You've probably heard that in order to succeed, you've got to never give up. But what does it really mean to persevere during tough, tough times?
The reality is that almost every entrepreneur has to face a period of time when it seems like all they're seeing is hardship for weeks and months at a time.
It's during these times that not giving up is absolutely crucial. You have to persevere and know that your vision is still going to happen even when it seems like you'll never reach the finish line.
=> Case Study: Pandora
If there was ever a case study in the power of not giving up, it would be Pandora.
Pandora was created by a music student in college who wanted to map out the genome of music. The business at first tried licensing out its technology. Then it did music selection in record stores.
It went through a whole three years of not having any money or funding, where the founder accrued millions of dollars of debt to his employees.
Can you imagine facing three years of making promises to people you care about that there WILL be a finish line, all the while not getting any investment and making no profit?
Today, Pandora is the largest online radio and music selection platform around. The only reason Pandora is what it is today is because the founder stuck it through.
=> Case Study: Zappos
Zappos is an online shoe store which offers free returns and free shipping both ways to all customers. It was acquired by Amazon.com for 1.2 billion dollars.
What most people don't know is just how close Zappos was to going under in the early days. In fact, they ran out of money so many times that Tony Hseih actually sold his own home to pay for inventory. They looked for outside investment from several different investors who all turned them down for several years.
They also at one point moved all their inventory to an outside fulfillment center that just didn't get their products to customers in time.
Up until Wells Fargo gave the company a $6 million dollar credit line, there wasn't a month where the founders weren't facing potentially having to close down the business.
But they persevered and in doing so made Zappos what it is today.
=> The Power of Never Giving Up
No matter what kind of business you have, from a personal blog to an online store, you're going to face setbacks. You're going to at times feel like you're failing.
It's times like these that are really your opportunity to shine. If you persevere and find creative solutions to whatever problems you face no matter how tough it gets, then you will eventually make it through to the other side to experience the success that you've always wanted.
"The real test is not whether you avoid this failure, because you won't. It's whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere." -- Barack Obama
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