Barnum identifies perseverance as the critical factor separating success from near-victory that collapses at the threshold. Many reach near the goal but lose faith and relax efforts, losing the prize forever. He illustrates with a military analogy where two equally educated generals differ only in perseverance—one hesitates and loses while the persevering general pushes through chaos with unwavering determination. Perseverance is an indispensable requisite alongside ambition, energy, and industry.

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