Patience & Money

Most Entrepreneurs, are greatly passionate about their vision and just as greatly impatient when it comes to building it. We feel ready for anything that will come at us and excited to take it on. That can be good if you are really ready, but it can be bad if you are not. We have to constantly practice and implement patience or we can end up in bad situations that impact us drastically. For example, you have an idea and you not only devote all of your time but all of your savings into the implementation expecting that you will receive a huge return on your investments within six months. The truth is that most businesses do not even begin to see a return on their investments until the third year. Are there exceptions to the rule? Yes. Will you be the exception to the rule and make it in six months? The rule is no, so prepare to be the rule and not the exception.  With this example in mind, here are two reasons why you should be patient with what you choose to implement for your business:

  1. Just as everything that glitters is not gold, everything that looks like a good investment in business is not a good one. Whether we are just starting out or have been in business for a while, opportunities will come and they will seem like the best way we can make money or a great way to help our business grow. The excitement over the opportunity’s promised results may feel like it is okay to overlook different factors, such as is this person reliable, does this opportunity really resonate with me, or will this divert me from my original plan because whatever is being presented looks good at the time. It looks good, but in the end it can cause us to lose time and sometimes even money. But never forget, for an Entrepreneur, time is money. If you lose time on opportunities that were not fully vetted and end up not being for you, then you lose money in the process.

 

  1. The clarity that is gain by taking the time to think things through allows you to make smart money decisions. Being patient can be hard. We live in a “microwave society” and we want everything instantly. However, when you sit still to consider all the material available, then get clear on the projections, how they will impact you, how much money it will take, and how much time is really needed to get to the desire results… you will come to appreciate patience as the virtue it is said to be. Should you do this deal, should you invest more into your business, or is it time to hire more employees. All of these questions can be answered and other important decisions can be made with outcomes that grow the business and revenue when the time is taken to really consider all sides of the equation. When you are impatient, you can make decisions that can be detrimental to not only your business, but also to your finances. Before you jump the gun, use your patience to act off of the knowledge of past experience and research, instead of the feelings of the heart. If you make decisions while you are in the moment, then you can pay for it later when you come down from the high of the excitement.

 

Having patience can allow you to grow your money and your business at the same time. You will come to see that if you implement patience as a habit, then it becomes easier. So be patient.