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First Entrepreneurial Attempts Often End Catastrophically, So What?
In times of stress, take extra time to rest
They take some time to rest, regroup forces, and gather resources for their next venture. The consequences of dead-end projects are rarely lethal. Entrepreneurs that incur losses see them as the price of pursuing their dreams. If they suffer damage to their reputation, they pick up whatever is left and move on.
People possessed by doubt quit when they encounter difficulties. In contrast, individuals motivated by strong desire cannot imagine a life a passive acceptance. Both types of persons may advance at the same speed for a while, but only the relentless reach the end of the path.
Persistence cannot be purchased with money
Consistency and persistence, like any other conviction, cannot be purchased with money. We know that personal psychology plays an important role in how actively people work at improving their lives, but we still ignore the precise mechanics of motivation.
Why do certain individuals develop extraordinary drive and exploit possibilities to the maximum? What makes other persons in similar situations waste their lives and resources? Biographers of high-achievers tend to agree that ambitious goals open the door to excellent performance.
The final goal makes all the difference
While indecisive people move at random, determined individuals walk as fast as they can in their chosen direction. While weak companies spread their resources too thin, strong enterprises concentrate forces on their most profitable markets. While the members of one group hesitate, the others are already half-way. Their final goal makes all the difference.
The life of French writer Honoré de Balzac (1799-1850) offers a fascinating example of the role that strong motivation plays in success. It took him 14 years of continuous failure before he actually wrote a book that sold well. During that time, he cumulated business disasters and incurred such enormous debts that he was obliged to hide from creditors.
His desire to become writer grew slowly during his time at school and his experience as an employee. In his youth, he laboured for two years as a clerk at a notary office, where he learned to draft marriage contracts and property mortgages. Balzac was 20 years old when he decided to quit his job at the law firm and devote the rest of his life to writing.
After a long discussion, he managed to convince his father to grant him a small allowance for a year. That was the time that Balzac had allowed himself to write a brilliant novel that would immediately propel him to the highest echelons of literary fame.
First entrepreneurial attempts often end catastrophically, so what?
During those initial 12 months, Balzac produced two appalling books which were quickly forgotten. A long string of poorly crafted novels followed during the next years; none of those earned him sufficient money to break out of poverty.
In his late twenties, Balzac contemplated his massive failure and resolved to abandon his ambitions. He told himself that he had done his best, but that becoming a writer was too difficult. Would he not rather make a fortune in business and later, when he was free of material concerns, return to literature?
His entrepreneurial attempts soon ended catastrophically. He borrowed large sums of money and established himself first as a publisher and later as a printer, two businesses about which he knew little. Competition was hard and Balzac lacked the experience to run such operations with any chance of success.
He brought out books that did not sell and saw financial losses accumulate. In less than a year, he had wasted his complete capital and was obliged to shut down his business. His dreams of prosperity were shattered; his personal debts, astronomical; his prospects of turning around the situation, negligible.
It takes time until ambitions are rekindled
Psychological misery followed financial ruin. For an extended period, Balzac spent his days feeling sorry for himself and hiding from creditors. He was so poor that he only escaped hunger thanks to family and friends. They provided him a roof over his head and helped him regain his self-confidence.
Balzac's healing took place slowly. Eventually, his pride returned to his previous size; his ambitions were rekindled; his persistence was reborn, stronger than ever before. He announced to his family that he was going to retake his literary career and that, this time, he was not intending to stop until he had attained popularity and sales.
Eventually, entrepreneurs make a new plan and start again
When he told them that he was willing to do whatever was necessary, his declaration was met with scepticism. Had he not tried to become a writer for longer than a decade? Had he not failed completely at every attempt?
Balzac nodded, smiled, and replied that he had conceived a plan that would put him on the map as a writer. His past novels had been dead-end projects composed without grand ambitions; his future works would form a collection integrated by a single idea, a final goal, a fundamental purpose.
More often than not, consistency and persistence win the day
Popular success came to him in 1833 and continued for a good part of his life. Balzac baptised his collection of novels La Comédie Humaine, which grew to encompass 95 books. At several times in his career, he played again with the idea of acquiring a business and living a different life. Fortunately for his readers, he stuck to his final goal.
JOHN VESPASIAN writes about rational living and is the author of the books "When everything fails, try this" (2009), "Rationality is the way to happiness" (2009) and "The philosophy of builders" (2010). He has lived in New York, Madrid, Paris and Munich. His stories reflect the values of entrepreneurship, tolerance and self-reliance. See http://johnvespasian.blogspot.com a blog about rational living.