The operative noun in James 1:4 is ὑπομονή (hypomoné) to which BDAG give two basic meanings:
- the capacity to hold out or bear up in the face of difficulty, patience, endurance, fortitude, steadfastness, perseverance, eg, Luke 21;19, Rom 5:3, 15:4, 2 Cor 6:4, 1 Thess 1:3, 2 Thess 1:4, 1 Tim 6:11, 2 Tim 3:10, Titus 2:2, Heb 10:36, James 1:3, 4, 5:11, 2 Peter 1:6, Rev 2:2, 19, 2 Cor 12:12, Col 1:11, etc, etc.
- the act or state of patient waiting for someone or something, expectation, Rev 1:9, 3:10, 2 Thess 3:5.
Thus, the noun ὑπομονή (hypomoné) in James 1:3, 4 could be correctly rendered by patience, endurance, fortitude, steadfastness, perseverance, and is done so in many versions.
Note that in this part of James he gives a source and purpose for ὑπομονή (hypomoné), namely:
- The source is (V3) "testing of your faith"
- In V4 we are told that ὑπομονή (hypomoné), when finished makes us "mature and complete, not lacking anything".
Thus, of the options to translate ὑπομονή (hypomoné):
- "patience" is too passive (but not incorrect)
- "steadfatsness" (not wrong) gives the impression of simple-minded determination that is often unreasonable
- "endurance" is just trying not wear out (but still not wrong)
- "Perseverance" is an on-going active decision in dynamic faith.
That is, my personal preference (without denying the correctness of the others) is "perseverance.".