The Catalyst for Success
There are two central ingredients to success: Risk and Persistence. I refer to them as “The Catalyst of Success.”
There are thousands and thousands of great entrepreneurial ideas out there. Millions of people have big financial hopes and dreams. There are a lot of people who can talk about their concept or idea with great conviction and flair—or about how they could improve an entire industry with their unique insight and experience.
But for all of the millions of ideas, concepts and plans only a very, very small number of them ever come to fruition.
I’d like to point out two of the most overlooked principles of making any business endeavor a success—in fact these principles apply to any worthwhile endeavor that we might choose to pursue.
The first is RISK and the second is PERSISTENCE. These two principles are absolutely necessary ingredients for success.
When I was a teenager I shaped and glassed my own surfboards. I became very familiar with the process of solidifying fiberglass using a mixture of resin and catalyst. In order to create a bucket full of solution that would cover the entire surfboard, I would add three or four cups of marine resin and just about a tablespoon of catalyst—that tablespoon made all the difference—it was the key ingredient that caused the entire mixture to eventually solidify into a hard fiberglass finish.
In my opinion, Risk and Persistence are like the catalyst that will complete the business plan, or any plan for that matter. It’s what takes a project through to the finish line.
The trouble though, is that many people are either paralyzed by the potential costs of taking risks and choose to avoid something potentially great altogether, OR after taking a risk; lack the patience and tenacity, aka: Persistence that’s required to see something to the finish line. In a sense, they throw in the towel prematurely.
I think you can start to recognize the importance of these two principles.
Do you have some insight and experience about how the principles of Risk and Persistence have affected your life? Or do you have a comment or point in regard to these principles from which the readers can benefit?
Leave a comment and I’ll follow up with a reply as soon as I can…
Tags: Business, business idea, Business Plan, entrepreneur, Entrepreneurship, ideas, persistence, risk, small business, small business coaching, small business mentoring, startup coaching, startup mentoring, Success
December 19th, 2008 at 4:10 pm
Real briefly, something you didn’t mention, and the 1st thing that I thought of is that many people get an idea for a project or business but they are afraid of failing and looking like a fool to their friends and peers. As a result take no action. So, a risk, but not necessarily a financial one.
December 19th, 2008 at 4:15 pm
Your 2 ingredients for success are definitely a key factor in the overall picture of an entrepreneurial undertaking. It seems that since I have launched one of my companies, Threads of Change, I have taken more risks regarding an industry I knew nothing about in order to realize and fulfill my true potential and passion regarding what I really want to do.
My other company, Austin Nursing News, is about reaching out into the community of nurses and persistently encouraging them to connect to each other and share their resources. Not always supported by your profession, I take risks every time I do events. And its because of my stubbornness or “persistence” that keeps me moving forward, making contacts, and striving to make my vision a reality. And the ride - as crazy as it may be - is one of the super coolest experiences I am undertaking. Many Thanks for the info.
Happy Holidays!
Anne
Threads of Change
&
Austin Nursing News
December 19th, 2008 at 4:18 pm
Hi Jeff,
Great article! To that, I’d like to add 2 more traits - being Foolish and Bold.
Through my own experience, I find that being foolish is useful as your mind is not being over-analytical and over-loading you with too much unnecessary information. It enables you to move forward and you just have to learn as you go along. I have friends who over-think their business ideas and am still thinking after I’ve finished my projects! Being bold is key to going after your goals. You have to learn to open your mouth and ask for things, approach strangers and do things out of the norm.
cheers,
Pearlin Siow
Author
Boss of Me!
December 19th, 2008 at 4:21 pm
Hello Jeff,
I wanted to say thanks for your comments concerning Risk and Persistence. I have been at risk and continued with my persistence for three and a half years now on a personal project that I hope to come to fruition at the beginning of the year.
I received your email at a time that I needed to hear those words again, regardless of the amount of time I take to tell myself those things it’s helpful to hear others mention them as well. It’s the same reason I read inspirational material from different sources. I have to constantly remind myself that I am creating my reality regardless of the conditions of everyone else. Persistence and the risk I’ve taken will make my project happen, but it happens at the exact time it is supposed to happen and not at some forced time that I think it should happen. As I’ve come to understand, even in my impatience.
I am putting together a 13 million dollar marina project on the coast of North Carolina that will be the first of its kind in regards to automation technology for boats up to 45 feet and 40,000 lbs and in a conditioned closed door operation. Not to mention the issues dealing with traversing wet lands to the benefit of the environment.
I mention the first phase build price only because I do not currently have deep pockets for those kinds of resources but I know there are those out there who do. Over the course of the last three years dealing with permitting and dollar issues I’ve been able to do quite a lot with very little. I have found those experts on the organizational end and those on the financial end. We have a bank that has committed funds for a larger portion of the build and a verbal nod for our equity piece to start turning dirt very soon. I do have a pretty big risk; I can show you my loans to prove it,J. But I am very excited about the project and am excited about letting the so called cat out of the bag when I have the signed equity documents in hand.
I have had a few sleepless nights but I continually remind myself, and I do mean continually, although this is a project that I have never done before, I am currently a Commercial Airline Captain; at the end of the day it’s still NOT ROCKET SCIENCE. I don’t have to know everything, I just have to bring together the like minded people that have the knowledge I lack and motivate them to work on the areas of my project for which I have less experience.
I am excited and look forward to the day, very soon, that I can put away my Airline hat, and continue on my newest adventure. The Coastal Yacht Hangar LLC, as my project is named is only one of many that I plan in the future. As a matter of fact I have to sometimes real myself back in because my mind is already thinking about the next project and the one after that.
As Henry Ford said once, whether you believe you can or you can’t you are correct. I will endeavor to persist as long as it takes to bring my success to the fore front of my life.
Thanks again for the timing.
If you feel so inclined you may look at my web site at, http://www.CoastalYachtHangar.com, although we are in the process of creating a much more friendly sight with much more technology animation as well as more video for those who want more emotion. The new sight will be up very soon.
Appreciatively,
Rick McGough
December 19th, 2008 at 4:26 pm
Jeff,
I wanted to comment on your risk and persistence idea. I was working a job I no longer loved, and had looked for another job for almost the entire eleven years I worked there! But I never got anywhere…until I realized that I was running away from my current situation instead of running toward the future I wanted.
I was willing to take any other job just to get out of the one I had. It was not until I really sat down and thought about what I really wanted out of life, that I was able to break free. For me, that meant quitting and starting my own company and shaping my own future.
It was scary to jump off of the edge, but seven months later, I’m happy and healthy and we still have our house and cars! Without taking that risk, I know I wouldn’t be happy today. And without persistence, I would have run to another “secure” job that I would have hated.
I work very hard on growing my company, and I just keep thinking everyday, how so many people quit when they were so close to succeeding. I don’t want to be one of those people.
My wish and hope is to encourage everyone to not give up and to work toward a life they really want to live instead of constantly running away from what they don’t want. And my personal thanks goes to you and Todd Greenbaum for all your help in helping me to persist.
Jennifer Andrade
www.adogforlife.com
December 19th, 2008 at 4:32 pm
Jeff
Risk and persistence are part of a successful business plan. The business plan itself should be an A to Z approach to success, however it is usually no more than a few notes on scrap paper. To gain funding from a reputable source (not saying relatives are not reputable) a full business plan and a contract is signed. This includes not only the interest and payment schedule, time frame for goals to be meet, equipment that is needed (leased or purchased), the ever present return on investment expectations and many other factors rarely thought of when starting an Internet business.
Whenever one starts a major project set to cost time and money for an expected gain there are a few more things that need to be incorporated into the mentality and the business plan (detailed or not) if the project is going to succeed. In addition to risk and persistence there are four more important concepts, in my opinion. These are desire, need, awareness, integrity and ability.
If you do not have the desire any risk factor will deter a persistent effort to succeed unless your need is so great that you have no choice but to be persistent. There is a catch 22 here however, stubbornness and need can place blinders into the thought process. You can end up being persistent till the world freezes over and never succeed because the solution to what you are trying to accomplish was there before you started but you did not make a viable plan. This of course is not to say plans do not fail, what fails is the inability to be aware competition, problems and open to thought out solutions.
Lastly, in my simplified version, is ability to carry out the project. This does not mean doing everything yourself, if you are aware of your shortcomings and needs for the job you have to hire out that which you can not do or the project will not be accomplished.
In Internet marketing there are many hidden factors that people are not aware of. Most of us feel we are aware of marketing since we are exposed to adds everywhere and purchase from a variety of locations. The Internet is not a billboard, newspaper, magazine, TV or radio. The Internet is an all in one information disseminating portal. It uses a verity of software, hardware, and techniques to just put together one page of information.
What do you need after you have decided what that one page of information will contain and look like? What products and equipment will be needed to put the article into the information stream? How do you steer the page to those you want to see it? Does anyone want to see it? Do you know who uses what you have, and do you know where they gather? How do they find your page?
Desire, Ability, Need, Awareness, Risk, Persistence and integrity are a few of the major factors needed for an entrepreneur on the super highway.
Rev. Robert Weeks
December 19th, 2008 at 4:41 pm
Being four months new to many new concepts, I feel the urge to comment on risk and persistence. Here we have an open invitation that showed up at my personal email. Ok do I risk not to take the invitation in fear? Fear of what? The only fear I personally have is how long it’s going to type this and if it makes sense. See what I mean?
After Being a heavy equipment operator for thirty years I’d say that is persistence, wouldn’t you? I was also very persistence at not learning about computers, texting, cell phones,reading, typing letters, boy now thats persistently stuck..Ha…sorry had to stop and laugh that still cracks me up..
I was so persistent trying to make a career, next thing you know life had slip by me. Thirty years no 401k, no retirement,and a wore out body..Persistent yes.
I have now retired from that occupation. We are now full time RVing . Do we have any money? no Have we ever gone with out? no , not really. Now that’s risky!
Here’s some more risks. We started a new business. Its new, ground zero Less than ten thousand distributors in the US, We launch in Canada January 2009, We launched In Japan..This business was a risk in my mind six months ago, but let me tell you, after I sat and talked to Keith Halls that day in Seattle Wa. and committed to two years of hard work, for something that made sense to me, it than no longer became a risk..His passion has become mine…you can Google him, take a risk, learn something: http://www.KeithHalls.com.
My risks have now become my passion. Truly, when your having a tough time finding your way ask for help. You will find asking,does not hurt. When we asked, two days later Cara,called and suggested we go directly to the book store and get the dvd called ‘The Secret”.. We did and boy our lives have changed.We have a new perspective on life. We felt compelled and directed towards Dr.Joe Vitale’s Books. We are so submurged in his books. Its been two months now. My question to you is what risks have you taken lately? What risks do you think Bill Parcells, and Laurance Taylor have taken recently? Why don’t you find out?
Go to the bookstore or better yet call and make sure they have the January issue of “Your Business At Home”. Go and take the time to review it. Get out of the box, walk away from that negativity, yours or whose ever giving it and learn. Learn something , risk something and have passion and or persistence for it. Your life will grow.. Don’t dwell on those last thirty years, when you have the best years ahead of you. The thing is you just don’t know it yet.
Kevin
December 19th, 2008 at 4:48 pm
Hello Jeff,
I am a Dutch woman of 56 years old and so forgive when my English isn´t a 100%. But anyway. One of my stories of real success was about 12 years ago. I was divorced and had my son of 6 years old to care for.The marriage of 14 years did leave me 75.000 euros and I bought a house. At the same time I made a plan of getting traumatized people back to work and I needed- 260.000 Euros to start. I knew it would give 4,000.000 euros each year! I walked with this plan for a year!!!! I went to almost to any bank there was in the country, with my business plan of 6 pages!!
I spoke with the Government and they where all interested in paying me for the people I would get to work. I wanted just to work with traumatized women. And more, I did not want to work alone. I wanted to get about 90 alternative psychologist working in this plan. It was not easy, I can tell you, because:
1. It was a completely new idea
2. working with alternative therapist was just never done!
3. I was a woman with a child.
I held several speeches for interested alternative therapist. I worked day and night- to interest the Government to sign at least a paper that they will work with me. The Government wanted me to start- not only in the south of Holland, but at at least 7 places in Holland. The investment now was more then 500.000 euros and I did not have a cent!!! And I was walking with the idea one year!!!
Then something strange happened…. some manager of a big security business, called me up to his office and would give me 50.000, when I would coach his team of CEO´s. It was a real seduction, because I had nothing left!
But in the car back home I called this man, that I now only wanted to stay with my plan and I thanked him for his interest.
About 10 minutes Later I was Called by one bank director, that I could come for the MONEY!!!!!
This tells me, that one never must let go of the initiative goal and be persisted in it. This tells me, that one can easily be seduced and go of the course.
At the end of that year…I had exactly 4,000.000 euros at my balance.
Best regards,
Jeannette Poorter
http://www.el-ser.com
jpoorter@andinanet.net
December 19th, 2008 at 4:52 pm
Thanks for business tips and insights that you often provide me with. They really have an impact on me to a greater extent than I can imagine. For instance I still remember some of the seven killer instincts of a successful entrepreneur from your newsletter some time ago.
I’m a high school teacher, but the recent economic crisis that is taking place globally as we speak proves to me that no job is guaranteed or secured. I also think it is very liberating and nice to be your own boss. I’m one of those people who hate to be pushed around by some boss even when I think I’m doing everything needed correctly, effectively and with enthusiasm. I’ve often experienced negative energy like ’staff politics’. I can say that the latter is found in almost every job institution and is, therefore, difficult to completely avoid. But if I’m the boss at least I’m in the position to influence such problems, whether positively or negatively, and to manage them whenever possible.
To cut my long story short, I’ve already taken a risk and injected my own funds into two big projects that I think they may enable me to earn a six figure income in the long run if I’m committed, persistent and successful. Maybe I would have stopped and ignored such opportunities if I tried to avoid the risk. Winning or losing, to me, is not as essential as trying and experiencing this adventure. Money will always come and go anyway whether I take the risk or not.
But the difference is that avoiding the risk will leave me with no experience and I’ll forever asking myself a question about whether I would have succeeded or not if I took a chance.
December 19th, 2008 at 4:53 pm
Hi Jeff,
I agree with your comments about risk and persistence as two key ingredients to success. I’d like to add that my own life experiences have taught me that I had to grow my character by choosing to display these traits before I could receive my goals …
1. Passion (i.e. decide to commit and leave no option for return.)
2. Courage to act despite fears, risks, or physical limitations.
3. Trust or believe that my goal can and will manifest or come into being.
I believe that personal fulfillment is achieved easiest when we gain clarity about …
-goals that align with our own unique worth (i.e. vision, values, gifts, and traits) and affirms life.
-why we seek our hearts’ desire, how we want to feel inside, and how we can experience these feelings now.
-who we love most and are willing to act courageously to contribute to.
I truly believe that when one commits oneself to a goal –to an idea that becomes an absolute must, attainment becomes almost certain.
December 23rd, 2008 at 12:54 pm
Dear Jeff:
I just read your article and believe you are right. I want to invest in the stock market but afraid to take risks. I am very persistent but
being 61 years old, and have some money to invest and and also need to pay my personal bills, excluding rent. I’m afraid to take risks. Presently I sell Insurance (two years experience) but I believe there are other ways to earn income if you hold some cash.
What would be your advise?
Sincerely,
Guillermo Melville
Guatemala, C:A:
December 29th, 2008 at 8:15 pm
Risk and persistence have been major factors in my life. However, those two ingredients alone were not the cause of my results. Along with the risk and persistence was one key factor that would decide success or failure for me, and that thing is “how I feel” or whether I’m happy or sad at the time. When I’m thinking happy thoughts, things seem to work out great. When I’m sad, things seem to fall apart bit by bit. So I have to direct my thoughts for what I want before I can apply risk and persistence.
December 29th, 2008 at 8:19 pm
I want to acknowledge that after reading this article by Jeff Chavez CEO I believe that when
one own judgment falls with the many ideas that come across the mind of an entrepreneurs
than it follow the same subject. Risk and persistence, and the psychology that when one finds themselves in a terrible mess with other people I just wish I could have a dream team of the very best.
I’m going to need advice after graduating from my business class 3 x, and finding that I do have the potential, I just have to try to manage my own accounts. I need to express thank you for this email, Right now I’m brainstorming this central key ingredients, I’m your side. I need you to call me, or continue to be a success hope I can make my sunflower smile gift home
and design a success.
Thanks you North Star Happy New Year 2009
December 29th, 2008 at 8:21 pm
Hi Jeff !
I could not agree more about the elements of success being RISK & PERSEVERANCE.
But what to do when sometimes on the way you start feeling that one, maybe,is being taken for a ride!
With kind regards,
Satinder J Singh
December 29th, 2008 at 8:22 pm
I have been subjected to this problem. It has affected my dreams tremendously, and because of these two reasons, I have remained in a stagnant position that I hate. I would be happy to receive insights from you, on how I could develop my dreams. Thank you very kindly.
December 29th, 2008 at 8:24 pm
Dear Jeff, thanks for your message, I totally agree with your comments. In fact I am starting a quite innovative business-health supplements made
from china, a great mexican seed (I am Mexican and live in Mexico City, but lived in the US because of my Grad studies in Monterey and Stanford).
Any way, I have a slight idea you have an internet system for sales success is that correct? Does that apply to any particular business sector
or region?
Cordially,
Alejandro
February 3rd, 2009 at 12:41 pm
Jeff, thanks for the email. I’ll share my favorite quote on risk…I heard it on the Big Idea and it’s pretty simple. “The biggest risk of all (in life) is not taking one.” Or, put in another way, “The ultimate risk is not chasing your dreams”. I kept referring to this in mid-2008 as I wrestled with the idea to leave a very comfortable family business to start my own business. I did chose to do this and it’s going to be the best decision I ever made. Thanks for sharing your insight.
JS
February 5th, 2009 at 7:56 pm
Great article! I agree with you and would like to add that new enterprenuer should keep their ego in the closet and always seek and listen to the views or opinions from those pioneer or experienced ones. There are always a lesson to learn, if its not how they succeed then it is how they failed and this would be a lesson for not making the same mistakes, that would eventually lead us to success.
But I totally agree that we have to have the guts to take risk and the persistency as well as the determination to succeed.