The power of perseverance, even in the face of adversity, is the true mark of champions. Indeed, those who achieve great things are those who do not know when to quit.
Life is full of ups and downs; success and failure are part and parcel of business lives. Sometimes, entrepreneurs may experience failure than success; they should not pick on themselves after things have gone wrong but learn positively from the experience and use that learning to increase the chances of success at another time.
Let’s look at this…
Pandora a company that Tim Westergren founded took ten years to turn to a profit.
Pandora was a pioneer in the online music field. It
launched in 2000, years before the iPhone was
introduced and during an era when digital music often was either pirated or distributed illegally.
In 2007, SiriusXM finalized its $3.5 billion
acquisition of Pandora. The massive payout doesn’t mean that the company’s path was always smooth.
“Pandora has been around in one form or another since 1999 and has spent most of its existence on the brink of shutting down.”
Especially vexing for Pandora (as well as many
other music streaming services) were questions
about how much to compensate artists. But the company persevered, and became the dominant player in internet radio for years, until Spotify and Apple Music came to market.
Time seems to erode our patience and power of persistence. If we could only harness the energy and willingness of our youth and hold onto it through life, we would all live much more full lives.
Let Tim Westergren story above remind you as an entrepreneur, to persist in your journey to achieving your goals. Being persistent, showing endurance even when faced with challenges, is truly one of the keys of success.