Entrepreneurship is an exciting journey that attracts everyone at least once in their lifetime. But the decision to go through with the process and make a thought turn into reality depends on many factors and cannot be just acted upon over a whim!
Whereas the obvious physical factors like manpower, capital, and expertise have to be accounted for before one decides to jump the ship and take on entrepreneurship, some other extremely crucial aspects may not be visible to the eye!
Let’s call them the 5 P’s of entrepreneurship and look at how important they are!
Recognizing the purpose or a problem that one wants to solve should be the first and foremost step towards embarking on this entrepreneurship journey. Only when one understands their purpose will they be able to imagine a vision for the enterprise. For example, before I started a small business of upcycled clothing, I recognized the problem of fast fashion and the dumping of innumerable clothing year after year. I started working backward from my vision and purpose of creating new pieces of existing garments rather than producing more waste!
The importance of persistence cannot be stressed enough. If one does not persist, they will fail at the first faltering step that they take! There will be a million, and one struggles to come across in their endeavor to become a successful entrepreneur, but if they do not persist regardless of the problems, they will not make it. Every entrepreneur needs to keep in mind that unless they are confident and persistent about their own product or service that they are offering, they will not be able to convince anyone else to buy it!
Success is not an overnight achievement. In my opinion, having patience is the single most essential virtue to have to be able to run a business efficiently. Patience and perseverance will go a long way in determining how effective one’s business acumen and foresight were in the first place! Successful entrepreneurship is a slow process, and the best results are achieved when one takes it one day at a time.
People make an organization. Although most businesses kick-off as a one-person show, growth cannot be achieved without the help of a great team and workforce. One not only requires physical assistance of people but also boosts morale and sometimes stands as a pillar of strength, especially in times of difficult decision-making. Every business owner/entrepreneur needs to onboard the people with certain personality type that fulfill the job requirement and make sure that every person in their staff is happy to be there, which is half the battle won.
All businesses do not come into being with mere money-making as their agenda; however, no business can sustain itself without profits. There has to be a cash flow and a sound financial plan for a business to remain afloat and not deep dive into bankruptcy!