The 5 Ps of Entrepreneurship

People often ask me what I believe the fundamental qualities and attributes of entrepreneurs are. The following are the five non-negotiable traits of any successful entrepreneur.

Passion

The basis of the entrepreneurial drive is passion. It is the fuel of motivation, responsible for the determined work ethic of every budding and successful entrepreneur. Doing what you love means you will have the passion to pursue your dream. Your enthusiasm will also inspire others to have faith in you and your dream, and make them want to help you fulfil it. These people may be your future investors, staff, or customers. Passion is infectious.

Purpose

When we speak about purpose we are talking about your idea’s reason for being; the problem you are trying to solve through your services or products. Ask yourself what exactly you will give your customers, as well as why and how you are helping to make their lives easier. Focusing the needs of your customers is key when forming your unique selling point. Consider your purpose before every decision you make. This will ensure your business is customer-focused and, ultimately, successful.

Planning

Proper planning is crucial to keep you on track to realizing your objectives. Gathering market Intelligence, researching, and accumulating as much knowledge as possible is crucial to forming plans that will support and sustain growth. Seek advice from, and listen to, successful business people to form your strategies. Study and find out everything you can about your industry, your competitors, and the market in general.

Patience

A large part of being successful is being aware of what you can control, and what is beyond your control. When you experience difficult or uncertain times it’s vital to remain optimistic. Change is the only constant thing in business, therefore, you must be willing to be flexible and adaptable. It’s crucial to be patient while exercising unwavering optimism and self-belief.

Perseverance

This is non-negotiable and what separates successful entrepreneurs from unsuccessful ones. It’s essential to have grit and be truly relentless in the pursuit of your goal, no matter how tough this becomes during the inevitable challenging times that face you. Successful entrepreneurs understand they will never be in their comfort zone because standing still means not moving forward. Therefore, resilience and perseverance are vital to success. Remember, failure is only failure if you give up. Never give up.