Thursday, August 14, 2014

Things That Will Make You Money - Number 14 - Staying Power

Really successful people do things that other people will not do. Most of your competition will be gone in two years. Will you still be standing? It amazes me how many people and businesses make a lot of noise in the market and then within just a couple years  they are gone. Really successful people do not give up easily, they have staying power.

Starting a Business

When starting a business you know it will take time. Even if you are really clever you should expect it to take time to get your business to where you want it to be. Overnight success is not real and expecting it will lead to disappointment. Expect to work hard over time to develop your business. Too many start and quit before they even had a real chance at success. So have staying power by planning for it to take time to develop and grow your business. It is rare that a business even breaks even in the first few years. So be realistic and patient and give yourself a chance to succeed.
The media glorifies the rare success that appears to come about overnight. In sports for example it is rare for a program or a coach to win a championship quickly. Think of Mike Krzyzewski, who became the head coach at an established blue-chip basketball program at Duke University.  Even in an established successful environment it took him four years just to get into the NCAA tournament and eight years to reach the final four and 11 years to win an NCAA championship. Think about that, it took eleven years to reach the ultimate goal. Today many programs give up on a coach well before 11 years have past. Consider legendary NFL coaches Tom Landry and Chuck Knoll who coached for many years before they won Super Bowls. While some coaches do win quickly it comes on the backs of what others had built prior to their arrival. In these cases the foundation of these programs was built over many years.  In reality success is the result of sustained effort and progress over many years.

Staying Power

Here is the thing about staying power. People, your potential customers, are rightfully skeptical because so many do give up quickly and they want to know that you will stay around. So working at your business for years and letting people get familiar with you breeds success but again it takes time. For example, you can go to a networking meeting and there you will meet people but they have met so many people that did not have staying power.  As you would expect then, they will want to see you working your business over a good period of time in order to feel comfortable with you and believe you are determined to stay in your business.
So be one of the rare ones that stays around and succeeds. It starts with expectations. Expect it to take time to achieve success and enjoy the journey. When you finally reach your goals it will be really sweet.
Success often results from doing what others won't do and many times what you really don't want to do.  You can become more successful and have more control over and knowledge of your business,  gaining freedom from frustration, saving time and money. Please feel free to contact me using my information below to discuss how we can work together to help you with your business, income taxes and accounting.

Jeff Haywood, CPA

The CPA Superhero

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My posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the information/IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.