the chance of company’s survival. It’s just like an old saying: “What doesn’t kill you will make you stronger.”

Correlation of Successive Attempts

If you success, your next attempt will tend to be successful. But if you fail, your next attempt will tend to be failed. Here’s why
  1. Perhaps, successful enterpreneurs have the right ingredient from the beginning.
  2. Success is a better lesson. You learn what works. You can copy it and recreate another success. On the other hand, when you undergo failure, you learn what does not work. But, you still don’t know what’s work.
  3. Success and failure are good lessons, as long as you admit it and correct it. The problem is most people do not recognize they failure. But even if they do, they do not admit it. So they learn nothing. 
“Never give in. Never give in. Never, never, never, never – in nothing, great or small, large or  petty – never give in, except to convictions of honor and good sense.” – Winston Churchill

A Path to Success

You don’t success because of good ideas. But you success because you work super hard. It’s OK to fail. But do not give up. Keep falling until you find your own way to success. Here are few suggestions:
  1. Keep a record of what you do, both good and bad. 
  2. Be a student of business. Read!, as much as you can.
  3. Go to the well. You’ll find a wealth of information and advice. Reach out to other entrepreneur. Keep good relationship with your mentors. Use their network to expand yours. 
  4. When you can’t move forward, look around and move to other direction (e.g, walk away from old venture)
A chance of ventures’ survival gets significantly better after it passes the first year. 
“The idea just gets you started. Once you get in the game, you’ve got to work at it until you figure it out. And no matter what we do, no matter how much success we have in a given year, the game is always about survival. Nothing stays the same for ten years. We’ve had to change our strategy year after year after year. If you can survive through all the tough times, you’ll be that much stronger when the good times finally come.” -- Marla Malcolm Beck

Source:The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship by Bill Murphy Jr. 

Book or Audiobooks?

Personally, I prefer audiobooks. It's fun, and I can listen when I'm doing something else. It also makes other activities (e.g., jogging) a lot more fun. For more detail about audiobooks, please read [this post].

There is one more reason that may encourage you to go for the audiobook version. You can get it now for FREE. Audible offers you a free trial for 14 days. Even if you get the book and cancel the subscription right away (so that you don't have to pay), you can keep the book. And, don't worry if you lost the audiobook file. Just log into audible.com. You can keep downloading the over and over again.
About the summary: It takes time to finish up a book. And, when you do, sometimes, you want to review what you learn from the book. If you do not make  notes as you read, you might have to go through the book once again. This can be time-consuming when you are dealing with a book. But you can still flip through the book and locate what you are looking for.

However, when the material is an audiobook, it is extremely hard to locate a specific part of content. Most likely you will have to listen to the entire audiobook once again.

This book summary will help solve the pain of having to go through the book all over again.

I am leaving out the details of the books. Most books have interesting examples and case studies, not included here. Reading the original book would be much more entertaining and enlightening. If you like the summary, you may want to get the original from the source below.

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