Entrepreneur's Corner

The Power of Patience In Creating Sustainable Wealth And Impact: Why Success Takes Time And Effort

BY Steve Biko Wafula · April 20, 2023 03:04 pm

KEY POINTS

KEY TAKEAWAYS

The statement that true success in creating wealth and having a sustainable impact takes at least 20 years is a profound truth that cannot be ignored. It requires patience, hard work, persistence, and dedication to achieve sustainable wealth and impact.

Unfortunately, many young people today lack the virtue of patience and are always looking for shortcuts and quick fixes to achieve success.

I would like to use my own experience and that of others that I read and listened to, to delve into the importance of patience in building sustainable wealth and impact, using relevant examples.

Building Sustainable Wealth and Impact Requires Patience;

Wealth creation and impact building is a journey that requires a lot of time and effort. It is not something that can be achieved overnight or by taking shortcuts. Success is a result of a series of small steps taken consistently over a long period. Take, for instance, the story of Jeff Bezos, the founder of Amazon. He started his company in 1994 and it took over two decades of hard work and patience for Amazon to become the world’s largest online retailer. He did not take any shortcuts or engage in shady deals to achieve success. He persevered through tough times and focused on building a sustainable business model that could last for years to come.

Similarly, Bill Gates, the founder of Microsoft, started his company in 1975, and it took several years of hard work and patience before the company became a global tech giant. He did not take shortcuts or engage in shady deals to achieve success. Instead, he focused on building a sustainable business model and invested heavily in research and development to create products that could stand the test of time.

Patience Helps to Develop Long-Term Vision;

Developing a long-term vision is essential in building sustainable wealth and impact. It enables individuals to set clear goals and objectives and work towards achieving them over a long period. Patience is a critical factor in developing a long-term vision because it allows individuals to focus on the big picture and not get distracted by short-term gains. Take, for instance, the story of Mark Zuckerberg, the founder of Facebook. He started his company in 2004, and it took several years of hard work and patience before the company became a global social media giant. He had a long-term vision of connecting people around the world and creating a platform that could last for years to come. He did not get distracted by short-term gains or engage in shady deals to achieve success.

Patience Helps to Build Strong Foundations;

Building a strong foundation is crucial in creating sustainable wealth and impact. A strong foundation provides the necessary support and stability for individuals to achieve their goals and objectives over a long period. Patience is essential in building a strong foundation because it enables individuals to take the time to lay a solid groundwork before moving on to more significant projects. Take, for instance, the story of Elon Musk, the founder of Tesla and SpaceX. He started his company in 2003, and it took several years of hard work and patience to build a strong foundation for his business. He invested heavily in research and development and focused on creating sustainable products that could stand the test of time.

Patience Helps to Develop Resilience

Developing resilience is essential in building sustainable wealth and impact. Resilience enables individuals to bounce back from setbacks and failures and continue working towards their goals and objectives. Patience is a critical factor in developing resilience because it enables individuals to persevere through tough times and focus on the bigger picture. Take, for instance, the story of Oprah Winfrey, one of the world’s most successful media personalities. She started her career as a news anchor in the 1970s and faced numerous setbacks and challenges along the way. However, she persevered through tough times and focused on building a sustainable brand that could last for years to come. She did not give up on her dreams, even when she faced criticism and adversity, and went on to create an empire that includes a television network, a magazine, and a production company.

Patience Helps to Build Trust and Credibility

Building trust and credibility is essential in creating sustainable wealth and impact. Trust and credibility are earned over time, and they require individuals to demonstrate consistency, reliability, and authenticity in their actions. Patience is a critical factor in building trust and credibility because it enables individuals to take the time to build meaningful relationships with their customers, partners, and stakeholders. Take, for instance, the story of Warren Buffett, one of the world’s most successful investors. He has built a reputation for being a trustworthy and credible investor over several decades. He did not engage in shady deals or take shortcuts to achieve success. Instead, he focused on building long-term relationships with his investors and stakeholders and demonstrating consistency and reliability in his investment decisions.

Patience Helps to Build a Sustainable Legacy

Building a sustainable legacy is essential in creating sustainable wealth and impact. A sustainable legacy is one that can last for generations and make a positive impact on society. Patience is a critical factor in building a sustainable legacy because it enables individuals to take the time to create a lasting impact and not just focus on short-term gains. Take, for instance, the story of Nelson Mandela, one of the world’s most respected leaders. He spent over 20 years in prison for his fight against apartheid in South Africa. However, he did not give up on his dreams of creating a free and democratic society. He persevered through tough times and focused on building a sustainable legacy that could last for generations to come.

In essence, the statement that true success in creating wealth and having a sustainable impact takes at least 20 years is a profound truth that cannot be ignored. Patience is a critical factor in building sustainable wealth and impact because it enables individuals to develop a long-term vision, build strong foundations, develop resilience, build trust and credibility, and build a sustainable legacy. It requires individuals to take the time to lay a solid groundwork, focus on the bigger picture, and not get distracted by short-term gains or engage in shady deals. Therefore, young people need to learn the virtue of patience and understand that success is a result of a series of small steps taken consistently over a long period.

About Steve Biko Wafula

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters. He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com