Owners of Tipping Point Ready businesses have purpose, passion and perseverance.
And it is this combination of determination and direction that Professor of Psychology, Angela Duckworth, found is the single most reliable determinant of success.
She calls it “Grit” and in her groundbreaking book Grit: The Power of Passion and Perseverance she outlines her study of applicants to one of the world’s most demanding and selective programs, West Point Military Academy.
And what she found is that those cadets who steadfastly stayed committed to their goal and had the persistence to consistently “stick with it”, even when the going got tough, were the ones most likely to make it through to graduation.
And it is the same for Tipping Point business owners. Not only do they have determination, they have direction.
Grit is one of the 7 Characteristics of A Tipping Point Business – a business where you have the momentum, the resources, the results and the return in the investment you are putting into your business. It can take a little while to get there, but you have the potential for a Tipping Point business right now. And, grit is a vital factor (that you can build on).
Rating: How would you rate your business “Grit” (1 low / 5 high)?
Rating Summary:
If you rated yourself a 5, you have a commitment to perseverance. Because you won’t feel passionate and on purpose every day (this is natural) nd ways to revisit your core passion and reason for being in business. Connecting to that higher purpose will allow you to ride the bumps and ups and downs in business. And if you rated yourself 1 to 4, there are some tips below that will help you as you work on building your Grit:
Grit Tips
If you need to build more Grit in your business:
- Get clear on your purpose and passion for being in business – this will help you persevere when you are faced with challenges
- Embrace the ‘learner’s mind’ – failure is not a permanent setback but rather a temporary condition that can be overcome with practice and learning
- When setting your goals, be sure to establish stepping stone goals that help you reach your ultimate goal
- Remember that setbacks are clues to what things you may not know or understand – explore the set back for the silver lining and set about mastering that which caused the set back
Case Study: Grit
Laurie McDonald, Canberra Furnished Accommodation
Going from homeless at 16 to living in her dream home with her family and owning more than 50 furnished residences in central Canberra, Laurie McDonald is a poster child for the powerful results that can be achieved by the combination of passion and perseverance known as “Grit”.
Laurie is a proud Ngunnawal woman who established Canberra Furnished Accommodation in 2003 by offering short-term rentals of a family investment property and she was then able to grow that into a 50-property business that is now an alternative to hotels and serviced apartments.
Now head of a large team, Laurie has focused on developing the business systems and coaching her team to take over some of her responsibilities. She was the 2009 ACT Businesswoman of the Year and a Finalist in the Telstra Businesswomen’s Awards.
Laurie’s tips for success when it comes to having more “Grit” in your business:
- Leadership by example. Always set a standard higher than that you expect of your team.
- Celebrate mistakes – yours, and even more importantly, your team’s. They are valuable learning experiences that mostly cannot be taught through traditional education.
- Remember that there are the highest of highs and the lowest of lows and this is just a part of the journey of being a business owner. Remembering this makes the lows easier to bear and the reminds you to really celebrate the highs. If it was easier, everyone would do it!
- “Kaizen” is one of my personal values. It’s a Japanese word that means continual improvement. I truly believe that if you don’t continually improve yourself and your business then you won’t remain successful.
