Saturday, October 20, 2007
Learning Patience
Patience could very well be the secret ingredient that is overlooked in small business. Patience is hard for the entrepreneur because it slows things down and frustrates the entrepreneurial dream through the agonizing sands of time. It takes more patience to build a successful business than most people are willing to invest.
Patience is something that most business scholars would advise. Though these same scholars may call it "planning" or "preparedness," the point is the same; it takes a little time to build a small business.
As I prepare to send the sixth issue of my monthly publication to press, I can look back at each of the months and see my own lack of patience. I wanted many things to happen sooner than later. What helped me overcome the frustration were the immediate needs and a "get the job done" attitude.
It takes time to pan for gold! It takes time to build a house. It takes time to get into shape; carve a sculpture, paint a work of art, hammer a nail and to build a business. It takes great patience to make a decision knowing that time must pass before knowing if that decision was a good one... or not.
Eight month's into this publishing business, I can finally measure some of the decisions I've made. I can see the mistakes and the effects of those mistakes. I can see the victories and what influenced those accomplishments. I can see areas that need attention, things that need to be done, and I can also see many intangible things such as who I can count on, who I can trust and who will return the loyalty I offer.
Another lesson of patience is waiting for my potential customers. I remember thinking when I started the magazine that many of my preferred sponsors would take a wait and see approach. They would watch the magazine and see if we could keep up the pace or if we would continue to improve it. They were watching to see if I would have the persistence and patience to make this business work. They were watching, and now they're buying!
This was a great month for my "little magazine." We received many calls from potential sponsors who liked what they see on the pages and want to be included. We received many comments, e-mails and letters thanking us for the monthly guide and encouraging us to continue. We even received many (more) inquiries from people who wanted to contribute, write stories and offer ideas because they like what they see in our little magazine.
From a startup perspective, I can see the need to be prepared to be patient. To allow time to pass, you typically need money. I have done everything I can to build this business with as little out of pocket capital as possible, yet each grain of sand in the hour class makes a sound like a coin in the piggybank. Even though I was able to keep the start up costs down, the expenses of business and personal life continued. Preparation is an important key to patience. Without preparation of both mind and resources, being patient is impossible.
Fortunately, I made enough good decisions that have stood the tests of time. Fortunately, I was prepared enough to allow the results of the good decisions to be realized. Fortunately, my persistence and patience has been rewarded and my business is doing well.
Scary thought though; had my idea been "not so good" and my decisions less successful, I could very well be writing that I gave it my all and it didn't work out. I am happy that my idea was accepted by the community and my patience has proven my decisions sound, yet the reality of life remains and my patience could have revealed a much less victorious chapter. I guess that applies to most previous chapters, though I'm happy the trend has been broken.
What's next? More decisions, more patience and more progress in the direction I've chosen. I am learning to be more patient. Even the decision process has been slowed and made more deliberate. Perhaps it is my age or many years of experience. Whatever the reason, I have learned to be more patient and know that patience pays when it comes to small business.
Labels: planning, small business, Soky Happenings
