Patiently waiting for the right time to launch your game-changing business?
Turns out that being patient can actually lead to your early-stage startup going bust. Our research found that in the early stages of starting up a business, founders with a low motivation to act often find it difficult to scale and achieve profitability.
So, what does “low motivation to act” mean?
Sitting with an idea for too long can result in a missed opportunity, as any entrepreneur who "waited for the right moment" only to be beaten to the finish line by a competitor will tell you.
In fact, our research revealed that successful entrepreneurs are 30% less likely to sit back and wait than the working population.
Michelle Duval, a leading entrepreneurial coach and founder and CEO of F4S, explains: “Successful entrepreneurs are found to have a high motivation for rapid action when presented with a business opportunity or idea—especially in the early stages. Entrepreneurs with a low motivation to act will likely find it more difficult to achieve success in the early stages of a business when moving quickly is found to be key.”
Redirect the focus to initiation efforts instead.
Those with a higher focus to “get things going” are more likely to achieve the momentum needed to propel them to venture success than those who take time to pause and reflect. Our study found that successful early stage entrepreneurs are 40% more likely to initiate and start things than the working population. This energy often translates not only to startup success but also investment success.
Patience no longer a virtue?
So, do ‘patience and reflection’ have a place in the entrepreneurial world?
Ummm, let me think about that. KIDDING!
A small amount of reflection is important even at startup. Michelle advises:
“Even a few minutes of reflection, awareness of your breathing, and stillness can have potent benefits for productivity and creativity.”
So, don’t give up on the meditation or zen practices just yet.
In fact, you’d be wise to keep them in your back pocket, as they’re critical attitudes when it comes to securing funding.
Keys to secure business funding: deck, elevator pitch and... patience!
Patiently allowing funding opportunities to unfurl and reflecting on your options could generate higher numbers of investors and secure a higher exit dollar amount. As Jason Cohen discusses in a Fortune article, “an investment is a two-way relationship, and relationships are not formed with a single meeting or rushing through a quick process of letters of intent and due diligence.”
The bottom line?
Recognize your motivation to act. Think about what stage your venture is at and then either dial up - or down - your natural instinct to pause and reflect. Just as a driving instructor helps you become aware of those nasty, accident-causing blind spots either side of you, mentors, coaches and even your co-founder can help you fine-tune your natural preferences to achieve your goals.