We are familiar with the 4Ps of Marketing but what about the 2 Ps of entrepreneurship?
In the world of marketing, we often refer to the marketing mix, which are the 4Ps – the key factors that are involved in the marketing of a good or service. The 4Ps are reigned in by internal and external factors in the overall business environment.
If you look at the role of a marketing manager, he or she must be a mature, intelligent and an innovative professional, to remain at the helm of controlling the marketing mix. This critical role implies that the marketing head is responsible for achieving desired results through the skillful use of these variables.
What are the 2 most important Ps of becoming a successful entrepreneur?
Entrepreneurship can be a strenuous, but very satisfying journey, even if you do not reach your targeted destination. Evidently, it teaches you a number of things about life, in general. But, it is often seen that the journey is immensely challenging! And, it takes a lot of patience and persistence to succeed! Like the famous 4Ps you can add 2Ps here. And unless you have the passion for what you are doing, and perseverance to see your big idea through, reaching your destination can be tough.
Even for those who succeed, it can often prove to be tougher than what they had imagined. What sets the successful apart from those who give up midway can be the 2Ps outlined below.
Patience is key
Success does not happen overnight. The route is not always a short, straight line. There are ups and downs along the journey.
Every entrepreneurial journey will have its ups and downs. So it’s critical to be patient. There will be many a time when you will be assailed by self-doubt. But, take a step back and assess – is your long-term direction right? It may feel like it is taking longer than you had calculated earlier.
Do not be in a hurry….be prepared to move along, overcoming the highs and lows. If you pursue it, you will finally hit the winning streak. Be aware that you may have to keep going for 3-5 years, and build a strong foundation.
At the same time, be practical in assessing the merit of continuing. If you get any sign that the business growth or the customer adoption is not encouraging, or any other assumptions emerge that indicate that this concept is unlikely to work, then give up. Here too, if it is only a timeline shift, be patient. Take care to reorganise your plans, and patiently implement the new route take.
Follow your dream patiently. Remember, the moment you stop believing in your dream, so will others like your employees, your customers…and that will spell the end of your dream, leading to sure-shot failure.
Follow your dream – persistently
The history of entrepreneurship is packed with success stories of those who persisted and tread the path patiently. Besides all the challenges – the obstacles and setbacks that come your way, it’s important that you keep your eyes fixed on your goal. Sometimes we see startups make mistakes like – changing their business models or price-points or customer segments, etc. This they may resort to quickly, if they do not see quick traction in the market. You are never sure if it was wise to change or whether you are making the mistake of changing too soon!
Whatever, the reason, if you are convinced, keep your goal in sight and work persistently towards achieving it. It’s vital that you assess the situation deeply, before taking a decision to change or continue. Assess and review your progress continuously.
If you make mistakes, take it in your stride. Learn from your mistakes and use them as stepping-stones to success. Most businesses that succeed in the long-run, reveal that the entrepreneurs had the grit, determination, patience and perseverance to succeed! In the most trying times it is your persistence that will pull you through that last mile!
All businesses go through challenging times. If you as an entrepreneur, stick to these 2Ps, you will win, ultimately. And, if you are backed by another P – passion, there is very little chance of failure. We have enough examples of business stories that have succeeded purely because of the founders’ patience and persistence!
Avtar Madan
Himanshu
Shree Lahiri
Poonam Sinha
