The Eight P’s that set successful Entrepreneurs apart

COVID-19 outbreak has given birth to several new entrepreneurial stories happening all around the world. Though few businesses have suffered, there are various businesses that are performing better now than in the pre-COVID era. There has also been emerging companied with unforeseen services and solutions, being invented on a regular basis. Likewise, the creative minds have also reinvented their services to be fit in these times. The quick “thinking on your feet” has benefitted these entrepreneurs as the ‘new normal’ has demanded new ways of thinking. Interestingly, there are some entrepreneurs who are flourishing beyond their wildest dreams.

So, what are the qualities of a successful entrepreneur that sets him/er apart from the crowd?

We have listed down the essential eight Ps of successful entrepreneurs below,

1. Perception: Success story of Bata

   The feature of Bata is the optimal example of this vital trait. Bata shops are located all over Africa. The story behind Bata is that by the end of the 19th century, Africa was starting its market. Several shoe manufacturers sent their delegates to Africa to check if there was any opportunity in the developing market. Most of them came back home, responding, “No one in the country wears shoes. So, there isn’t any scope for our shoes there.” It was only the Bata sales team who revealed vivaciously, “No one in the country wears shoes! So, there is a humongous market for Bata shoes in Africa!” The market positions were the constant for everyone who visited Africa and still it was a matter of viewpoint of the right opportunity.

2. People: You build people, and people build the business

   When describing people in organizations, I’d like to recall – “You don’t build a business. You build people, and people build the business”. People make decisions, good or bad. Every business banks on people (irrespective of industry) may be the marketing official who made that miserable decision to authorize those messy billboard designs, the salesman who negotiated the exceptional deal that broke the sales reports, the customer care executive who jolted your impression about a particular brand. Every sole thing in life hinges on people. The accomplishment of an organization, of a business entity, of the entire country, relies on the people.Every entrepreneur, director, or administrator with an outlook desires a team that encourages its vision to turn it into a reality.

3. Permanent Transformation: Adapting to change

   Everybody demands change but no one wishes to change. The refusal to change is in our personality but the sooner we prepare ourselves to admit and accustom to change the sooner we will become better. Lucrative Entrepreneurs are workable who accept and adapt quickly. The capability to perceive change as a positive point, to respond and adapt to it is one of the most dynamic skills and a true entrepreneur characteristic.As said by Charles Darwin “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” Or as Michael Jackson quoted “I am starting with the man in the mirror and I am asking him to change his way. If you want to make the world a better place take a look at yourself and make the change.”

4. Perseverance: Developing new skills and climbing the rock

   Imagine you have left for your very craved tour destination. You have plotted and imagined about that grandiose place for so long. You begin your travel and unexpectedly you find a big rock on your way. So what will you do? If you might have some powerful friends you will ask them to support you move the rock aside. If you are alone your resolution might be to climb it. But you are not aware of how to climb. So you will take climbing lessons and come back again with your newly developed skill and climb the rock and go on with the journey.It is exactly the same business case. The “rock” signifies any kind of obstruction you might face in the business. The “powerful friends” are the connections, organizations, and people you have in life that can support you. The “climbing lessons” is a new accomplishment that you are not familiar with current and you will learn and execute to flourish your business.

5. Proactiveness: Focusing on the larger picture

   Most of the people only do the work that they are asked to do, reaching the very nominal prerequisites and expectations. They need to be empowered and even micro-managed. Outstanding Entrepreneurs initiate-they see the larger picture and perceive the circumstances. They are proactive rather than reactive, they play offense and not a defense and all these Entrepreneur Characteristics are what makes them irreplaceable in any given situation.

6. Persistent Learning: Seeking knowledge

   We are always taught to seek knowledge and be the best at whatever opportunity is provided to us. “You can always have wealth, cars, and huge bungalows but it won’t be lasting forever”. The only thing that you can’t give to anyone neither anyone can take away from you is your passion and knowledge. If you can bring in knowledge, to be a rapid learner you will always be able to spawn new income and set up new things.”Persistent learning represents learning at any time at any place from everyone. Entrepreneurs can consume beneficial advice and knowledge just like sponges. Being a rapid learner is a must needed for Entrepreneurs and everyone else in today’s fast-paced world.

7. Passion: A Driving Force 

   Passion is the origin of power, desire, and hard work. Passion is the driving force for every person. It is what encourages the moving-mountains mental outlook and trust that anything can be done. If you are zealous about something you work hard to accomplish, you love your work so much that you never get tired of it, you keep doing it, you keep getting better and your chances of succeeding keep increasing. In the book Talk Like Ted, Carmine Gallo expresses – “Passion is the key to mastering a skill”.

8. Potential: Exploring the undiscovered

   Researches have shown that the brain capacity of an individual is far more than its usage. The most prosperous Entrepreneurs are ready to give up hours of sleep and miss social activities to devote to their potential. They don’t exhaust countless hours on social media, they nourish their brain with quality content, they try to be around successful and passionate people. They are always interested to know about new things. While there are variations in the potential that each of us owns the good thing is that our brains can be prepared. Our mind is what it is fed.

Secret seven tips beneficial for budding Entrepreneurs:

Below is a list of secret seven tips, but keep in mind that this is not a precise list of what you should do and what you should not, but it would be beneficial for budding Entrepreneurs out there

1. Strive to be an innovator and make your organization stand out from the crowd. Choose niches in which you can propose advancements and give solutions to ease customer’s lives.
2. Know your competitors whether direct or even indirect, competitors are everywhere. Successful establishments recognize with whom they compete with
3. Never depend on serendipity because establishing a business, anyhow, is not in any which way about luck or intuition. If you have a concept deserving recognition, it’s necessary to be proactive and look for opportunities to introduce it and to bring investments.
4. Don’t convolute the concept because Startups are likely to pay too much attention to performance even before they decide on a target user section. But it is much better if your product is easier instead of a complicated one.
5. Perceive the processes as a manager should certainly comprehend the business process. If you are aware of how things work, you will be able to cover the majority of estimating idea feasibility and can define risk areas because abolishing risks is not possible.
6. Divide the duties. A financial professional, a tech professional, and management executive, and a lawyer make a good organization, but these are four different people. If you are good at your work, don’t try to engage in all responsibilities. If you try to do everything together you might fail to recognize integral components of functioning a business.
7. Keep the calmness. Initiating a business can be exhausting, but it’s necessary to keep a clear and calm head. Don’t let yourself get devastated by the little things, and ensure you are composed working with your team.

2020 has sure been a year of uncertainty—especially for aspiring entrepreneurs. The industry is gradually returning to normal and the economy too might soon be stabilized. Also, the pandemic has proven that there are still many gaps in the industry that need to be filled. With innovative ideas and never give up attitude, aspiring entrepreneurs can fill this gap. We have curated a few tips that would hopefully benefit the budding entrepreneurs in their voyage.

Also Read: Understanding the Characteristics of Successful Entrepreneurs

Read Full Magazine: The 10 Most Disruptive Tech Entrepreneurs to Look for in 2020