What is the role of patience in economic development

[slapper]

Patience, yes. But patience alone isn’t a growth strategy. It's a frame, not a tool. It allows endurance, but endurance without direction is just waiting. What’s missing from this take is agency. Patience without innovation becomes stagnation. A country doesn’t evolve by simply sitting through time. It evolves through iterations, feedback loops, failures, restructuring with patience acting as shock absorption, not propulsion

Same goes for individuals. If you sit patiently with a failing model, you’ll drown slowly. Look at economic accelerators: South Korea post-war, Singapore post-colonial era. Patience was there, yes but it was active patience. Strategic policy, tight feedback with citizen welfare, aggressive upskilling

You want to know what other traits matter? Clarity of vision. Data literacy. Long-term memory. Anti-fragility. Teach a population those and suddenly patience isn’t about waiting but about compounding. And in the investment space? Patience only works if paired with actual analysis. Passive investors lose just as hard as impulsive ones, if they don’t know what they’re being patient about

[Sanitough]

I think patience is an important quality in a person along with other qualities.

Not only in economic development but also in personal development. Look at most of us here in the forum, we're Bitcoin investors and without patience, I don't think that we'll enjoy the fruits of waiting.

I would like to know your better opinion on this. What other qualities will enable an individual and a country to prosper economically the fastest?

Being adaptable. I think it's why many are aware of the changes in the modern world.

Awareness and adaptability makes someone involve and develop more of their skills and raises their curiosity on how to keep up with the modern changes too.

And of course positivity makes a big difference in one’s country. If the citizens are well focused on their roles and responsibilities as good citizens on their country, there will be massive economic progress, and for that not only the country’s leaders will gain advantage but also the citizens as well.

By being patient and create positive understanding on the market, not only the country will be in its best shape but also it will serve as a role model even to other neighboring countries as well.

[AmaGold70]

Patience is indeed needed for any business to thrive but let's think about it this way, what if you have patience but lack the smartness that is needed? A successful business isn't made up of being patience alone, you need to be smart too and literate to study how your business is going, patience without innovation or creativity in a business is worthless and just a wait of time. Patience is not the only ingredients for a successful surgery, you need the right mindset, skills, approach and knowledge. And then you use that patience to learn, grow and improve yourself in the game.

[Adams0001]

Economic development never gives short term results the results of investments in business industry or infrastructure projects are often seen after a few years. This is why governments or entrepreneurs need to be patient as they know that the results may not be visible initially but in the long run it will be profitable. When you start seeing small signs of progress it becomes really easy to be patient. For this it is very important to build patience and trust in leaders among the people when leaders are working in the right direction and are committed to the welfare of the people the people also trust them and the entire nation moves towards progress. If leaders make mistakes in communicating with the people or fail to fulfill their promises then it becomes easy to lose trust.

In my opinion ,I don't think someone will achieve is goals without patients. because anything required patient nothing comes easily, all the rich business people currently if you see what they face before they become rich you will know that anything need patients in this life. Patients always bring victory at the ends but this days many people are strongly and they can't be patient for what they are looking for they try to get in hard way and that brings problems to them. everyone face different challenges in business. You are right, Economic development alway take time he does fulfill easily but some leaders are not doing the right things and that is why many youth are losing there patience and do what there minds tell them. They face many challenges that will make them lose there minds because some times the government are not doing the best thing that they should do, and make people believe and have patience with them. 

[Scarlett_23]

Before starting any work, we have a lot of interest. But when we start working, there are many obstacles in this work that we get frustrated seeing the obstacles. When we fail after trying once or twice, we think that maybe this work will not be possible for me. That is, we lack patience. OP, I want to agree with you on this. Apart from this, I would give equal importance to the integrity of the person, goals, risk-taking mentality, having a vision and acquiring technical skills to succeed in business. Apart from patience, I think honesty is very important in business. In business, I used to provide good products to attract customers first, but when I can do something good, then if I cheat customers with bad products, then it will not be possible for me to go far with that business, so I consider maintaining the quality of business as a strategy.

[justdimin]

Patience is indeed needed for any business to thrive but let's think about it this way, what if you have patience but lack the smartness that is needed? A successful business isn't made up of being patience alone, you need to be smart too and literate to study how your business is going, patience without innovation or creativity in a business is worthless and just a wait of time. Patience is not the only ingredients for a successful surgery, you need the right mindset, skills, approach and knowledge. And then you use that patience to learn, grow and improve yourself in the game.

I have met with a lot of talented people, and patient people, and even hard working people, who ended up still losing money. Because they weren't smart about business, because being smart about a business is a rare thing. The person I am talking about was a mechanic for old cars, you can bring him basically just bones of an old car, just the chassis, and he could rebuild it from scratch every single part (well you would have to buy the parts of course, but he can install every part correctly) and give you a great car.

There was a huge demand for him, and he was the best in the entire city, but since he never dreamed of growing, and because people hated waiting in line, and it took months and months of his time to finish just a few cars at the same time, he lost business to others, and eventually people just stopped going to him.

[Josefjix]

Patient is a virtue that's why in everything, you'll be told to be patient in your career, businesses, development and many more things, it's even more the reasons a country is doing in her economic situation because of some strategic plans that takes time before accomplishing, infact, great things takes time and if anything it's been done to bypass the process, then it's always likely to end in destruction.

The moment an investor have the mindset of not going to rush the process but transacts steadily and keeps on improving daily will get to the highest point of business, because every drop of rain makes an ocean and that requires that business to be patient and consistent.

[Accardo]

The moment an investor have the mindset of not going to rush the process but transacts steadily and keeps on improving daily will get to the highest point of business, because every drop of rain makes an ocean and that requires that business to be patient and consistent.

Rushing a process creates missteps and derails progress. Entrepreneurs who do not consider making fast monetary advances,  subconsciously avoid failure caused by funds. They'll work with or without income flow. Goals become priorities when funds controls lesser decisions of a business owner. Lack of capital is great at discouraging entrepreneurs from accomplishing goals, but with discipline and persevering, challenges get solved and growth deficiencies fixed.

[sana54210]

To be fair when you have as much backing and money as those company owners, then you would be able to wait for it too. Doesn't mean you will get as rich as Jeff Bezos or Elon  Musk, but they had absolutely no other choice but to get rich, it was just about how much.

Maybe they wouldn't be the richest people in the world, but just have few tens of millions instead, which isn't a lot, but at the same time we need to realize how they are also lucky and not same with us, we do not have a chance to be as rich as them, the moment we were born, that possibility was taken from us, because we weren't born into a multi-million dollar family with bunch of other multi-million dollar network friends around us, so it is unfair comparison.

[wmaurik]

Patient is a virtue that's why in everything, you'll be told to be patient in your career, businesses, development and many more things, it's even more the reasons a country is doing in her economic situation because of some strategic plans that takes time before accomplishing, infact, great things takes time and if anything it's been done to bypass the process, then it's always likely to end in destruction.

The moment an investor have the mindset of not going to rush the process but transacts steadily and keeps on improving daily will get to the highest point of business, because every drop of rain makes an ocean and that requires that business to be patient and consistent.

It is true that patience is very much needed in anything to be able to give ourselves a chance before deciding something on the plan that we will carry out because without having patience we will make a decision quickly without going through any consideration in deciding something.

In terms of investing, of course, every investor must first analyze before making a decision on the investment that will be carried out because if they do it in a hurry without doing an analysis first, of course they will experience failure, in which case, of course, patience and caution are needed before deciding on something on the investment that will be carried out.

[Oluwa-btc]

Economic development is encased around the walls of growth and patience is ab immune booster that takes the economic sector to another dimensions. Patience is required for a good results, as well as it's been required for a long term profits. Regardless this is a more reason we should always have so much patience in our dealings that requires growth. Aside the fact that it plays a major role in most aspects of life, patience plays a role of decision making, it plays a role of believe and trust and that's why I business, investment and other areas it's required to have a little bit of patience.

[lizarder]

Patience is indeed needed for any business to thrive but let's think about it this way, what if you have patience but lack the smartness that is needed? A successful business isn't made up of being patience alone, you need to be smart too and literate to study how your business is going, patience without innovation or creativity in a business is worthless and just a wait of time. Patience is not the only ingredients for a successful surgery, you need the right mindset, skills, approach and knowledge. And then you use that patience to learn, grow and improve yourself in the game.

If there is no patience wherever we are, we will never achieve success, but talking about business, patience is not the only reason that is a measure to achieve success in business because besides that, knowledge is needed about how to develop a business properly in accordance with the times. Patience is another part after learning the best pattern for carrying out strategies in business because we can measure the level of success based on the performance and progress of the business.

Other important aspects need to be improved so that patience becomes the final step in the effort to achieve success in business. Competition to achieve success in business is not easy because there is a lot of competition that we have to go through and if we are not able to keep up, the business will find it difficult to develop as we wish.

[Ever-young]

Economic development is encased around the walls of growth and patience is ab immune booster that takes the economic sector to another dimensions. Patience is required for a good results, as well as it's been required for a long term profits. Regardless this is a more reason we should always have so much patience in our dealings that requires growth. Aside the fact that it plays a major role in most aspects of life, patience plays a role of decision making, it plays a role of believe and trust and that's why I business, investment and other areas it's required to have a little bit of patience.

You’re absolutely correct mate. Not just in economic growth but also in every other areas/sectors, from personal finance to education and to personal growth and development, patience is a vital tool that everyone must possess, because without patience, you might have as well just failed before you even started. Especially for those who have the habit of always comparing their progress with that of others, without patience you will definitely end up making certain mistakes that you’ll definitely regret in the future.

[Rabata]

Patience is definitely a great quality for a person. Those who have patience will definitely be able to adopt better decision than others. Only patience will not be able to bring you success. Along with patience, you must also possess other qualities. In cases where financial development is not possible in a short time, patience is definitely needed, but along with this, a person must also be hardworking and adopt appropriate principles. If you cannot adopt appropriate principles with time, then patience alone will not be able to bring you success. If you cannot be patient when starting a new business, then your business will not stay longer. You will fail at the very beginning where you have to struggle. That is why for success, a person needs to have the qualities of patience along with some other qualities. This quality will definitely lead a person to success.

[yhiaali3]

There is no doubt that patience is one of the most important qualities a person must possess to achieve success. This also applies to companies and nations. Any business or investment will not achieve success at first, and we need patience to achieve our goals.

As for the other qualities that enable individuals and nations to prosper economically as quickly as possible, in addition to patience, there is, for example, willpower and persistence in achieving goals, no matter how great the difficulties. A clear vision or foresight is also very important, as you set a dream or goal for the future and strive to overcome obstacles to achieve that goal.

[GiftedMAN]

Economic development is encased around the walls of growth and patience is ab immune booster that takes the economic sector to another dimensions. Patience is required for a good results, as well as it's been required for a long term profits. Regardless this is a more reason we should always have so much patience in our dealings that requires growth. Aside the fact that it plays a major role in most aspects of life, patience plays a role of decision making, it plays a role of believe and trust and that's why I business, investment and other areas it's required to have a little bit of patience.

You’re absolutely correct mate. Not just in economic growth but also in every other areas/sectors, from personal finance to education and to personal growth and development, patience is a vital tool that everyone must possess, because without patience, you might have as well just failed before you even started. Especially for those who have the habit of always comparing their progress with that of others, without patience you will definitely end up making certain mistakes that you’ll definitely regret in the future.

Patience is a virtue therefore it is one of the essential requirements needed by every individual to succeed either in business or in any other aspect of life, for an economy to experience rapid growth the government in power must apply good works and patience is one of the necessary tools you need to achieve a good work even as an individual who is interested in business or investment you need to be patience while you gradually develop yourself and your business to the level you want it to be. Lack of patience is the reason you see some businesses going down the owners must have rushed into the business without taking time to evaluate their chances of becoming successful in the business they choose to establish.

[Akbarkoe]

Patience is also needed in the development of a country. Because a country can never improve in the short term obviously It takes a long time. Especially countries need time and patience to develop from infrastructure development to education system and other aspects.

Development of an economy is a gradual process and for anyone to have patience on the growth of an economy their should be already good policies and steps that should be implemented already, if this is not yet done I think it can be waste of time waiting for the improvement of a better economy. When their are efforts being made to set economy to get better one have no choice than to have patience and wait for the results because for sure their will be significant effect with time.

Many times we have been deceived to have patience with the economy and no effort and steps have  being taken.

I agree with what you said because how can we be patient when our stomachs are hungry? We need real steps in terms of economic development, so that we are not always in uncertainty. The price of basic necessities is increasing, jobs are difficult and wages are low, that is the reality that is happening today, so how can we continue to be patient.

Indeed, the name of economic development takes a long time, and is carried out in stages. but in reality what happens, the programs that are initiated for infrastructure development carried out in supporting the realization of economic development are only used as a field of corruption to enrich themselves.

[peter0425]

You want to know what other traits matter? Clarity of vision. Data literacy. Long-term memory. Anti-fragility. Teach a population those and suddenly patience isn’t about waiting but about compounding. And in the investment space? Patience only works if paired with actual analysis. Passive investors lose just as hard as impulsive ones, if they don’t know what they’re being patient about

Really good post here. Yes, we are all taught to be patient but it is important to be patient over the right things otherwise you are just waiting on a disaster.

Some people could be straight up making mistakes and they do not know it and they will not do anything to correct it under the guise of being patient. Being patient is just as important as steering the ship back into the right direction.

[MarjorieZimmermanGinger]

I think patience is an important quality in a person along with other qualities. I would like to know your better opinion on this. What other qualities will enable an individual and a country to prosper economically the fastest?

Patience is no less important in managing investments because if someone is restless and does something without careful consideration, they will make the wrong decision. No one is able to make quick profits without being accompanied by their best abilities, so patience is needed to learn investment properly. If you want to get good results, we must be patient waiting for the momentum and that requires a high level of patience.

Most people just enter the market and do not consider the opportunities so that when they make a mistake, they can actually suffer losses. That is why patience is needed to start so that we know when is the right time to enter the market to make a purchase.

[bubilas]

There is no doubt that patience is one of the most important qualities a person must possess to achieve success. This also applies to companies and nations. Any business or investment will not achieve success at first, and we need patience to achieve our goals.

As for the other qualities that enable individuals and nations to prosper economically as quickly as possible, in addition to patience, there is, for example, willpower and persistence in achieving goals, no matter how great the difficulties. A clear vision or foresight is also very important, as you set a dream or goal for the future and strive to overcome obstacles to achieve that goal.

And the cryptocurrency market teaches everyone very clearly that you always need to be patient. If someone invests and immediately changes their mind, then such an investor will be at a loss in a minute due to the spread. Sometimes in investing it is useful to literally forget about your investment, if the economic situation allows it. And this is very important. But unfortunately, with a strong dump in cryptocurrency prices, few can afford to save tokens. As a rule, poor guys start to withdraw this money at reduced prices and spend it on food.
While after a while the price increases, and the rich become even richer. After all, it is easy for them to leave money in investments for a long time.