- Jimbo takes years to build his business.
- The economy sours. He runs out of cash.
- He quits business.
He gives up forever and ever.
- Jimbalyathewinner takes years to build her business.
- The economy sours. She runs out of cash.
- She continues building her business on the side.
- She persists.
And persists. And persists. And persists. And persists. And persists. And persists.
And eventually, she bumps into ridiculously profitable business.
- The power of persistence = trite, over-indulgent, wisdom that's mostly ignored.
But, it's one of the most powerful mechanisms to make your business succeed.
Persistence Mathematically Works
- Google, P&G, 3M, and every other ridiculous innovator knows that every product they release won't be profitable.
- They know that every product comes with a high probability of failure.
So assume this:
- Your first try has a 10% chance of succeeding.
- Two tries? 31.6%
- Three tries? 46.4%
- 10 tries? 79.4%
(The equation: Your chance of success = 0.10^(1/X) ------ where X is your # of tries, based on the assumption that there's a 10% chance of succeeding)
It's like this:
- You can play a game of cards with odds stacked against you.
- The more you try, the likelier you will succeed at least one time.
And, opposed to Vegas, succeeding in business just takes one win to establish your business for a profitable long-term.
You haven't succeeded?
Don't cry. Dry your eye. BAM.
Keep trying. You'll get there.
Persist like a chicken wing.
Posted on September 08
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