Patience is certainly a virtue. Unfortunately, it's not as common of a virtue as it should be among investors. Investors often mistakenly sell a stock too soon.

Sticking with a stock is a lot easier when its long-term prospects look great. The good news is that there are plenty of stocks fitting the bill. Here are three great growth stocks  you can buy and hold for the next 10 years.

Young investor holding their palms up with an image of an hourglass over one and an image of stacks of cash over the other

Image source: Getty Images.

1. Etsy

Few things are truly one of a kind. However, that's a pretty good description for Etsy (ETSY 4.76%) and the products sold on its e-commerce platform. No other retailer comes close to offering the unique handcrafted goods that can be found on Etsy.

You could also describe Etsy's growth as unique among its peers. Its stock is up more than 800% over the last three years. Trailing-12-month revenue nearly quadrupled during the period. In Etsy's latest quarter, its gross merchandise sales jumped more than 2.5 times faster than the U.S. Census Bureau's e-commerce benchmark.

Can Etsy keep this strong momentum going? I think so. Actually, I think its growth will accelerate. Thanks to the COVID-19 pandemic, more customers than ever are using Etsy's platform. Sure, many of them visit only to buy face masks. However, I fully expect that the initial exposure to Etsy will lead to purchases of other products.

Etsy's opportunity over the next decade is huge. The addressable market for the kinds of products bought and sold on its platform totals at least $100 billion annually. Etsy's actual potential market is probably closer to $250 billion. The company will probably report around $1.6 billion in sales for 2020. My prediction is that Etsy will be a lot bigger than its current $23 billion market cap in 10 years.

2. MongoDB

Disruption is in the air with the global database market. Don't think for a second that the major database companies don't realize it. There's one challenger in particular they're watching closely: MongoDB (MDB 0.34%).

MongoDB's trailing-12-month revenue growth of 227% over the last three years absolutely trounces the performances of industry leaders Oracle and Microsoft. Its stock gains have also been jaw-dropping during this period, with Mongo's shares skyrocketing close to 1,170%.

The key to MongoDB's explosive growth is that its head is in the cloud. The Atlas cloud-based database platform is the biggest growth driver for MongoDB. That growth could pick up even more thanks to Mongo's announcement in October of Atlas' support for distributed databases across multiple cloud hosting providers. 

Despite its impressive growth, MongoDB's market cap remains close to $22 billion. I think the company will continue to capture market share from the big players in the database market. It's quite possible that MongoDB will be one of those big players itself within the next decade.

3. Teladoc Health

The rapid adoption of telehealth arguably ranks among the most significant long-term effects of the COVID-19 pandemic. As the largest provider of telehealth services, Teladoc Health (TDOC -4.67%) stands out as an obvious beneficiary.

Teladoc was already generating strong growth going into 2020. However, the pandemic turbocharged the company's momentum. Over the last three years, Teladoc's trailing-12-month revenue has more than tripled. In its last reported quarter alone, the telehealth leader's revenue more than doubled year over year. 

Can Teladoc stay on top of the telehealth market with increased competition? I think so. Much of the company's past growth has resulted from acquisitions (although it has also delivered strong organic growth). My view is that Teladoc will continue to scoop up other companies to increase its market position.

Consulting firm McKinsey & Company estimates that the U.S. virtual care market opportunity will be close to $250 billion after the pandemic is over. Even with its rapid rise, Teladoc's annual revenue is still only around $1 billion. I'm confident that the company will grow much larger over the next 10 years as its revenue soars. Investors who buy Teladoc now and hold on will likely be glad they did.