Entrepreneur Series Lesson 10 – Passion, Persistence, and Perseverance

Lessons one through nine of my entrepreneur series were lessons extracted from my own business and other business owners across the country over the past twenty years.   Undoubtedly in your first year of business, you will make your fair share of mistakes like anyone starting a new venture.   There are so many valuable pieces of wisdom to learn as an entrepreneur, but here are my big three traits you must have to truly succeed in your business.

  1. Passion – Many business ventures people conjure up in their heads often revolve around the dreams of making a lot of money.  While building your wealth can be an outcome of a successful entrepreneurial pursuit, passion around your dreams is what will get you through the good times and the bad times.   When you get out of bed every day with emotions that are so compelling around what you are doing, it becomes easy to motivate others to get excited around that dream.    Imagine if your business made you no money at all.   Would you still have the passion to get up every day and do what you do?
  2. Persistence – You ask ten people to invest money in your new business and they all say no.   You go on a week’s worth of sales and marketing calls and everyone doesn’t want to buy your product or service.   You have two employees quit in the same week and now have to answer the phones yourself.    These are all just examples of things that will make you feel like you got kicked in the stomach.   Your ambition, drive, and persistence to stay focused on the key tasks you need to do as the CEO of your business when adversity hits you will keep you on track to reach your goals.
  3. PerseveranceThe legend goes that Colonel Sanders was reduced to living off of just $105 of his Social Security check as he began his venture on making the best fried chicken the world.   He supposedly made over 1000 calls to different restaurants and bars having people try his fried chicken until he perfected the recipe. Just remember that as a new entrepreneur (especially if you have a college degree) most people will tell you that you are crazy, stupid, and out of your mind.     No matter what anyone tells you, if you persevere through all the criticism you will find that pot of gold at the end of the rainbow.

This is the final installment of my entrepreneur series.    I think our future lies in the dreams of those of you that start your careers as entrepreneurs and take the road less traveled.  Enjoy the journey and dream big!

Entrepreneur Series – Lesson 1 – Being Undercapitalized , Lesson 2 – Incorrectly Pricing Your Product Or ServiceLesson 3 – Know Your Role As The Owner,   Lesson 4 – Avoid Rookie Mistakes,   Lesson 5 – You Must Hire Professional Consultants,   Lesson 6 – Poor Staffing Decisions, Lesson 7 – Milking The Business, Lesson 8 – The Marketing Plan, Entrepreneur Series – Lesson 9 – Execution

Written by:
Ted Jenkin

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Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS.

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

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