Patience: A virtue in Business and Management.

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Patience by definition is the capacity to accept or tolerate delays, problems, or suffering without becoming annoyed or anxious. Patience is even one among the 4 P’s of Entrepreneurship Persistence, Perseverance, and Passion being other three. In business where there exists a lot uncertainty regarding market conditions, consumers, and economic conditions, patience becomes a vital quality for business owners and managers. The right amount of patience enables leaders to employ prudence and detach from emotions in the decision making and use logic and facts to substantiate their decision. However, too much patience may spark insecurities and even instability in the business. 

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There exist many a number of scenarios in business world where patience is the key such as:

  • In the course of Business cycle, all businesses experience ups and downs. The best plans may get ruined overnight, and sometimes despite best efforts a fresh start is needed. This is where, patience becomes an essential virtue.
  • In the course of a product life cycle, patience is a prerequisite in the introductory phase, where product is new; it often has slow initial growth as the marketplace needs time to learn and use it.
  • Some sectors like banking, investing, trading etc are associated with high level of patience.

Why patience is needed

  • To evaluate and research the benefits and risks associated with critical business decisions.
  • To identify practical goals and set realistic expectations on performance.
  • In strategic planning, negotiations and critical thinking which have significant impact on the future of a business. 
  • To achieve the desired levels of success. Any endeavor that could potentially become a great success requires dedicated and persistent efforts. 

Benefits of practicing patience

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