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The Importance Of Perseverance In Entrepreneurship

Perseverance is undoubtedly an important element of a successful business. The saying, “If at first you don’t succeed, try, try again” means that few people can achieve great things without first overcoming the obstacles that stand in their way.

Here are four examples—two from the past and two from the present—of successful persistence in business that can inspire you to achieve the seemingly impossible.

Thomas Edison

At a young age, Thomas Edison’s parents pulled him out of school after his teachers declared him “stupid” and “unteachable.” Edison’s early years were spent working and being fired from various jobs, culminating in being fired from a telegraph company at the age of 21. Despite numerous failures, Edison was never deterred from his true vocation: invention. During his career, Edison obtained more than a thousand patents. And while several of these inventions—such as the light bulb, the printer, the phonograph, and the alkaline battery—were groundbreaking, the vast majority were flawed. And now Edison is famous for saying that genius is “1% inspiration and 99% perspiration.”

One of the best examples of Edison’s perseverance came after he was already a successful man. After the invention of the light bulb, he began to search for the cheap filament. At the time, ore was mined in the Midwestern United States, and transportation costs were very high. To combat this, Edison set up his own ore mining plant in Ogdensburg, New Jersey. He dedicated his time and money to the business for nearly ten years. Edison also obtained 47 patents for innovations that helped run the plant more smoothly. And even with the inventions, Edison’s basic project failed because of the low-grade ore found on the East Coast.

Nevertheless, one of the 47 inventions (the crushing machine) revolutionized the cement industry, and Edison recovered almost all of his lost money. Henry Ford later credited Edison’s Ogdensburg project as the main inspiration for the T Ford assembly line. And in fact, many believe that Edison paved the way for modern industrial laboratories. Edison’s foray into ore mining shows that dedication pays off even in a losing venture.

Milton Hershey

Milton Hershey has come a long way to the top of the chocolate industry. Hershey skipped 4th grade to study with a printer, but was fired. He then became an apprentice confectioner and then started 3 unsuccessful confectionary businesses.

But Hershey didn’t give up. After these failed attempts, he founded the Lancaster Caramel Company. Despite initial setbacks, Hershey’s caramel recipe was a huge success. In addition to caramel, Hershey believed that chocolate products had a much bigger future and sold the Lancaster Caramel Company to form the Hershey Company, which brought milk chocolate to the masses.

With this, Hershey overcame the setback and achieved his goals. He also created hundreds of jobs for Pennsylvanians and was generous with his wealth, building homes, churches and schools.

Steve Jobs

Perseverance is not limited to the early stages of one’s career. In fact, failure can often occur after a long performance.

Apple founder Steve Jobs achieved phenomenal success in his early life. At the age of 20, he founded Apple from his parents’ garage, and within ten years the company had grown into a $2 billion juggernaut. However, when Jobs turned 30, Apple’s board fired Jobs from the company he had created and he found himself unemployed. Instead of seeing this as a curse, Jobs treated it as freedom to pursue new initiatives. In fact, Jobs later stated that being fired was one of the best things that ever happened to him, as it gave him the opportunity to think more creatively and start a new company.

After being fired from Apple, Jobs founded the software company NeXT and Pixar, the amazing film company that produced animated films such as Finding Nemo. After that, Apple bought NeXT. After founding these companies, Jobs not only returned to Apple, but helped launch their current popularity with the creation and success of the iPod and iPhone. Jobs credits his career success and his close relationship with his family for being fired from Apple.

Simon Cowell

Although Simon Cowell is now a pop icon and a wealthy man, Cowell faced struggles early in his life. He dropped out of school at fifteen and worked various odd jobs. Cowell eventually got a job in the mailroom of EMI Music Publishing, where he was able to work in the A&R department. After EMI, Cowell founded his own label, E&S Music.

Unfortunately, Cowell’s new company failed in its first year of operation. As a result, Cowell was heavily in debt and had to move back in with his parents. However, he persevered and eventually landed a job at a small company called Fanfare Records. Cowell worked for Fanfare for eight years and was able to build the company into a successful record label. From there, he signed musicians and nurtured talent for several years before launching the “American Idol” and “X-Factor” franchises that made Simon Cowell famous.

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