Hey everyone! Patience and Speed are 2 of my favorite things in the world - patience allows you to make moves that will pay off BIG TIME in the long-term and speed allows you to be efficient and make quick moves that pay off in the short-term, but that create the essential building blocks for those long-term patience plays. As an entrepreneur, patience and speed are 2 qualities that are not optional - you absolutely must be able to focus on the long-term and not sweat the small stuff while also being able to work quickly and get things done.
Current Book & Quotes From: Crushing It! by Gary Vaynerchuk
Patience:
In case you don't know Gary's story, he took over his family's wine business and built it into a "$60 million wine empire." Gary is an incredible businessman, but he stresses the importance of keeping your head down and staying humble and patient.
"When a normal twenty-six-year-old dude builds a $60 million business, he leverages it for twenty-year-old dude things. Yet, I lived in a one-bedroom apartment in Springfield, New Jersey. I drove a Jeep Grand Cherokee. I had no watches, no suits, and no flash. I could have paid myself hundreds of thousands of dollars per year, but the most I took was $60k. I kept my head down like an ox with a plow, putting almost every dime I earned back into the business and focusing all my energy on building a personal brand around unparalleled customer service, both in the store and online."
Let's face it, most people who start making a lot of money go out and start spending it almost as fast as they get it--actually there are a lot of people who also spend it even faster than they make it and put themselves in debt for doing so. In a world that's filled with opportunities for sponsored events, digital advertising, traditional media, content creation, etc. how could you afford the opportunity cost of not putting the vast majority of your earnings back into your business/investments?
To me, it almost makes my head explode when I see my friends and family spending money as fast or faster than they make it. I can't believe that people can just throw away countless dollars on things that they don't need when they could invest that money back into their business or investments and earn a better income or actually even retire in a few years if they keep at it. It's truly baffling, and these next 2 quotes really speak to this issue:
"You have no reason to start acting like something special until you actually have something special to show for it."
"Be patient. Be methodical. Pay off your debts."
Speed:
"I love a good contradiction, but this isn't one. Patience is for the long term; speed is for the short term. The pressure that builds between the two produces the diamond."
This is kind of a hard concept for most people to wrap their heads around - to work in a manner of speed: where you try to get things done as quickly and efficiently as possible - and to also work in a manner of patience: to be able to do things that will pay off in the long-term and to be able to endure the slow grind that you have to put in day after day.
I think Gary is the king of these qualities. If you watch what he does in DailyVee, he's in a constant state of motion - not unlike a shark who's constantly swimming as fast as possible towards the blood in the water. BUT, he is also like a turtle who knows that slow and steady wins the race. Some of the meetings and projects that Gary takes on have no clear benefit for him in the near-term but are for his legacy and long-term vision.
Many objections to Gary's talks of being speedy and making decisions quickly are that people are afraid of making mistakes. I really resonate with Gary's response to that:
"Not worrying about what people think frees you to do things, and doing things allows you to win or learn from your loss - which means you win either way. hear me now: you are better off being wrong ten times and being right three than you are if you try only three times and always get it right."
Thanks for reading! Here's an update on the Brunner Project for those who are curious: I just received the final numbers from the contractors as well as the cabinet company and am putting it all together for the financial update on the project. I apologize for taking so long with this, it has been a grueling process to get this all organized and I appreciate your patience! I really look forward to sharing this and hearing your thoughts! Stay tuned!
Here's the Question of The Day, don't forget to post your answers in the comments!
Do you move with speed and patience? Are you able to focus on the long-term while also grinding out your short-term projects as quickly as possible?
Thanks for reading! Don't forget to leave your thoughts below and I look forward to seeing you in the comments!
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I definitely move with speed but always learning patience. Probably different side of the same coin.
I'm always for the long-term however grinding out short-term projects and tasks always seem to be difficult. The battle in the mind, discouragement, wanting to give up... But I guess just doing it it already a step forward and contributing to the long-term goal.
Great QOTD today. Your questions often comes as answers and keeping the average joe focused in their lives.
Speaking about patience and speed. These are two wonderful virtues which smart people uphold.
The patient dog they say eats the fattest bones. Patience gives you the ability and privilege to survey you business environment properly before making use of the second virtue 'speed*
Once you are done with surveying and observing ,the next is to delve in with all you've got and all the speed just so no one else comes in front of you.
To be a successful entrepreneur , one must uphold and practice these two vital virtues.
I absolutely agree with you @sistem! By being patient and taking a step back, you can often "see the whole board" as the expression goes. "the next is to delve in with all you've got" - love this as well!
I think speed and patience are really essential if you want to be successful. I'm always trying to do my tasks as fast as possible (of course with the best quality that I'm able to do) and I'm sure it will pay off in the future, so I'm patient as well.
A lot of people want to get quick results for their work and that mostly kills their chances to achieve success at anything, because they give up when results are not coming in quick.
If results came in quickly all the time, then everyone would be successful...
I 100% agree @trendo! You have a great handle on the balance that it requires to be both speedy and patient! Yes, I also see a lot of people who expect things to happen overnight and if things don't show progress in a short period of time, these people tend to give up and look for something that "might be the thing" that gives them that "overnight success" that they are looking for. Exactly, if it was easy, everyone would do it.
2 things that is hard for people to have patience, is making money and losing fat
Yes! fitness and money are 2 very desirable things in our society, but both require hard work and patience - something that many people who desire it are not willing to deliver on!
This is a skill I am constantly working on. I tend to react quickly, but I am trying to balance that with long term goals.
Thanks for providing an opportunity to reflect on this!
For example, cryptos are a long term game, but I am fast at doing a lot of micro transactions. I have to stick to the long term focus!
Thank you very much. This is the main question I had and Gary answers it. I didn't get the book yet. I didn't know this was coming.
This is a really big gem:
Now I see how patience and speed work together. I need speed in decision making today. And I need patience to continue.
Win or learn = Win and Win. Following what other people do and say is easier but is a waste of time if that is not where I want to go.
Some short term projects are tedious and require patience that can only be endured looking at the long term.
When I started painting again I thought it would be easy but see a lot of patience is required just to finish one painting or recording. In the end I produce joy from my art and share on the way what I learn from my mistakes.
I learned that a work in progress is enough for one blog entry. It is like a journal. I don't need to push everything in there. I also learned to use steemdunk and steemauto to help me work smarter not wasting time getting in thinks that distract from my final goal.
It is about making you think from a different perspective..
Excellent post good analyses thanks for sharing.
have a nice day
Thanks for reading!
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Patience is the key to life. 90% of successful understand the importance of patience and waiting that is why they are successful! Harness the power of patience and faith and you will be successful, perseverance is good too!
patience always works
100% of the time!
"Patience is for the long term; speed is for the short term. The pressure that builds between the two produces the diamond."
I just wrote that down in my Diary.
Yeah, it hurts when you see people spending money on things they really do not need.
In the world we live today, show-off is the order of the day, somebody makes something little, get gold chains and good sneakers and wants to show them off and the next day, he or she is broke again.
@khaleelkazi, you are really dishing out great wisdom I must say. Bravo
Sometimes we make more speed and things gets even slower, sometimes what is more required is tactics and this we help you move even faster than you've ever been
So obviously less speed,ore haste. This will push and carry you through
I know exactly the feeling... i was going to buy btc when the price was 2bucks but fear didn't let me, than ethereum when he was 8 bucks, and fear stopped me again, tesla stocks, nvidia stocks, i could have made so many good decisions, but fear( fear that i blame partialy my father) didn't let me... i ended up putting the money that i could have invested into stupid stuff, like a graphic card that i don't use, 3 or 4 games that i also don't use and gambling (at least this last one actually got me a profit of 10 bucks), fear is your worst enemy, i no longer live my life with fear, thank god
I move with patience for sure. Because the kind of work I do ( I teach) patience is very important and speed depends upon the amount of patience I out in my teaching efforts.
My patience is directly proportional to the good results I aspire to achieve with my students :)
In the book, the richest man in Babylon, the author George Clason mentioned it that to be a successful businessman you should never eat the children of you labour and if you are patient enough, then not even the grandchildren of your labour. Let the children and grandchildren works for you. What he meant is don't rush to spend your first profit from a successful business. But it back into the business to give it a solid foundation.
With a little background in science, I would say let your speed be measured as velocity. Velocity is speed in a defined direction. We should ensure that our speed is in the direction of our goals else we'll just be busy doing nothing.
Thank you for this piece, you are doing a great job. I had to read it thrice since I couldn't comment because of bandwidth issues. Doing a book review really help the community as you combine your own thoughts with the author's to expand more on the topic. Bless you sir @khaleelkazi
Wow
So much being said in just one paragraph;
To marry speed and patience is not easy but with long term vision, this become possible, I think i really need time to read, read and read this piece over and over again.
Thanks for sharing @khaleelkazi, i really learnt something new.
For the Question of The Day; I say I really work with long term vision not taking into account the short term visions or goal. But with this post, I will start setting and running with short term visions as well as my long term ones.