Note that I have used the Amplified Bible translation above, for I think it unpacks the process a little more clearly.  For instance, we are being instructed to be diligent in our faith.  The Amplified Bible connects the diligence of our faith, to faith in God's promises that were previously mentioned.  We are told to make every effort to exercise our faith in those promises.  Exercise is an action word just as faith is an action word.

Next we are told the importance of developing moral excellence.  There could be a debate as to what that means.  Some would say that it deals with our practice of moral behavior such as adultery, fornication and sexual sins.  I would say that it includes those things, along with yielding to temptation to sin in all manners of expression.  But I believe that we are being instructed to deal with those temptations at the source, which is our thought life, and to learn how to nip it in the bud before it goes to the surface.  This is why the next stage in a disciple's development is crucial, which is knowledge from God's word and knowing the things that He is pleased by and is displeased by.  Ignorance of what leads us to sin is still sin if we go where our temptations lead us.  Knowledge of those things that lead us astray helps us fight a battle and win before we go over that edge.  Knowledge is essential.  But knowledge alone is not pleasing to God.  Knowledge without humility will create pride and a theoretical faith rather than well-seasoned, experienced people who practice their faith.  For that reason, we are told to keep our heads on our shoulders and not lose what we've gained in knowledge because of our pride.  That is why Self-control is mentioned.  Knowledge and humility are stepping-stones into the next stage of discipleship, and if they are not in place, it will be a long, hard test until it is found.  That difficult process is called Steadfastness.

Steadfastness and Perseverance are used for the same word in various translations.  I like both words for one speaks of a process and the other a result.  Persevere is the process.  Steadfastness is the result.  It is through lengthy challenges such as health and financial and relationship issues, or something we hope for that is being delayed that we learn patience.   Becoming a patient person is a result of learning to be patient during difficult times.  It is similar to a pot of stew on a slow simmer for a long period of time.  Eventually the different ingredients break down and join together to form the stew being produced.  Perseverance is similar to that illustration in that it is God's cooking pot that He puts us in along with those ingredients that we have learned, and places us over the heat of trials so they become infused into our life.  This is where our diligent faith in God's promises, our effort of living with moral excellence, the knowledge we have gained in the study of His word, and the self-control we are practicing are cooked in a slow, hot process until it produces what God has in mind.  What is He looking for?  Back to the bookend reference about the divine nature.  God is using this process in our life to produce ... godliness ... in our life.  There is no question that this is His agenda.

Now back to the promises.  The promises of God become a delivery system that delivers us to the man and woman He wants to make of us.  The promises become a communication link as He shows us that He is aware of where we are at any given time and that He is aware of our needs.  He is trying to build our faith in Him and His promises, so that we can learn to ask, receive, and join Him in His purpose for our life.  God's promises become a constant comfort for us as we will learn to use them to guide us.  God's promises are His voice of loving guidance, if we will use them as such.  It will take faith and belief.  You cannot be passive on this and let happens what happens.  You must be proactive in believing, receiving and practicing those promises.  It will require you to choose the reality of what God can and will do for you instead of the perceived realities of the world.  It is your choice to make and your future depends on the choice you make.  So choose wisely my friends for there is a lot at stake.