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The 5Ps That Will Make Your Entrepreneurship Journey A Success


Two people giving each other a high-five
Happy Business Partners

Entrepreneurship, better known as 'biashara' or 'biz' in Kenya, comes with a lot of ups and downs that I believe, at the end of the day, are worth it. No one in their right sense goes into business to fail, however, statistics show that half of new businesses fail in the first year.


As a new business person, there're a lot of uncertainties ahead of you. There's also a lot of excitement and enthusiasm that comes with the thought of being an entrepreneur - I'm talking about independence, flexibility, passion, and new experiences.


"Success is not final, failure is not fatal, it's the courage to continue that counts" - Winston Churchill.

These are the 5Ps that will make your road to entrepreneurship a success.


1. Passion


Business passion is when one is motivated and has the internal drive as a key predictor to keep going towards the specific goals, despite any hardships that may come along the way. It's the fuel of motivation and the driving force behind every dream fulfilled.


Passion comes into play when the lows are really low. You should know what you do and why you do it, to be able to attract the right customers and have meaningful relationships with them.


Passion will help you become an expert in what you do and will set you apart from competitors. It will inspire the vision for your business.


2. Patience


If you have been in business for a while, you know that patience is a virtue. Patience will help you evaluate situations that you may encounter, avoiding rushed decisions. It will give you adequate time to think through opportunities and assess the positives and the negatives.


Patience can help you avoid regretting choices that you made about your business. Well, everybody makes bad choices, but sometimes if patience was practiced, bad choices would've been avoided.


Impatience makes you look desperate. This can cause frustrations when things are not done fast enough, or sometimes one may move too soon without the right information, which may be detrimental to the business.


3. Persistence


The tenacity to keep doing what you're doing will set you apart from the ones who give up easily. Sometimes it may be difficult to keep going especially when you don't have customers, competition is giving you a run for your money, or even when there're no sales and revenues. This is when persistence becomes key to your success.



Tortoise walking
Tortoise

It's a fact that many companies fail because entrepreneurs give up too quickly. When you face discouragements and rejections in the day-to-day running of your business, sometimes the only thing you feel like doing is quitting.


Success isn't an overnight journey, it takes a lot of persistence to get out of the murky waters. The story of the tortoise and the hare should teach you that persistence does bear fruit - don't quit.


4. Perseverance


Business perseverance is continuing to run your 'biashara' despite the challenges or delays in achieving success.


"Success is stumbling from failure to failure with no loss of enthusiasm" - Winston Churchill.

Once you have defined your purpose, it'll be easier to endure hardships in your business. You will avoid distractions and focus on what it is you want to achieve. A successful business person must have some level of grit to be able to overcome obstacles. Someone who has true grit has passion and perseverance in their character.


5. Performance


You should be clear on the processes that enable you to achieve your business goals. Know the activities that are closely connected with your competencies, that help you to achieve your goals. A clear business strategy can help to answer any concerns and show practical ways forward.


Regularly review your achievements and failures. Look at the strategies that worked for you, and where improvement is needed. Check out what your competition is up to. Although competition can be discouraging, it should not be perceived as an obstacle - it can be beneficial to your business.


Conclusion


The above 5 principles will make your road to entrepreneurial success easier and more attainable.


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