Entrepreneurship: The Balance of Patience and Speed

Patience tells us when to act; speed tells us how.

It’s well known that in most sports the presence of speed in an athlete is an asset. Faster to the ball, faster to the net, faster than your opponent.

Speed, however, is a weapon best used in combination with great patience. The ability to see a play unfold or to take a step back and burst forward at exactly the right time are much greater assets than speed alone.

In my experience, the perfect combination of patience and speed also makes for a successful entreprenuer.

Speed is a critical component because the faster we start, build, and launch the faster we’re able to learn and improve. The faster we act on what we’ve learned the more likely we are to create a more desirable product or service. Speed is also important because it helps drive a product or service to market ahead of the competition. The first-mover advantage is real and takes speed to execute.

Of course, none of the benefits of executing and iterating at pace are realized without the presence of patience. Before a business is launched it should be carefully, and patiently, planned. This doesn’t mean it has to take forever, but it should be thorough. Patience is critical in initial product development because it allows for the time necessary to get a few core features right. Being patient here will yield far greater results than using force to push things through.

When I have an idea I like to think about it this way:

Am I patient enough to wait through planning and development while at the same time having the resources needed to move quickly toward launch? Do I have the patience to accept that success will not happen overnight and the speed to change as needed?

Speaking specifically in the context of the projects I work on I’ve seen ideas remain incomplete due to a breaking-off of methodical procedure (due to impatience) and distractions in execution (a lack of understanding the importance of speed).

The balance is delicate but can be achieved simply by recognizing the importance of each element and understanding where (and why) they’re critical.