As the old saying goes: 'Comparison is the thief of joy' and that's certainly the case when it comes to being a business owner. If you’re just starting out or feeling a little (or a lot!) overwhelmed by the competition, it’s essential to remember that growth in any form takes time, perseverance and patience. Here are five reasons why it's worth being patient throughout the journey and stop comparing your business to others.
1. Understanding the learning curve
When you jump into a new business venture, it's normal to feel like you're heading straight for the deep end. There are problems to solve, new lingo to learn, skills to develop - it can feel like a real challenge! Many entrepreneurs don't have formal education in this area, so it's normal to feel this way, it just means you'll need to set aside time to learn the ropes: whether that means understanding financial statements, marketing strategies, or industry jargon. Give yourself permission to learn at your own pace.
2. Realistic growth expectations
As business owners, it's easy for us to fall into the trap of comparing progress to that of other businesses. You might see a competitor who started around the same time as you and think they've outpaced you with a larger team or higher revenue. Remember, every business has its unique trajectory. In our experience, it often takes three to four years for a business to really establish itself and run successfully. Keeping realistic expectations helps you stay focused on your long-term goals rather than short-term setbacks.
3. Building a strong foundation
Successful businesses are built on solid foundations. That means we all need to invest time into establishing processes, understanding our target audience, and refine our offerings and pricing. Rushing through these critical early stages can lead to gaps that might hurt your business later on. Take the time to build a strong operational structure that can support growth and adaptability. Patience allows you to create a robust business model that can weather challenges that may arise in the future.
4. Cultivating relationships and community support
Building a business isn't just about numbers, it’s about relationships. Connecting with your community—whether that's your customers, fellow entrepreneurs, or industry mentors—can provide invaluable support and insights. These relationships take time to develop, so be patient and stick it out. Engage with your community, attend networking events, and seek out a great mentor or coach. The support you gain will be instrumental in navigating the ups and downs of your entrepreneurial journey.
5. Embracing the journey
It might sound cliché, but it's important to remember that the entrepreneurial journey is just as valuable (if not more so!) as the destination. Each challenge and success contributes to your growth as a business owner. Embrace the process and don't forget to celebrate the small victories along the way, too. The time you invest in understanding your business and market will pay off and benefit you in the long run.
In a world that values quick results, virality and big numbers, it’s crucial to recognise the importance of patience in building a successful business. By understanding the learning curve, setting realistic expectations, building a solid foundation, cultivating relationships, and embracing the journey, you’ll be better able to navigate the challenges that come along with being an entrepreneur. Remember, success doesn’t happen overnight, but with persistence and support, it’s certainly within your reach. Keep pushing forward, and don’t hesitate to lean on us for guidance and support. We have a whole variety of free resources, mentoring programs and online courses.
