In response to Nephi’s own question, ’after ye have gotten into this strait and narrow path, I would ask if all is done?’, Nephi gives his answer. We must exhibit faith, hope, charity, feast on the words of Christ, and endure to the end. If we do these things, we shall have eternal life. Let’s look again at the structure of this verse to see that Nephi is really talking about faith, hope, and charity:
1) ye must press forward with a steadfastness in Christ—FAITH
2) having a perfect brightness of hope—HOPE
3) and a love of God and of all men—CHARITY
We should be clear that Nephi is trying to give us a formula for success, a recipe for redemption, and a handbook for eternal increase. He is trying to teach us the only and true doctrine of the Father and of the Son and of the Holy Ghost (v. 21) in as much plainness as is possible. Note how similar Nephi’s recipe is to that of Alma the younger:
’And now, my brethren, I wish from the inmost part of my heart, yea, with great anxiety even unto pain, that ye would hearken unto my words, and cast off your sins, and not procrastinate the day of your repentance;
But that ye would humble yourselves before the Lord, and call on his holy name, and watch and pray continually, that ye may not be tempted above that which ye can bear, and thus be led by the Holy Spirit, becoming humble, meek, submissive, patient, full of love and all long-suffering;
Having faith on the Lord; having a hope that ye shall receive eternal life; having the love of God always in your hearts, that ye may be lifted up at the last day and enter into his rest.’ (Alma 13:27-29)
Bruce R. McConkie
"Sometimes someone will say: ’Well, I have been baptized into the Church; I am a member of the Church; I am a member of the Church; I’ll just go along and live an ordinary sort of life; I won’t commit any great crimes; I’ll live a reasonably good Christian life; and eventually I will gain the kingdom of God.’
“I don’t understand it that way. I think that baptism is a gate. It is a gate which puts us on a path; and the name of the path is the straight and narrow path. The straight and narrow path leads upward from the gate of baptism to the celestial kingdom of heaven. After a person has entered the gate of baptism, he has to press forward with a steadfastness in Christ, as Nephi expresses it, having a perfect brightness of hope, and a love of God and of all men; and if he endures to the end, then he gains the promised reward.” (Conference Report, Oct. 1950, p. 16 as taken from Latter-day Commentary on the Book of Mormon compiled by K. Douglas Bassett, p.34)