The 4 P’s of Entrepreneurship
Nov. 10th 2009
If you’re a business student (or a future business student), you’re no doubt familiar with the 4 P’s of Marketing: Price, Product, Placement and Promotion. I’d like to talk about the 4 P’s of Entrepreneurship: Passion, Persuasiveness, Patience and Pain Threshold.
Passion: One common characteristic about all entrepreneurs is that they’re passionate about what they’re doing. If you’re a young entrepreneur starting (or thinking about starting) a new business, you need to be able to live it, breathe it, eat it and sleep it, EVERY DAY. Before you start off on your own, make sure you have the passion to follow your business idea through and be able to do it every day consistently.
Persuasiveness: Being passionate about your idea is one thing, being able to properly communicate that idea, and persuade others to buy into what you’re doing is another. In a new business you’ll have to be persuasive when talking to potential customers, or when dealing with suppliers, or when looking for feedback. You should always be ready and able to persuade someone that your business idea is a great one.
Patience: Whether it is waiting to hear back from a customer/client, or waiting for your new website to develop, you need to exercise patience as an entrepreneur. There were many times when I would have loved to pick up the phone and remind a customer that I’m waiting to hear back from her about a potential new deal, but exercising a little bit of patience can go a long way.
Pain Threshold: No matter what your business is, you’re going to experience a certain amount of pain as an entrepreneur. Whether it be waiting for a project to be finished that is three weeks over a deadline, or paying twice as much as you originally anticipated for a prototype, you’re going to have to have a high threshold for pain. Tough it out, it will get better.
The 4 P’s of entrepreneurship seem to come up again and again for entrepreneurs – be prepared for them when starting up your new business!
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Your post is very interesting. I learn a lot from it. I was deeply touched with all the ideas from my readings. I wish to read more articles from your post soon. Thanks for the post.