June 12, 2015
Calvin Coolidge, the 30th U.S. president, may not be one of our most remembered leaders. He served just a single term as president. However, his deep appreciation for the power of persistence is an important reminder to all of us.
“Nothing in the world can take the place of persistence.
Talent will not; nothing is more common than unsuccessful men with talent.
Genius will not; unrewarded genius is almost a proverb.
Education will not; the world is full of educated derelicts.
Persistence and determination alone are omnipotent.
The slogan: ‘Press On’ has solved, and always will solve, the problems of the human race.”
Persistence has been called many things over the years. (You might say the last decade has been about “grit” which is persistence just by another name). But no matter what we call it, it is vital to success.
In real estate development, like many businesses, the stars rarely align for quick deals and easy approvals. We often have to sweat the details of a project for years – refining the business plan, making design adjustments, earning community support, navigating government bureaucracies, and then putting our shovels in the ground.
One of my latest projects, a resort on the beach in Montecito, California, is a perfect case-in-point. I purchased the hotel site in 2007 fully expecting to open a brand-new hotel by 2010.
The old hotel that once occupied the site had been vacant for years having become a dilapidated eyesore. Two previous owners purchased the property to redevelop it, but ultimately failed. If you can succeed where others fail, you can create tremendous value.