In the last several years, news outlets have reported that entrepreneurship among the cohort deemed “Gen Z” is one the rise. Studies conducted by firms such as Gallup, among others, signal that this new generation is more likely to pursue entrepreneurship than any before them.
Accompanying the report on this increasing interest in entrepreneurship are an abundance of recent op-eds about the qualities that successful entrepreneurs tend to have. Forbes concentrates on the importance of tenacity and a commitment to lifelong learning, while Inc. emphasizes resourcefulness and the value of asking for help. Entrepreneur magazine urges entrepreneurs to bounce back quickly from failure and to give 100 percent of their energy and time. The Harvard Business Review advises them to focus on ingenuity and realism.
Ultimately, none of these periodicals is wrong about the advice they’re giving. Successful entrepreneurs by nature tend to be driven, resilient people with an excellent work ethic. However, there is arguably only one quality that every single successful entrepreneur is likely to share. That quality is “grit,” and its presence in entrepreneurs is integral to their ultimate success. The following four lessons about grit can shed some light on why this is so.
1. “Grit” is a broad term for a person with passion, patience, and perseverance.
Grit can be difficult to explain concisely because it is used to describe a collection of positive, specific qualities operating in tandem. According to the dictionary definition of “grit,” it is a “firmness of mind or spirit,” and “unyielding courage in the face of hardship.” However, when applied to entrepreneurship, its meaning is a slightly different.
The most widely accepted way to describe grit in the business community comes from the work of Angela Duckworth, a psychologist who succinctly defines it as “perseverance and passion for long-term goals.” This way of understanding grit is more applicable to the business world because it captures the essence of what it means to be a business owner pursuing entrepreneurship with the right attitude and for the right reasons. Anyone can establish a company with any kind of motivation for doing so. However, those entrepreneurs who actually find success in the process are those who believe deeply in their work and who are motivated by a conviction in its inherent worthiness. The presence of this conviction is linked to grit, and it separates those entrepreneurs who possess this quality from others who are motivated by a desire for fame, respect, or any other kind of external reward.
2. There is a difference between having grit and pursuing an unrealistic goal.
Haing grit is what gives successful entrepreneurs the stamina to continue moving forward, even when growing a business becomes extremely difficult. However, it’s important to distinguish between a person who has grit and one who refuses to give up on a business idea that will never work.
Entrepreneurs who possess grit are certainly not the type of people to give up in the face of failure, and while possessing this characteristic has its advantages, it leaves this group at risk of spending too much time focusing on ventures that are ultimately not realistic. For those entrepreneurs with grit, it’s important to evaluate their business projects to ensure that three factors are present in their work.
First, entrepreneurs should bring to their endeavors an overall sense of satisfaction. This means that a passion for a project independent of a desire for success should be present and that their work should be indicative of their personal and professional values. In addition, entrepreneurs should spend most of their days doing what they are good at in order to advance their business. Successful entrepreneurs must use their talents honestly most of the time when working on a worthwhile project. Moreover, entrepreneurs should be honest with themselves and determine whether or not they truly believe in the ultimate success of their business. Entrepreneurs who have any doubt about the worthiness of a project should re-evaluate whether or not grit alone can save their business.
3. Grit as a character trait can be cultivated.
As much as most entrepreneurs would like to think that they have grit, the reality requires a significant degree of self-reflection. When evaluating whether or not you truly have grit, it’s important to ask yourself serious questions and to respond with honesty. Do I dwell on my failures and allow past mistakes to consume my time and energy? Do I give up quickly when feelings of defeat set in? Am I afraid to make tough decisions? Do I doubt my gut feelings? Do I falter in the face of details and tedious work? Do I have difficulty staying motivated and focused on long-term goals?
Answering “yes” to these questions is a sign that you may not be as gritty as you hoped. However, just because you aren’t born with grit doesn’t mean that this quality is out of your reach. Grit can actually be cultivated where it doesn’t exist if you are deeply committed. There are a multitude of resources online dedicated to “growing your grit.”
4. Having grit is more valuable than having talent.
Arguably, the most important aspect for an entrepreneur to know about grit is how it measures up against a characteristic that people often consider to be the most important of all in a startup environment: talent.
Talent can indeed take a person a long way in terms of developing a company and launching a startup. The critical difference is that, without grit, talent can only take a person so far. Grit is found in those who are willing to work hard and make a real effort. Talent is wasted on entrepreneurs who give up easily, who despair, or who are content with the status quo.
This is why grit is so important. Grit gives entrepreneurs the energy and confidence to keep working on a project well beyond the point where it may have become too complicated or difficult for others. It is just beyond the point where achievement feels nearly impossible that success is often found. The will to push past that point comes from grit and makes it the most important quality that an entrepreneur can possess.