A common misconception in society is that success can be achieved simply by being in the right place at the right time, or as the saying goes “It’s not what you know, but who you know.” Although this can sometimes be the case, it’s often not that straightforward.

The ability to overcome obstacles can determine the fate of a company. For this reason, persistence could be viewed as one of the most important characteristics an entrepreneur should possess.

DON’T GIVE UP

For entrepreneurs and business owners, the harsh reality is that stability and success are not guaranteed, and challenges of all kinds are likely to arise on almost a daily basis. No matter the size of your business, the running of it can be stressful.

From losing customers to experiencing financial uncertainty, it is likely that both you and your company could encounter seemingly insurmountable obstacles, particularly during the initial stages.

There will be those who falter and give up, but those who dig deep and keep going are more likely to succeed in the long term. Tough times are inevitable, but if you make it through these then you will likely achieve your goals.

MAINTAIN A CLEAR PURPOSE

Although passion is a huge part of running a business, having a purpose is key and just as powerful. Purpose can help encourage you and give you the motivation to be persistent when problems arise, and when you just feel like giving up.

It can take years to become “successful”, with persistence playing a vital role in the process. By consistently improving your business whilst sustaining your passion, drive and determination, more opportunities will present themselves. It’s a long and exhausting path and you need to be resilient to survive.

Creating opportunities is challenging but by continuing to get up and show up no matter what, your business will be in a much stronger position when the right opportunity presents itself.

A STAND-OUT PRODUCT

No matter how flawless your business model, a mediocre product offering could mean the overall success of your company suffers.

A well branded and competitively priced product that boasts a strong USP is more likely to be remembered by potential buyers who will then think of your brand when relevant opportunities arise.

Equally as important as the product is the packaging, which can often be the deciding factor for consumers making a purchase. Consumers often make snap decisions by being drawn to attractive or stand-out packaging and many business owners underestimate the role that packaging plays in the success of a product.

Don’t be afraid to use innovative marketing strategies to catch peoples’ attention, and if you genuinely believe in your product or brand don't take no as an answer. Find ways around the boundaries that are often created by buyers and show them how determined you are.

Entrepreneurs rely on their creativity, purpose and vision to grow their businesses – factors that will only manifest with persistence.

However, the line between being persistent and irritating is very thin, so it is important to be aware and read the reaction of those you are in contact with as you don’t want to become a brand that retailers black mark and don't want to deal with. In such cases, persistent efforts can be directed towards innovative solutions such as strengthening your brand identity.

From losing customers to experiencing financial uncertainty, your company could encounter seemingly insurmountable obstacles, particularly during its initial start-up stages. If your business is encountering obstacles and needs to finance a solution, research whether a business loan could be a viable solution for you.