For any entrepreneur, the journey is fraught with challenges that can make or break a venture. According to Shanaz Hemmati, co-founder of the AI-powered software startup ZenBusiness, two core skills are the primary differentiators between success and failure: perseverance and adaptability. Hemmati, whose company was valued at $1.7 billion in 2021, draws from her experience building a unicorn and as a former executive at HomeAway, which was acquired by Expedia for $3.9 billion.
The Foundation of Perseverance
Hemmati’s first principle is the unwavering ability to push through the inevitable obstacles and setbacks of building a business. “First, realize that building a successful business is hard, not easy,” she explains. “It takes perseverance, work, and continuous learning.” This sentiment is echoed by many successful founders, including Nvidia CEO Jensen Huang, who told Stanford students that greatness “comes from character, and character isn’t built from smart people but from people who have suffered.”
Psychologists identify perseverance and its close cousin, resilience, as two of the most significant predictors of success. Entrepreneurs who cultivate these traits are less likely to abandon their vision at the first sign of trouble and are better equipped to recover from setbacks. Hemmati’s advice is to reframe failure as a vital learning opportunity. Instead of being discouraged, founders should ask: What went wrong, and what can be done differently to succeed next time?
The Art of the Adaptable Pivot
While perseverance is crucial, Hemmati argues that it must be balanced with the second key skill: the ability to adapt and change strategy when necessary. The true art lies in knowing when to stay the course and when to pivot. “The ability to change, or the willingness to, if something isn’t working, do it very quickly and try different things. I think that’s a huge differentiator between who makes it and who doesn’t,” Hemmati states.
Some founders become too attached to their initial strategy, even when early data indicates it is failing. This fixed mindset can be fatal. Entrepreneur and author James Sherman reinforces this, noting that “pivots are an integral part of the entrepreneur’s journey.” Successful leaders understand when a core element of their strategy is not working and are quick to explore alternatives without waiting for a perfect solution. The swift strategic shifts many companies made during the COVID-19 pandemic serve as a powerful example of this adaptability in action.
Relevance for the MENA Ecosystem
Hemmati’s insights are particularly resonant within the dynamic MENA startup landscape. The region’s rapidly evolving markets, driven by ambitious national visions like Saudi Vision 2030 and the UAE’s thriving tech hubs, demand immense adaptability from founders. Navigating diverse regulatory environments, varied consumer behaviors across countries, and intense competition requires a willingness to pivot and iterate quickly. Simultaneously, the unique challenges inherent in these markets—from fundraising hurdles to talent acquisition—call for a deep well of perseverance. For MENA founders, mastering the delicate balance between unwavering grit and strategic agility is not just an advantage; it is essential for survival and long-term success.
About ZenBusiness
ZenBusiness is a public-benefit corporation that provides an all-in-one platform to help entrepreneurs launch, run, and grow their businesses. Using AI and automated processes, the company simplifies business formation, compliance, and other administrative tasks, allowing founders to focus on their core mission. Since its launch in 2017, ZenBusiness has helped hundreds of thousands of entrepreneurs start their ventures in the United States.
Source: CNBC Arabia
