Perseverance, persistence, diligence

For entrepreneurs, the ability to persevere in projects they have begun and to see them through to completion despite difficulties is a fundamental trait. This resilience is especially important in the dynamic and often unpredictable world of entrepreneurship, where challenges and setbacks are commonplace.

Scientific consideration of persistence

According to research in psychology and entrepreneurship theory, as outlined in the Stanford Encyclopedia of Philosophy, persistence is a virtue that encompasses not only the ability to remain loyal to a task but also the cognitive and emotional capacity associated with long-term goals. This virtue is closely linked to the concept of ‘grit’ highlighted by Angela Duckworth in her research. Duckworth defines grit as passion and perseverance for long-term goals and shows how crucial this trait is for success in various areas of life, including entrepreneurship.

The role of self-regulation

Self-regulation plays a central role in maintaining persistence and diligence. According to Roy Baumeister and colleagues, whose work has been published in renowned psychological journals, the ability to self-regulate – that is, the ability to control one's own emotions, behaviours and resources with regard to long-term goals – is crucial for successful entrepreneurial activity. Self-regulation enables entrepreneurs to stay focused and not be distracted by short-term temptations or setbacks.

Implications for entrepreneurs & peer learners

Through persistence, entrepreneurs are able to continuously work on and develop their ideas even during difficult phases of their enterprise. Perseverance enables them to overcome obstacles and see setbacks as opportunities for improvement. Diligence drives them to work hard and pursue their goals consistently, even when the road is rocky. These qualities are therefore crucial for developing a successful business concept and implementing an entrepreneurial vision in the long term. Through their persistence, entrepreneurs can remain steadfast even in times of change and uncertainty and successfully adapt their enterprise to changing market conditions.

In areas that require a high degree of persistence, such as the technology industry or life sciences, entrepreneurs with robust stamina and diligence can advance their ideas and overcome complex challenges. On the other hand, fields such as retail or service sectors may be better suited for business ideas that require less persistence and focus more on efficiency and customer satisfaction.

Resources:

• Duckworth, A. L., Peterson, C., Matthews, M. D., & Kelly, D. R. (2007). Grit: perseverance and passion for long-term goals. Journal of personality and social psychology, 92(6), 1087–1101.

• Baumeister, R. F., Vohs, K. D., & Tice, D. M. (2018). The strength model of self-regulation: Conclusions from the second decade of willpower research. Perspectives on Psychological Science, 13(2), 141–145.