The Essential 5Ps of Entrepreneurship

The entrepreneurial journey brings in different exciting and nerve-wrecking experience. It proves to be an unparalleled experience for an individual’s lifetime. Leaving the safe shore for sake of uncertainty is never an easy task. It requires a great deal of courage and planning to make it to the epitome of excellence. The essential 5Ps are some principles which make the road to an entrepreneurial success more attainable.

The Essential 5Ps for Aspiring Entrepreneurship

Passion
“Nothing great in the world has ever been accomplished without passion”, so says George Hegel, the German Philosopher. Passion is undoubtedly the first and foremost ingredient for the success of an entrepreneur. It works as the fuel of motivation or determined work ethics for any successful prodigy. Passion of doing what you love always acts as the driving force behind every dream fulfilled.
Perseverance
To succeed, you must have tremendous perseverance, tremendous will. “I will drink the ocean,” says the persevering soul; “at my will mountains will crumble up.” Have that sort of energy, that sort of will; work hard, and you will reach the goal.  Swami Vivekananda once said.
An entrepreneurial journey is filled with thousands of ups and downs. To stand still and sail through every storm, the sailor should be skilled with the art of perseverance. There will be mistakes and wrong decisions. The journey of a successful entrepreneur takes a lot of time and effort and the skill to stand still.
Planning
To utilise passion in the right direction, a well-established plan is the prime requirement. Any business needs a well-planned system and strategy for any future hurdles. Having a well-planned strategy and solution helps any business to avoid pitfalls and sudden losses. Researching and accumulating as much as knowledge about the market is crucial for the sustainable growth of the business.
As mentioned by Anthony K. Tjan, the HBR blogger and venture capitalist in his 2012 book named “Heart, Smarts, Guts, and Luck”:
“At a business’s inception, resources are limited, and the best content for a business plan is real-world data based on testing aspects of the concept. Explore the Discovery phase services for product development: By developing a winning project vision, defining your goals, and identifying risks for product launch, you can save money and attract more customers. These experiments need not be complex. You want simple, iterative tests that are easily measurable and let you know whether you are winning or not.”
Patience
Patience is a virtue to pursue for a successful entrepreneurial journey. The more we practice this virtue, the more our chances of success become. This is the never give up attitude which is required for successful completion of any task. A business may take years or even decades to win the crown of glory. With every ups and downs throughout the years, one should never lose hope. Rome was not built in day- is the proverb we definitely can rely on!
Practical Approach
Successful entrepreneurs take practical approach for day to day problems. The solutions should be flexible as per the requirements of the investors and customer satisfaction. Every new entrepreneur should focus mainly on the quality of the products that meets the changing demands of customers.
-Upama Goswami