- Posted by Cliff Walker
- On October 30, 2021
Any successful entrepreneur will tell you that their business was not built in a day. More importantly, businesses that do develop in a short time most often fail in the long run. Even if you do not understand anything about investment mathematics, you still know that real profits come in only after several years of successful operation.
The pitfalls of approaching entrepreneurship from a sprinting perspective
‘Running a business is a marathon, not a sprint,’ said Clem Chambers. Chambers initially wanted to sprint through his entrepreneurship plans. He was the founder of one of the first firms to create computer games. The computer game industry was underdeveloped in the 1980s when Chambers was launching his business. He did not see through the prospects of the industry and rushed through all the plans. Within a few years, his business lost all momentum and eventually closed down.
Today, the gaming sector is a billion-dollar industry. If Chambers approached his business in the 1980s as a marathon, he would now be one of the greatest entrepreneurs. While starting his new business in the crypto space, he is more slow and steady in his approach. As he says, that is the lesson he learned from his past failures.
Why a marathon resembles entrepreneurship and not a sprint
A sprint is all about getting to the target as fast as possible. Perhaps it is a good strategy at a macro level but fails miserably at the micro level.
Experienced athletes know that if you give your whole energy at the beginning of the race, you have no gas left for the end. In a marathon, it does not matter where you are 10 seconds into the race. How you carry yourself forward makes the difference. It is a perfect analogy for entrepreneurship.
How to incorporate principles of a marathon in business?
Slow and steady wins the race in most aspects of life. Entrepreneurship is not a short-term project. Ensuring that you have the strength to continue in tough times makes running a marathon and a business very similar.
You have to train for a marathon and entrepreneurship with a plan. In both cases, the strategy is planned on the basis of your present status. If you do not have stamina, you need to build it before running a marathon. If you do not have a long-term strategy, you have to figure it out before embarking on entrepreneurship.
From every perspective, entrepreneurship is a marathon and not a sprint.
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